TIDMHIK
RNS Number : 9942J
Hikma Pharmaceuticals Plc
09 April 2010
Hikma Pharmaceuticals PLC
Annual Report & Accounts and Notice of 2010 Annual General Meeting
In compliance with Listing Rule 9.6.1 Hikma Pharmaceuticals PLC has submitted to
the UK Listing Authority two copies of the following documents:
· Annual Report & Accounts 2009
· Notice of 2010 Annual General Meeting
· Proxy forms for the 2010 Annual General Meeting
· Sterling and Jordanian Dinar dividend election forms
Copies of the above documents will shortly be available for inspection at the UK
Listing Authority's Document Viewing Facility which is situated at:
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Copies of the Annual Report and Notice of Meeting will also be available on our
website www.hikma.com/investorrelations.
This announcement contains additional information for the purposes of complying
with Rules 4.1.3 and 6.3.5 of the Disclosure and Transparency Directive. The
information in the attached appendix, consisting of risk factors, details of
related party transactions and the directors responsibility statement, has been
extracted unedited from the Annual Report and Accounts for the year ended 31
December 2009 and should be read in conjunction with the preliminary
announcement made on 17 March 2010, which is available on the company website
www.hikma.com.
Enquiries:
Hikma Pharmaceuticals PLC Tel: +44 (0)20 7399 2760
Said Darwazah, Chief Executive
Bassam Kanaan, Chief Financial Officer
Susan Ringdal, Investor Relations
Brunswick Group Tel: +44 (0)20
7404 5959
Jon Coles / Justine McIlroy
About Hikma
Hikma Pharmaceuticals PLC is a fast growing multinational group focused on
developing, manufacturing and marketing a broad range of both branded and
non-branded generic and in-licensed products. Hikma's operations are conducted
through three businesses: "Branded", "Injectables" and "Generics" based
principally in the Middle East and North Africa ("MENA") region, where it is a
market leader, the United States and Europe. In 2009, Hikma achieved revenues
of $637 million and profit attributable to shareholders of $78 million. For
news and other information, please visit www.hikma.com.
Appendix
Directors Responsibility Statement
The directors are responsible for preparing the Annual Report and the financial
statements in accordance with applicable laws and regulations.
Company law requires the directors to prepare such financial statements for each
financial year. Under that law the directors are required to prepare group
financial statements in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union and Article 4 of the IAS
Regulation and have also chosen to prepare the parent company financial
statements under IFRS as adopted by the European Union. Under company law the
directors must not approve the accounts unless they are satisfied that they give
a true and fair view of the state of affairs of the company and of the profit or
loss of the company for that period. In preparing these financial statements,
the directors are required to:
properly select and apply accounting
policies;
· present information, including accounting policies, in a manner that
provides relevant, reliable, comparable and understandable information; and
· provide additional disclosures when compliance with the specific
requirements in IFRSs are insufficient to enable users to understand the impact
of particular transactions, other events and conditions on the entity's
financial position and financial performance; and
· make an assessment of the company's ability to continue as a going
concern.
The directors are responsible for keeping proper accounting records that are
sufficient to show and explain the company's transactions and disclose with
reasonable accuracy at any time the financial position of the company and enable
them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the company and hence
for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
The directors are responsible for the maintenance and integrity of the corporate
and financial information included on the company's website. Legislation in the
United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
We confirm to the best of our knowledge:
1. the financial statements, prepared in accordance with International
Financial Reporting Standards as adopted by the EU, give a true and fair view of
the assets, liabilities, financial position and profit or loss of the company
and the undertakings included in the consolidation taken as a whole; and
2. the management report, which is incorporated into the directors' report,
includes a fair review of the development and performance of the business and
the position of the company and the undertakings included in the consolidation
taken as a whole, together with a description of the principal risks and
uncertainties that they face.
By order of the Board
Said Darwazah
Chief Executive Officer
Risk Factors
Principal Risks and Uncertainties
The Group's business faces risks and uncertainties.
The section below includes the principal risks and uncertainties that the Group
considers could have a significant effect on its financial condition, results of
operations or future performance. The list is not set out in order of priority
and other risks, currently unknown or not considered material, could have a
similar effect.
