TIDMFBH
RNS Number : 4528M
FBD Holdings PLC
27 August 2013
FBD HOLDINGS PLC
27 August 2013
FBD HOLDINGS PLC
Half Yearly Report
For the Six Months Ended 30 June 2013
FINANCIAL HIGHLIGHTS Restated*
2013 2012
EUR000s EUR000s
* Gross written premium 175,910 174,729
* Operating profit 24,102 28,114
* Profit before taxation 19,091 21,846
Cent Cent
* Operating earnings per share 63 74
* Diluted earnings per share 49 57
* Ordinary dividend per share 15.75 12.25
* Net assets per share 740 666
OPERATIONAL HIGHLIGHTS
-- Strong performance with half year profit before taxation of
EUR19.1m.
-- As expected, profit in the period is lower than the first
half of 2012 primarily due to reduced returns in global investment
markets.
-- Key strategic initiatives deliver further growth in gross
written premium, customer numbers and market share.
-- Industry leading combined operating ratio of 94.7% (2012:
92.5%).
-- Interim dividend increased 29% to 15.75 cent.
-- FBD Insurance capital base further strengthened with solvency
level of 70%, up from 63% at 30 June 2012.
-- Increase in net asset value per share to EUR7.40.
-- Full year operating earnings per share guidance re-affirmed
at 145 - 155 cent per share.
Commenting on the results, Andrew Langford, Group Chief
Executive, said:
"These are excellent results in difficult economic conditions.
Key strategic initiatives delivered an increase in premium and
customer numbers in an insurance market that continued to contract,
resulting in further growth in FBD's market share. We have
maintained our prudent management of risk, reserving and
investments. FBD has followed through on its commitment to increase
its dividend, which is up 29% on 2012. The Group is in a strong
position to progress its strategic plans and is investing in future
growth. The Board is confident that FBD will continue to outperform
its peers in delivering superior returns to shareholders".
* Where applicable and unless otherwise stated, all comparative
figures have been restated
to exclude operations that were sold during 2012 and to reflect
changes to IAS 19
"Employee Benefits".
Enquiries 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
Joe Heron
A presentation will be made to analysts at 9.30 am. today, a
copy of which will be available on our Group website,
www.fbdgroup.com from that time.
About FBD Holdings plc ("FBD")
The Group was established in the 1960s and is one of Ireland's
largest property and casualty insurers looking after the insurance
needs of farmers, private individuals and business owners.
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.
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 Premium Premium (Equity)
Trading Venue Irish Stock Exchange London Stock Exchange
Market Main Securities Market Main Market
ISIN IE0003290289 IE0003290289
Ticker FBD.I or EG7.IR FBH.L
FBD HOLDINGS PLC
Half Yearly Report
For the Six Months Ended 30 June 2013
INTERIM MANAGEMENT REPORT
OVERVIEW
FBD delivered a profit before taxation of EUR19.1m in the first
half of 2013, building on its track record of superior returns in a
difficult operating environment.
The strong profit figure was driven by an industry-leading
combined operating ratio of 94.7%. This was achieved despite an
above-average level of severe personal injury claims early in the
period. Due primarily to reduced returns in global investment
markets, profit before tax of EUR19.1m, as expected, was lower than
the EUR21.8m achieved in the prior year. Operating earnings per
share for the first half of 2013 were 63 cent compared to 74 cent
in the first half of 2012.
While the Irish Insurance market declined further in the period,
albeit at a slower pace than heretofore, FBD increased gross
written premium to EUR175.9m (2012: EUR174.7m), with key strategic
initiatives contributing to the outperformance. As a result, the
Group's market share increased again in the first half of 2013.
Underwriting
FBD generated underwriting profit of EUR7.7m in the first half
(2012: EUR11.2m).
Insurable values and risk in the Irish insurance market have
reduced every year since 2008 as domestic demand has fallen. In the
first half of 2013, the market contracted by circa 3 %. However,
FBD's gross written premium is up 0.7%, continuing its track record
of market share growth. FBD's policy count grew by 1.7%, while the
average customer premium reduced by 1%. FBD lowered rates for car
insurance customers in 2012 where risk had reduced as a result of
factors such as vehicle usage, safety measures or driver behaviour.
As economic activity increases, it is likely that market rates will
harden to compensate for the associated increase in risk.
Encouragingly, there is some evidence that insurable values are
stabilising in the first half of 2013.
FBD has made further progress in delivering on its strategic
priorities and in aligning and optimising its business to continue
to meet the needs of customers. FBD maintained its focus on the
insurance needs of its key farm and direct business customers. This
delivered growth in both agri and personal lines policies sold to
these customers during the period. FBD's relationships with broker
partners are developing well and business written is gaining
momentum. The repositioning of No Nonsense has been very successful
with growth in the first six months of 2013. No Nonsense also
launched its 'smart driver' telematics offering, positioning itself
for the inevitable shift in consumer sentiment towards this
technology. Growth generated by these initiatives was somewhat
offset by home insurance, where FBD has continued to maintain its
underwriting discipline rather than compete with uneconomic rates
in the market.
Net claims incurred reduced marginally to EUR100.6m (2012:
EUR100.9m). The loss ratio increased from 67.0% to 68.8%. The Group
achieved an excellent attritional loss ratio of 50.4% (full year
2012: 50.8%), driven by continued focus on risk selection, rating
and claims management.
As previously advised, severe personal injury claims experience,
which can be very volatile especially over a short period, was
ahead of historic norms in the early months of 2013. Since then it
has begun its reversion towards norm. In contrast, severe weather
experience was very benign in the period. Severe weather events and
large claims combined cost 18.4% in the first half of 2013 compared
to a historic norm of 16.1%.
The level of expenses incurred in the first half of 2013 was
flat on 2012. The expense ratio rose marginally from 25.6% to 25.9%
as net earned premium declined, reflecting the reduction in premium
written in 2012 relative to 2011.
FBD's combined operating ratio for the first half of 2013 was a
market leading 94.7%, compared to the 92.6% achieved in the first
half of 2012. Longer-term investment return at EUR14.2m was lower
than the EUR14.3m booked in the first half of 2012. The
underwriting operating profit before taxation amounted to EUR21.9m
(2012: EUR25.5m).
Financial Services
The Group's financial services operations, which include premium
instalment services and life, pension and investment broking (FBD
Financial Solutions) less holding company costs, generated a solid
performance in a tough operating environment, delivering an
operating profit of EUR2.2m (2012: EUR2.6m). An increasing
proportion of insurance customers are availing of premium
instalment services.
Profit before taxation
Group operating profit before taxation was EUR24.1m (2012:
EUR28.1m). The strong operating result was somewhat offset by
impairment of property, plant and equipment of EUR0.3m (2012: Nil)
and adverse investment return fluctuations of EUR4.3m (2012:
EUR2.2m), which arose primarily because rates of return on bank
deposits and bonds were at historic lows.
The Group's share of the loss of the property and leisure joint
venture was EUR0.4m, an improvement on the EUR0.7m loss in the same
period in 2012. The joint venture's trading has improved compared
to 2012, with growth in occupancy, rate and revenue per room,
particularly in the Irish market. Sales of units in La Cala
continue to be strong and the last of the remaining units were sold
in July. The joint venture continued to be cash generative in the
period.
The Group achieved a profit before tax of EUR19.1m (2012:
EUR21.8m).
Dividends
It is in the long-term interest of all stakeholders to maintain
strong solvency and liquidity margins and the Board is determined
that the Group's capital position continues to be robust and allows
for growth. The Group is committed to a progressive dividend policy
and efficient management of capital.
The Board is satisfied that the significant increase in the
level of dividend committed to at the publication of our 2012
results remains appropriate given the very strong profit
performance, the robust financial position and the Board's desire
to move towards its target of a 40% to 50% operating pay-out ratio.
The Board approved an interim dividend payment of 15.75c cent per
share (2012: 12.25 cent), an increase of 29%. This increase in
dividend moves the Group towards its desired pay-out ratio while
maintaining a high dividend cover and providing the potential for a
sustainable and progressive dividend in future years.
The interim dividend will be paid on 1 October 2013 to the
holders of shares on the register on 6 September 2013. It 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.
Earnings per share
Operating earnings per share based on longer-term investment
return amounted to 63 cent per ordinary share, compared to 74 cent
in the first half of 2012. The fully diluted earnings per share was
49 cent (2012: 57 cent) per ordinary share.
STATEMENT OF FINANCIAL POSITION
The Group's financial position further strengthened during the
period. Ordinary shareholders' funds grew to EUR249.1m (December
2012: EUR241.3m). Net assets per ordinary share increased to 740
cent, up from 721 cent at December 2012.
Table 1 shows how the assets of the Group were invested at the
beginning and end of the period.
Table 1 - Asset Allocation
30 June 2013 31 December 2012
Investment assets EURm % EURm %
Deposits and cash 513 60% 499 59%
Corporate bonds 140 17% 152 18%
Government bonds & approved securities 83 10% 110 13%
Equities 62 7% 60 7%
Unit trusts 23 3% - -
Own land & buildings 16 2% 16 2%
Investment property 11 1% 11 1%
Investment assets 848 100% 848 100%
----- -------
Trade, other debtors and DAC 103 101
Reinsurers' share of technical provisions 47 55
Investment in joint venture 44 44
Plant and equipment 24 19
-------- ----------
Total assets 1,066 1,067
-------- ----------
International financial market volatility continues as evidenced
by events in June. The reward provided by the market is
insufficient to justify holding longer-dated assets. In such an
environment, FBD's investment philosophy, like most of its peers
globally, remains focussed on capital preservation, ensuring that
customers and shareholders are protected. As a result, the Group
has maintained a short-term, low-risk investment allocation.
The Group continues to be encouraged by policymakers' actions to
address the euro crisis and the improvement in confidence in the
global economy. As a result the Group has reduced the proportion of
assets invested in cash and bonds at 30 June 2013 from 90% to 87%.
The average term of these assets is far shorter than the
corresponding liabilities, thereby reducing the risk of investment
volatility.
FBD Group has a strong capital base and its balance sheet has
further strengthened in the period. The Group has no debt. FBD
Insurance has a solvency level of 70% of net earned premium at the
end of June 2013, compared with 63% at June 2012. FBD has a prudent
reserving policy that has delivered positive runoffs in each year
since 2003. Reserving at 30 June 2013 was maintained at the same
robust level as at the previous year end. The reserving ratio (net
technical provisions divided by net earned premium) remains strong
at 235%, up from 232% at 30 June 2012.
OUTLOOK
Irish domestic demand is likely to stabilise in the second half
of 2013, but is unlikely to return to growth in the short term.
However, FBD is committed to achieving profitable growth by
constantly evolving its business to better serve the needs of
customers. The Group will continue delivering products and services
that matter to its farming and business customers. FBD expects to
further increase penetration of key urban markets, in particular
Dublin, and of the business insurance market, in partnership with
brokers. These opportunities provide the Group with the ability to
continue outperforming the market.