Operational risks
+-------------------------+-------------------------+------------------------+
| Risk | Potential impact | Mitigation |
+-------------------------+-------------------------+------------------------+
| Compliance with cGMP | | |
+-------------------------+-------------------------+------------------------+
| > Non-compliance | > Delays in supply | > Commitment to |
| with manufacturing | or an inability to | maintain the highest |
| standards (often | market or develop the | levels of quality |
| referred to as 'Current | Group's products | across all |
| Good Manufacturing | | manufacturing |
| Practices' or cGMP) | > Delayed or | facilities |
| | denied approvals for | |
| | the introduction of new | > Strong global |
| | products | compliance function |
| | | that oversees |
| | > Product | compliance across the |
| | complaints or recalls | Group |
| | | |
| | > Bans on product | > Remuneration |
| | sales or importation | and reward structure |
| | | that helps retain |
| | > Disruptions to | experienced personnel |
| | operations | |
| | | > Continuous |
| | > Litigation | staff training |
| | | |
+-------------------------+-------------------------+------------------------+
| Regulation | | |
+-------------------------+-------------------------+------------------------+
| > Unanticipated | > Restrictions on | > Local |
| legislative and other | the sale of one or more | operations in most of |
| regulatory actions and | of our products | our key markets |
| developments concerning | | |
| various aspects of the | > Restrictions on | > Strong |
| Group's operations and | our ability to sell our | oversight of local |
| products | products at a profit | regulatory |
| | | requirements to help |
| | > Unexpected | anticipate potential |
| | additional costs | changes to the |
| | required to produce, | regulatory |
| | market or sell our | environments in which |
| | products | we operate |
| | | |
| | > Increased | > Representation |
| | compliance costs | and/or affiliation |
| | | with local industry |
| | | bodies |
| | | |
+-------------------------+-------------------------+------------------------+
| Commercialisation of | | |
| new products | | |
+-------------------------+-------------------------+------------------------+
| > Delays in the | > Slowdown in | > Experienced |
| receipt of marketing | revenue growth from new | regulatory teams able |
| approvals, the | products | to accelerate |
| authorisation of price | | submission processes |
| and re-imbursement | > Inability to | across all of our |
| | deliver a positive | markets |
| > Lack of approval | return on investments | |
| and acceptance of new | in R&D, manufacturing | > Highly |
| products by physicians, | and sales and marketing | qualified sales and |
| patients and other key | | marketing teams across |
| decision-makers | | all markets |
| | | |
| > Inability to | | > A diversified |
| confirm safety, | | product pipeline with |
| efficacy, convenience | | over 60 new compounds |
| and/or | | pending approval, |
| cost-effectiveness of | | covering a broad range |
| our products as | | of therapeutic areas |
| compared to competitive | | |
| products | | > A systematic |
| | | commitment to quality |
| > Inability to | | that helps to secure |
| participate in tender | | approval and |
| sales | | acceptance of new |
| | | products and mitigate |
| | | potential safety |
| | | issues |
+-------------------------+-------------------------+------------------------+
| Product development | | |
+-------------------------+-------------------------+------------------------+
| > Failure to | > Inability to | > Experienced and |
| secure new products or | grow sales and increase | successful in-house |
| compounds for | profitability for the | research and |
| development, either | Group | development team |
| through internal | > Lower return on | |
| research and | investment in research | > Strong business |
| development efforts, | and development | development team |
| in-licensing, or | | |
| acquisition | | > Track record of |
| | | building in-licensed |
| | | brands |
| | | |
+-------------------------+-------------------------+------------------------+
| Partnerships | | |
+-------------------------+-------------------------+------------------------+
| > Inability to | > Loss of products | > Long-term |
| renew or extend | from our portfolio | relationships with |
| in-licensing or other | | existing in-licensing |
| partnership agreements | > Revenue | partners |
| with a third-party | interruptions | |
| | | > Experienced |
| | > Failure to | legal team capable of |
| | recoup sales and | negotiating robust |
| | marketing and business | agreements with our |
| | development costs | licensing partners |
| | | |
| | | > Continuous |
| | | development of new |
| | | licensing partners |
| | | |
| | | > Diverse revenue |
| | | model with in-house |
| | | research and |
| | | development |
| | | capabilities |
| | | |
| | | |
+-------------------------+-------------------------+------------------------+
| Disruptions in the | | |
| manufacturing supply | | |
| chain | | |
+-------------------------+-------------------------+------------------------+
| > Inability to | > Inability to | > Alternate |
| procure active | develop and/or | approved suppliers of |
| ingredients from | commercialise new | active ingredients |
| approved sources | products | |
| | | > Long-term |
| > Inability to | > Inability to | relationships with |
| procure active | market existing | reliable raw material |
| ingredients on | products as planned | suppliers |
| commercially viable | | |
| terms | > Lost revenue | > Corporate |
| | streams on short notice | auditing team |
| > Inability to | | continuously monitors |