FBD's policy to only write profitable business at sustainable
rates will continue. The Group has the ambition, capability and
capital strength to take advantage of appropriate market
opportunities that provide profitable growth.
The Group will continue to deliver improvements in those aspects
of claims costs that it can control, and expects to maintain the
attritional loss ratio achieved in the first half of 2013
throughout the remainder of 2013. It is expected that the severe
personal injury claims experience, which can be volatile in any
short period, will revert towards historic norms.
As global investment returns will remain low, insurance
companies are likely to become more reliant on underwriting profit
to achieve an adequate return on investment. FBD will continue to
prioritise capital protection over investment return. Low returns
on deposits and bonds will lead to negative investment fluctuations
in the short term. In a rising interest rate environment, our
current asset allocation positions FBD to benefit from higher
investment returns as they materialise.
FBD has a strong capital base and balance sheet, a low-risk
investment allocation and a prudent reserving strategy. The Group
is in a very strong position to progress its strategic plans by
investing in future growth. The Board is confident that FBD will
continue to outperform its peers in delivering superior returns to
shareholders. FBD has demonstrated its capacity to deliver returns
in difficult market conditions and is well positioned to deliver
long-term profitable growth.
The Group re-affirms its previous guidance, subject to
exceptional events arising, for full year 2013 operating earnings
per share of between 145 and 155 cent.
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 2012 continue
to reflect the principal risks and uncertainties of the Group over
the remainder of the financial year. In the 2012 Annual Report,
risk was categorised as general insurance risk, capital management
risk, operational risk, liquidity risk, market risk, credit risk,
concentration risk and macro-economic risk.
Further information on these risks is included in pages 110 to
120 of the 2012 Annual Report, 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 movement in the parameters described above may be
experienced in future periods.
The Group 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 Group.
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 the 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 its solvency at all
times. Through the proactive management of risk, it ensures that it
does not have or will not take on an individual risk or combination
of risks that could threaten its solvency. This ensures that it
has, and will have at all times, sufficient capital to pay its
policyholders and all other creditors in full as liabilities fall
due.
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.
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 2013
Half year Restated Restated
ended half year ended 30/06/12 year ended 31/12/12 (audited)
30/06/13 (unaudited)
Notes (unaudited)
EUR000s EUR000s EUR000s
Revenue 4 197,975 198,665 389,810
------------- -------------------------- -------------------------------
Income
Gross premium written 175,910 174,729 344,255
Reinsurance premiums (24,233) (24,201) (47,646)
------------- -------------------------- -------------------------------
Net premium written 151,677 150,528 296,609
Gross change in
provision for unearned
premiums (4,992) 5 4,119
Reinsurers' share of
change in provision for
unearned premiums (356) 128 (103)
------------- -------------------------- -------------------------------
Net premium earned 146,329 150,661 300,625
Net investment return 3 9,894 12,091 24,979
Financial services
income 6,872 6,644 14,693
------------- -------------------------- -------------------------------
Total income 163,095 169,396 340,297
Expenses
Net claims and benefits (100,615) (100,941) (191,873)
Other underwriting
expenses 5 (38,004) (38,491) (76,785)
Financial services
expenses (4,678) (4,079) (9,058)
Impairment of property,
plant and equipment (300) - (996)
Write-off of investment - (2,582) (2,586)
Restructuring and other
costs - (739) (5,095)
Share of results of
joint venture (407) (718) (1,655)
------------- -------------------------------
Profit before taxation 19,091 21,846 52,249
Income taxation charge (2,386) (2,731) (7,545)
------------- -------------------------- -------------------------------
Profit for the period
from continuing
operations 16,705 19,115 44,704
Discontinued operations
Profit for the period
from discontinued
operations, including
profit on sale - 12 3,748
------------- -------------------------- -------------------------------
Profit for the period 16,705 19,127 48,452
------------- -------------------------- -------------------------------
Attributable to:
Equity holders of the
parent 16,685 19,077 48,353
Non-controlling
interests 20 50 99
16,705 19,127 48,452
------------- -------------------------- -------------------------------
FBD HOLDINGS PLC
Condensed Consolidated Income Statement
For the half year ended 30 June 2013
Half year Restated Restated
ended half year ended 30/06/12 year ended 31/12/12 (audited)
30/06/13 (unaudited)
Notes (unaudited)
Earnings per share Cent Cent Cent
From continuing
operations
Basic 8(a) 50 57 133
------------- -------------------------- -------------------------------
Diluted 8(a) 49 57 131
------------- -------------------------- -------------------------------
From continuing and
discontinued operations
Basic 8(a) 50 57 144
------------- -------------------------- -------------------------------
Diluted 8(a) 49 57 142
------------- -------------------------- -------------------------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Comprehensive Income
For the half year ended 30 June 2013
Restated Restated
Half year half year year
ended 30/06/12
ended 30/06/13 (unaudited) ended 31/12/12
(audited)
(unaudited)
EUR000s EUR000s EUR000s
Profit for the period 16,705 19,127 48,452
----------------- ----------------- ----------------
Items that will or may be reclassified
to profit or loss in subsequent
periods:
Net (loss)/gain on available for
sale assets (659) - 1,122
Items that will not be reclassified
to profit or loss in subsequent
periods:
Actuarial gain/(loss) on retirement
benefit obligations - 326 (8,693)
Taxation (charge)/credit relating
to items not to be reclassified
in subsequent periods - (41) 1,052
----------------- ----------------- ----------------
Other comprehensive (expense)/income
after taxation (659) 285 (6,519)
----------------- ----------------- ----------------
Total comprehensive income for
the period 16,046 19,412 41,933
----------------- ----------------- ----------------
Attributable to:
Equity holders of the parent 16,026 19,362 41,834
Non-controlling interests 20 50 99
16,046 19,412 41,933
----------------- ----------------- ----------------
FBD HOLDINGS PLC
Pro Forma Reconciliation of Consolidated Operating Profit to
PROFIT after TaxATION
For the half year ended 30 June 2013
Restated Restated year
Half year half year ended 30/06/12 ended 31/12/12 (audited)
ended (unaudited)
Notes 30/06/13
(unaudited)
EUR000s EUR000s EUR000s
Continuing operations
Operating profit
Underwriting 5 21,908 25,549 59,719
Financial services 4 2,194 2,565 5,635
-------------- -------------------------- --------------------------
Operating profit before
taxation 24,102 28,114 65,354
Investment return -
fluctuations 3 (4,304) (2,229) (2,773)
Impairment of property,
plant and equipment (300) - (996)
Restructuring and other
costs - (3,321) (7,681)
Share of results of joint
venture (407) (718) (1,655)
Profit before taxation 19,091 21,846 52,249
Income taxation charge (2,386) (2,731) (7,545)
-------------- -------------------------- --------------------------
Profit after taxation on
continuing operations 16,705 19,115 44,704
Discontinued operations
Profit for the period from
discontinued operations,
including profit on sale - 12 3,748
-------------- -------------------------- --------------------------
Profit for the period 16,705 19,127 48,452
-------------- -------------------------- --------------------------
Cent Restated cent Restated cent
Operating earnings per share
From continuing operations 8(a) 63 74 170
-------------- -------------------------- --------------------------
From continuing and
discontinued operations 8(b) 63 74 170
-------------- -------------------------- --------------------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Financial Position
At 30 June 2013
ASSETS 30/06/13 30/06/12 31/12/12
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Property, plant and equipment 39,970 32,346 35,821
Investment property 10,833 8,300 10,686
Investment in joint venture 43,559 44,903 43,966
Loans 1,048 23,838 1,096
Deferred taxation asset 4,798 8,478 4,798
Financial assets
Investments held to maturity 30,618 230,125 30,850
Available for sale investments 136,260 46,218 148,885
Investments held for trading 141,667 32,946 142,958
Deposits with banks 487,667 450,563 473,874
------------- ------------- -----------
796,212 759,852 796,567
------------- ------------- -----------
Reinsurance assets
Provision for unearned premiums 19,926 20,514 20,282
Claims outstanding 26,773 38,858 35,095
------------- ------------- -----------
46,699 59,372 55,377
------------- ------------- -----------
Current taxation asset 2,305 914 4,705
Deferred acquisition costs 25,458 22,349 24,652
Other receivables 68,756 70,755 63,726
Cash and cash equivalents 26,232 23,410 25,711
------------- ------------- -----------
Total assets 1,065,870 1,054,517 1,067,105
------------- ------------- -----------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Financial Position
(continued)
At 30 June 2013
EQUITY AND LIABILITIES 30/06/13 30/06/12 31/12/12 (audited)
Notes (unaudited) (unaudited)
EUR000s EUR000s EUR000s
Equity
Ordinary share capital 7 21,409 21,409 21,409
Capital reserves 17,385 16,169 16,835
Retained earnings 210,334 184,241 203,015
------------- ------------- -------------------
Shareholders' funds - equity interests 249,128 221,819 241,259
Preference share capital 2,923 2,923 2,923
------------- ------------- -------------------
Equity attributable to equity holders of the parent 252,051 224,742 244,182
Non-controlling interests 377 428 477
------------- ------------- -------------------
Total equity 252,428 225,170 244,659
------------- ------------- -------------------
Liabilities
Insurance contract liabilities
Provision for unearned premiums 175,235 174,552 170,243
Claims outstanding 568,053 589,048 581,132
------------- ------------- -------------------
743,288 763,600 751,375
Retirement benefit obligation 30,766 21,692 30,766
Deferred taxation liability 691 9,643 691
Payables 38,697 34,412 39,614
-------------
Total liabilities 813,442 829,347 822,446
------------- ------------- -------------------
Total equity and liabilities 1,065,870 1,054,517 1,067,105
------------- ------------- -------------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Cash Flows
For the half year ended 30 June 2013
Half year Restated half year ended 30/06/12 Restated year
ended (unaudited) ended 31/12/12 (audited)
30/06/13
(unaudited)
EUR000s EUR000s EUR000s
Cash flows from operating
activities
Profit before taxation 19,091 21,859 56,061
Adjustments for:
(Profit)/loss on investments
held for trading (2,135) 99 (4,963)
Loss on investments held to
maturity 232 738 998
Loss on investments available
for sale 2,176 2,944 3,646
Interest and dividend income (9,666) (12,026) (24,793)
Interest expense 1 2 4
Profit on loan realisation - - (4,969)
Depreciation of property,
plant and equipment 3,889 3,561 7,006
Share-based payment expense 550 242 908
Impairment of investment
property - 518 1,318
Revaluation of investment (300) - -
property
Impairment of property, plant
and equipment 300 - 996
Write-off of available for
sale assets, net of
provisions - - 2,586
Increase/(decrease) in
insurance contract
liabilities 590 (9,333) (17,563)
Effect of foreign exchange
rate changes 153 - 569
Loss on disposal of property,
plant and equipment - - 121
Gain on sale of subsidiaries - - (4,113)
Joint venture trading result
before taxation 407 718 1,655
------------- ---------------------------------- --------------------------
Operating cash flows before
movement in working capital 15,288 9,322 19,467
Increase in receivables and
deferred acquisition costs (5,704) (4,454) (6,834)
(Decrease)/increase in
payables (916) 270 7,557
----------------------------------
Cash generated from operations 8,668 5,138 20,190
Interest and dividend income
received 9,533 6,402 25,004
Interest paid (1) (2) (4)
Income taxes refunded/(paid) 14 (1,553) (5,606)
------------- ---------------------------------- --------------------------
Net cash from operating
activities 18,214 9,985 39,584
------------- ---------------------------------- --------------------------
Cash flows from investing
activities
Purchase of investments held
for trading (95,608) (14,757) (217,562)
Sale of investments held for
trading 99,034 16,320 114,175
Realisation of investments
held to maturity - 174,985 374,000
Purchase of available for sale
investments (46,843) (79,036) (158,707)
Sale of available for sale
investments 56,631 36,156 10,703
Purchase of property, plant
and equipment (8,334) (2,110) (10,187)
Sale of property, plant and
equipment - - 40
Investment property acquired
on exercise of loan security - - (3,186)
Decrease/(increase) in loans
and advances 47 (752) 26,391
Increase in deposits invested
with banks (13,793) (145,242) (168,553)
Net cash outflow from sale of
subsidiaries - - (4,981)
------------- ---------------------------------- --------------------------
Net cash used in investing
activities (8,866) (14,436) (37,867)
------------- ---------------------------------- --------------------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Cash Flows (continued)
For the half year ended 30 June 2013
Cash flows from financing activities
Ordinary and preference dividends paid (10,058) (7,742) (12,273)
Dividends paid to non-controlling interests (120) (80) (80)
Proceeds of re-issue of ordinary shares 1,351 25 689
Net cash used in financing activities (8,827) (7,797) (11,664)
--------- --------- ---------
Net increase/(decrease) in cash and cash equivalents 521 (12,248) (9,947)
Cash and cash equivalents at the beginning of the period 25,711 35,658 35,658
Cash and cash equivalents at the end of the period 26,232 23,410 25,711
--------- --------- ---------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Changes in Equity
(UNAUDITED)
For the half year ended 30 June 2013
Ordinary Capital Retained Attributable Preference Non-controlling Total
share reserves earnings to ordinary share interests equity
capital shareholders capital
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
----------- ------------ ------------ ------------- ----------- ---------------- ------------
Balance at 1
January 2012 21,409 15,927 172,596 209,932 2,923 458 213,313
Profit after
taxation from
continuing
operations
- restated - - 19,065 19,065 - 50 19,115
Profit after
taxation from
discontinued
operations -
restated - - 12 12 - - 12
Other
comprehensive
income -
restated - - 285 285 - - 285
Total
comprehensive
income for the
period 21,409 15,927 191,958 229,294 2,923 508 232,725
Recognition of
share based
payments - 242 - 242 - - 242
Re-issue of
ordinary shares - - 25 25 - - 25
Dividends paid
on ordinary
shares - - (7,742) (7,742) - - (7,742)
Dividends paid
to
non-controlling
interests - - - - - (80) (80)
----------- ------------ ------------ ------------- ----------- ---------------- ------------
Balance at 30
June 2012 21,409 16,169 184,241 221,819 2,923 428 225,170
Balance at 1
January 2013 21,409 16,835 203,015 241,259 2,923 477 244,659
Profit after
taxation - - 16,685 16,685 - 20 16,705
Other
comprehensive
expense - - (659) (659) - - (659)
Total
comprehensive
income for the
period 21,409 16,835 219,041 257,285 2,923 497 260,705
Recognition of
share based
payments - 550 - 550 - - 550
Re-issue of
ordinary shares - - 1,351 1,351 - - 1,351
Dividends paid
on ordinary
shares - - (10,058) (10,058) - - (10,058)
Dividends paid
to
non-controlling
interests - - - - - (120) (120)
----------- ------------ ------------ ------------- ----------- ---------------- ------------
Balance at 30
June 2013 21,409 17,385 210,334 249,128 2,923 377 252,428
----------- ------------ ------------ ------------- ----------- ---------------- ------------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
Note 1 - General information
The information for the year ended 31 December 2012 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 IAS 34 'Interim Financial
Reporting', as adopted by the European Union.
Comparative figures for the half year ended 30 June 2012 and the
full year ended 31 December 2012 in the Condensed Consolidated
Income Statement, the Condensed Consolidated Statement of
Comprehensive Income, the Condensed Consolidated Statement of Cash
Flows and relevant notes as indicated have been restated to reflect
changes to IAS 19 "Employee Benefits". Comparative figures for the
half year ended 30 June 2012 in the Condensed Consolidated Income
Statement and relevant notes as indicated have been restated to
reflect comparatives for the discontinued operation in 2012.
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.
Changes in accounting policy
In the current year, the Group has adopted the amendments to IAS
1 "Presentation of Items of Other Comprehensive Income", IAS 19
(revised 2011) "Employee Benefits" and IFRS 13 "Fair Value
Measurement". Otherwise, the same accounting policies, presentation
and methods of computation are followed in the condensed set of
financial statements for the six month period ended 30 June 2013 as
those applied to prepare the Group Annual Report for the year ended
31 December 2012.
The amendments to IAS 1 require items of other comprehensive
income to be grouped by those items that will or may be
reclassified subsequently to profit or loss and those that will
never be reclassified, together with their associated income
taxation.
IAS 19 (revised 2011) and the related consequential amendments
have impacted the accounting for the Group's defined benefit
scheme, by replacing the interest cost and expected return on plan
assets with a net interest charge on the net defined benefit
liability. This has resulted in the restatement of the comparative
figures in the Condensed Consolidated Income Statement and
corresponding opposite entries in the Condensed Consolidated
Statement of Comprehensive Income. The impact of these restatements
is to reduce profit after taxation by EUR285,000 for the six months
ended 30 June 2012 and by EUR570,000 for the 12 months to 31
December 2012. There is no change to the Condensed Consolidated
Statement of Financial Position. As the Group has always recognised
actuarial gains and losses immediately there has been no effect on
the prior year defined benefit obligation.
IFRS 13 establishes a framework for measuring fair value and
introduces new disclosures. The Group has adopted the disclosure
requirements in respect of financial instruments in note 11.
Financial instruments measured at fair value continue to be valued
using the techniques set out in the accounting policies used in the
2012 Annual Report.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
Critical accounting estimates and judgements in applying
accounting policies.
The critical accounting estimates and judgements used by the
Group in applying accounting policies are the same as those used to
prepare the Group Annual Report for the year ended 31 December
2012. While there have been some changes in estimates of amounts in
the current financial period, these changes do not have a
significant impact in the results for the period.
Note 3 - Longer term investment return
Half year Restated Year
ended half year ended 30/06/12 ended 31/12/12 (audited)
30/06/13 (unaudited)
(unaudited)
EUR000s EUR000s EUR000s
Longer term investment return 14,198 14,320 27,752
Investment return fluctuations (4,304) (2,229) (2,773)
------------- -------------------------- --------------------------
Actual investment return 9,894 12,091 24,979
------------- -------------------------- --------------------------
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 longer term investment
returns.
Half year Half year Year
ended 30/06/13 ended 30/06/12 ended 31/12/12
(unaudited) (unaudited) (audited)
% % %
Government bonds 3.00 3.00 3.00
Other quoted debt securities 4.00 4.00 4.00
Investments held to maturity Actual rates Actual rates Actual
rates
Quoted shares 6.75 6.75 6.75
Deposits with banks 2.75 3.00 2.75
Investment properties 6.25 6.25 6.25
Note 4 - Segmental information
(a) Operating segments
For management purposes in both 2012 and 2013, the Group is
organised in two operating segments - underwriting and financial
services. 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.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
The principal activities of the Group are underwriting of
general insurance business and financial services.
The following is an analysis of the Group's revenue and results
from continuing operations by reportable segments:
Financial
Half year ended 30/06/2013 Underwriting Services Total
EUR000s EUR000s EUR000s
Revenue 191,103 6,872 197,975
-------------- ---------- --------
Operating profit 21,908 2,194 24,102
Investment return - fluctuations (4,304) - (4,304)
Impairment of property, plant and equipment (300) - (300)
Share of results of joint venture - (407) (407)
-------------- ---------- --------
Profit before taxation 17,304 1,787 19,091
Income taxation charge (2,163) (223) (2,386)
-------------- ---------- --------
Profit after taxation 15,141 1,564 16,705
-------------- ---------- --------
Half year ended 30/06/2012 Restated Financial Restated
Underwriting Services Total
EUR000s EUR000s EUR000s
Revenue 192,021 6,644 198,665
--------------- ----------- -----------
Operating profit 25,549 2,565 28,114
Investment return - fluctuations (2,229) - (2,229)
Restructuring and other costs (739) (2,582) (3,321)
Share of results of joint venture - (718) (718)
Profit/(loss) before taxation 22,581 (735) 21,846
Income taxation (charge)/credit (2,823) 92 (2,731)
--------------- ----------- -----------
Profit/(loss) after taxation 19,758 (643) 19,115
--------------- ----------- -----------
Restated Financial Restated
Year ended 31/12/2012 Underwriting Services Total
EUR000s EUR000s EUR000s
Revenue 375,117 14,693 389,810
-------------- ---------- ---------
Operating profit 59,719 5,635 65,354
Investment return - fluctuations (2,773) - (2,773)
Impairment of property, plant and equipment (996) - (996)
Restructuring and other costs (2095) (5,586) (7,681)
Share of results of joint venture - (1,655) (1,655)
-------------- ---------- ---------
Profit/(loss) before taxation 53,855 (1,606) 52,249
Income taxation charge (7,435) (110) (7,545)
-------------- ---------- ---------
Profit/(loss) after taxation 46,420 (1,716) 44,704
-------------- ---------- ---------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2012
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.
Restructuring costs and income taxation 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.
There has been no material change to the assets by reportable
segment from the disclosure in the 2012 Annual Report.
(b) Geographical segments
The Group's operations are located in Ireland.
Note 5 - Underwriting result
Restated Restated
Half year half year year
ended 30/06/13 ended 30/06/12 ended 31/12/12
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Gross premium written 175,910 174,729 344,255
----------------- ---------------- ----------------
Net premium earned 146,329 150,661 300,625
Net claims incurred (100,615) (100,941) (191,873)
----------------- ---------------- ----------------
45,714 49,720 108,752
----------------- ---------------- ----------------
Gross management expenses (41,944) (41,482) (84,838)
Deferred acquisition costs 806 150 2,453
Reinsurers share of expenses 5,264 4,497 8,692
Broker commissions payable (2,130) (1,656) (3,092)
----------------- ---------------- ----------------
Net operating expenses (38,004) (38,491) (76,785)
----------------- ---------------- ----------------
Underwriting result 7,710 11,229 31,967
Longer-term investment return 14,198 14,320 27,752
----------------- ---------------- ----------------
Operating profit before taxation 21,908 25,549 59,719
----------------- ---------------- ----------------
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 the half year ended 30 June 2013
Note 6 - Dividends
Half year Half year Year
ended 30/06/13 ended 30/06/12 ended 31/12/12
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Paid in Period:
2012 interim dividend of 12.25 cent
per share on ordinary shares of
EUR0.60 each - - 4,080
2012 final dividend of 30.00 cent
(2011: 23.25 cent) per share on
ordinary shares of EUR0.60 each 10,058 7,742 7,742
Dividend of 8.4 cent per share on
14% non-cumulative
Preference shares of EUR0.60 each - - 113
Dividend of 4.8 cent per share on
8% non-cumulative preference shares
of EUR0.60 each - - 169
Dividend of 4.8 cent per share on
8% non-cumulative preference shares
of EUR0.60 each - - 169
10,058 7,742 12,273
---------------- ---------------- ----------------
Approved but not paid:
2011 dividend of 4.8 cent per share
on 8% non-cumulative preference - 169 -
shares of EUR0.60 each
2012 dividend at 8.4 cent per share
on 14% non-cumulative preference - 113 -
shares of EUR0.60 each
---------------- ---------------- ----------------
- 282 -
---------------- ---------------- ----------------
Proposed:
2012 dividend of 4.8 cent per share
on 8% non-cumulative preference
shares of EUR0.60 each 169 169 169
2012 final dividend of 30.00 cent
per share on ordinary shares of
EUR0.60 each - - 10,033
2013 interim dividend of 15.75 cent
(2012:12.25 cent) per share on ordinary
shares of EUR0.60 each 5,302 4,080 -
5,471 4,249 10,202
---------------- ---------------- ----------------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
Note 7 - Ordinary share capital
Half year Half year Year
ended 30/06/13
(unaudited)
ended 30/06/12 ended
(unaudited) 31/12/12
(audited)
Number EUR000s EUR000s EUR000s
(i) Ordinary shares
of EUR0.60 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 EUR0.01 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 EUR0.60 each held as treasury
shares at 30 June 2013 was 1,796,812.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
Note 8 - Earnings per EUR0.60 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 year Restated Restated
ended half year year ended
30/06/13 ended 30/06/12 31/12/12
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Earnings
Profit for the period 16,705 19,127 48,452
Non-controlling interests (20) (50) (99)
Preference dividend - - (282)
------------- ---------------- -------------
Profit for the purpose of basic
and diluted
earnings per share 16,685 19,077 48,071
Adjustments to exclude profit for
the period from discontinued operations - (12) (3,748)
Earnings from continuing operations
for the purpose of basic and diluted
earnings per share excluding discontinued
operations 16,685 19,065 44,323
------------- ---------------- -------------
Number of shares 30/06/13 30/06/12 31/12/12
Weighted average number of ordinary
shares for
the purpose of basic earnings per
share 33,498,253 33,300,795 33,443,894
Effect of dilutive potential of
share options
outstanding 399,123 225,221 350,406
------------- ---------------- -------------
Weighted average number of ordinary
shares for
the purpose of diluted earnings
per share 33,897,376 33,526,016 33,794,300
------------- ---------------- -------------
From continuing operations Cent Restated Restated
cent cent
Basic earnings per share 50 57 133
------------- ---------------- -------------
Diluted earnings per share 49 57 131
------------- ---------------- -------------
From continuing and discontinued
operations
Basic earnings per share 50 57 144
------------- ---------------- -------------
Diluted earnings per share 49 57 142
------------- ---------------- -------------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
Note 8 - Earnings per EUR0.60 ordinary share (continued)
The 'A' ordinary shares of EUR0.01 each that are in issue have
no impact on the earnings 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 Restated Restated
ended half year year ended
30/06/13 ended 30/06/12 31/12/12
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Earnings
Operating profit after taxation* 21,114 24,821 57,090
Non-controlling interests (20) (50) (99)
Preference dividends - - (282)
------------- ---------------- ------------
21,094 24,771 56,709
Adjustments to exclude operating
(profit)/loss for the period from
discontinued operations - (194) 160
------------- ---------------- ------------
21,094 24,577 56,869
------------- ---------------- ------------
Cent Restated Restated
cent cent
Operating earnings per share - continuing
operations 63 74 170
------------- ---------------- ------------
Operating earnings per share - from
continuing and discontinued operations 63 74 170
------------- ---------------- ------------
* Effective taxation rate of 12.4%.
Note 9 - Capital Commitments
Half year Half year Year ended
ended 30/06/13 ended 30/06/12 31/12/12
(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 387 - 1,300
---------------- ---------------- -----------
Not contracted for 11,436 19,000 17,700
---------------- ---------------- -----------
The capital commitments authorised by the Directors but not
contracted for relate to an investment in the underwriting policy
administrative system to be undertaken over a three to four year
period.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
Note 10 - Retirement Benefit Obligation
The defined benefit obligation as at 30 June 2013 is calculated
using the latest actuarial valuation as at 31 December 2012. There
have not been any significant fluctuations or one-time events since
that time that would require adjustment to the actuarial
assumptions made at 31 December 2012.
Note 11 - Financial Instruments
(a) Financial assets
30/06/13 30/06/12 31/12/12
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
(i) At amortised cost
Investments held to maturity 30,618 230,125 30,850
------------ ------------ ----------
(ii) At fair value
Available for sale investments - unquoted
investments 2,630 3,405 2,405
Available for sale investments - quoted
debt securities 133,630 42,813 146,480
Investments held for trading - quoted
shares 61,879 29,137 60,282
Investments held for trading - quoted
debt securities 52,803 - 78,867
Investments held for trading - unit 23,176 - -
trusts
Investments held for trading - unquoted
debt securities 3,809 3,809 3,809
------------ ------------ ----------
(iii) At cost
Cash and cash equivalents 26,232 23,410 25,711
Deposits with banks 487,667 450,653 473,874
------------ ------------ ----------
The fair value of investments held to maturity at closing bid
prices at 30 June 2013 was EUR31,245,000 (30 June 2012:
EUR231,502,000; 31 December 2012: EUR31,899,000).
The following tables provide an analysis of financial
instruments that are measured subsequent to initial recognition at
fair value, grouped into Levels 1 to 3 based on the degree to which
the fair value is observable.
-- Level 1 fair value measurements are those derived from quoted
prices (unadjusted) in active markets for identical assets or
liabilities.
-- Level 2 fair value measurements are those derived from inputs
other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
-- Level 3 fair value measurements are those derived from
valuation techniques that include inputs for the asset or liability
that are not based on observable market data (unobservable inputs).
Among the valuation techniques used are cost, net asset or net book
value or the net present value of future cash flows based on
conservative operating projections.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
30 June 2013 (unaudited) Level 1 Level Level 3 Total
2
EUR000s EUR000s EUR000s EUR000s
Investments held for trading
Quoted shares 61,879 - - 61,879
Quoted debt securities 52,803 - - 52,803
UCIT Funds 23,176 - - 23,176
Unquoted debt securities - 3,809 - 3,809
AFS investments
Quoted debt securities 133,630 - - 133,630
Unquoted investments - - 2,630 2,630
271,488 3,809 2,630 277,927
-------- -------- -------- --------
30 June 2012 (unaudited) Level 1 Level Level 3 Total
2
EUR000s EUR000s EUR000s EUR000s
Investments held for trading
Quoted shares 29,137 - - 29,137
Unquoted debt securities - 3,809 - 3,809
AFS investments
Quoted debt securities 42,813 - - 42,813
Unquoted investments - - 3,405 3,405
71,950 3,809 3,405 79,164
-------- -------- -------- --------
31 December 2012 (audited) Level 1 Level Level 3 Total
2
EUR000s EUR000s EUR000s EUR000s
Investments held for trading
Quoted shares 60,282 - - 60,282
Quoted debt securities 78,867 - - 78,867
Unquoted debt securities - 3,809 - 3,809
AFS investments
Quoted debt securities 146,480 - - 146,480
Unquoted investments - - 2,405 2,405
285,629 3,809 2,405 291,843
-------- -------- -------- --------
A reconciliation of Level 3 fair value measurement of financial
assets is shown in the table below:
30/06/13 30/06/12 31/12/12
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Opening balance Level 3 financial assets 2,405 6,282 6,282
Additions 250 - -
Disposals (25) - -
Unrealised losses recognised in Consolidated Income Statement - - (1,000)
Write-off of available for sale assets - (2,877) (2,877)
------------ ------------ ----------
Closing balance Level 3 financial assets 2,630 3,405 2,405
------------ ------------ ----------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
Available for sale investments grouped into Level 3 comprise
unquoted securities and consist of a number of small investments.
The values attributable to these investments are derived from a
number of valuation techniques including cost, net asset or net
book value or the net present value of future cash flows based on
conservative operating projections. A change in one or more of
these inputs could have a significant impact on valuations. The
maximum exposure the Group has in relation to Level 3 valued
financial assets at 30 June 2013 is EUR2,630,000 (30 June 2012:
EUR3,405,000; 31 December 2012: EUR2,405,000).
(b) Financial liabilities
The Group's financial liabilities consist of payables as
disclosed in the Condensed Consolidated Statement of Financial
Position.
Note 12 - Transactions with related parties
Farmer Business Developments plc has a substantial shareholding
in the Group at 30 June 2013.
During 2011 a joint venture was formed between the Group and
Farmer Business Developments plc to own and manage the hotel and
golf assets previously 100% owned by the Group. Further details on
this joint venture are disclosed in the 2012 Annual Report. As part
of the establishment of the joint venture, a loan of EUR7,500,000,
guaranteed by FBD Holdings plc, was provided to the joint venture
by Farmer Business Developments plc.
Included in the financial statements at the period end is
EUR469,895 (2012: EUR209,794) due on demand from Farmer Business
Developments plc. This balance is made up of recharges for services
provided together with recoverable costs and interest. Interest is
charged on this balance at the market rate.
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 Group) comprises the Board of
Directors. Full disclosure in relation to the compensation of the
Board of Directors and details of Directors' share options are
provided in the Report on Directors' Remuneration in the 2012
Annual Report.
Note 13 - Contingent liabilities and contingent assets
There were no contingent liabilities or contingent assets at 30
June 2013, 30 June 2012 or 31 December 2012.
Note 14 - Approval of Half Yearly Report
The half yearly report was approved by the Board of Directors of
FBD Holdings plc on 26 August 2013.
Note 15 - Information
This half yearly report along with the Annual Report for the
year ended 31 December 2012 are available on the Company's website
at www.fbdgroup.com.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2013
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 Central Bank of Ireland 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
26 August 2013
This information is provided by RNS
The company news service from the London Stock Exchange
END
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