| procure the quantities | > Reduced service | regulatory compliance |
| of active ingredients | levels and damage to | of API suppliers |
| needed to meet market | customer relationships | |
| requirements | | > Focus on |
| | | improving service |
| > Inability to | | levels and optimising |
| supply finished product | | our supply chain |
| to our customers in a | | |
| timely fashion | | |
| | | |
+-------------------------+-------------------------+------------------------+
| Economic and political | | |
| and unforeseen events | | |
| | | |
+-------------------------+-------------------------+------------------------+
| > The failure of | > Disruptions to | > Geographic |
| control, a change in | manufacturing and | diversification, with |
| the economic conditions | marketing plans | [12 manufacturing |
| or political | | facilities and sales |
| environment or | > Lost revenue | in more than 40 |
| sustained civil unrest | streams | countries |
| in any particular | | |
| market or country | > Inability to | > Product |
| | market or supply | diversification, with |
| > Unforeseen | products | 382products and 795 |
| events such as fire or | | dosage strengths and |
| flooding could cause | | forms |
| disruptions to | | |
| manufacturing or supply | | |
+-------------------------+-------------------------+------------------------+
| Litigation | | |
+-------------------------+-------------------------+------------------------+
| > Commercial, | > Financial impact | > In-house legal |
| product liability and | on Group results from | counsel with relevant |
| other claims brought | damages awards | jurisdictional |
| against the Group | | experience |
| | > Reputational | |
| | damage | |
+-------------------------+-------------------------+------------------------+
Financial risks
+-------------------------+-------------------------+------------------------+
| Risk | Impact | Mitigation |
+-------------------------+-------------------------+------------------------+
| Foreign exchange risk | | |
| | | |
+-------------------------+-------------------------+------------------------+
| > Exposure to | > Fluctuations in | > Entering into |
| foreign exchange | the Group's net asset | currency derivative |
| movements, primarily in | values and profits upon | contracts where |
| the European, Algerian, | translation into US | possible |
| Sudanese and Egyptian | dollars | |
| currencies | | > Foreign |
| | | currency borrowing |
| | | |
| | | > Matching |
| | | foreign currency |
| | | revenues to costs |
+-------------------------+-------------------------+------------------------+
| Interest rate risk | | |
| | | |
+-------------------------+-------------------------+------------------------+
| > Volatility in | > Fluctuating | > Optimisation of |
| interest rates | impact on profits | fixed and variable |
| | before taxation | rate debt as a |
| | | proportion of our |
| | | total debt |
| | | |
| | | > Use of interest |
| | | rate swap agreements |
| | | |
| | | |
+-------------------------+-------------------------+------------------------+
| Credit Risk | | |
| | | |
+-------------------------+-------------------------+------------------------+
| > Inability to | > Reduced working | > Clear credit |
| recover trade | capital funds | terms for settlement |
| receivables | | of sales invoices |
| | > Risk of bad debt | |
| > Concentration of | or default | > Group Credit |
| significant trade | | policy limiting credit |
| balances with key | | exposures |
| customers in the MENA | | |
| region and the US | | > Use of various |
| | | financial instruments |
| | | such as letters of |
| | | credit, factoring and |
| | | credit insurance |
| | | arrangements |
| | | |
+-------------------------+-------------------------+------------------------+
| Liquidity Risk | | |
+-------------------------+-------------------------+------------------------+
| > Insufficient | > Reduced | > Continual |
| free cash flow and | liquidity and working | evaluation of headroom |
| borrowings headroom | capital funds | and borrowing |
| | | |
| | > Inability to | > Committed debt |
| | meet short-term working | facilities |
| | capital needs and, | |
| | therefore, to execute | > Diversity of |
| | our long term strategic | institution, |
| | plans | subsidiary and |
| | | geography of |
| | | borrowings |
| | | |
+-------------------------+-------------------------+------------------------+
| Tax | | |
+-------------------------+-------------------------+------------------------+
| > Changes to tax | > Negative impact | > Close |
| laws and regulations in | on the Group's | observation of any |
| any of the markets in | effective tax rate | intended or proposed |
| which we operate | | changes to tax rules, |
| | > Costly | both in the UK and in |
| | compliance requirements | other key countries |
| | | where the Group |
| | | operates |
+-------------------------+-------------------------+------------------------+
Going Concern
Although the current economic conditions may affect short-term demand for our
products, as well as place pressure on our customers and suppliers in terms of
liquidity issues, we believe that the Group's geographic spread, product
diversity and large customer and supplier base substantially mitigate these
risks. In addition, the Group operates in the relatively defensive generic
pharmaceuticals industry which we expect to be less affected compared to other
industries that are subject to greater cyclical changes.
The Group has $378 million of banking facilities of which $193 million were
undrawn as at 31 December 2009. These facilities are well diversified across the
operating subsidiaries of the Group and are with a number of financial
institutions. 44% of the Group's short term and undrawn long term facilities are
of committed nature. See Notes 24, 27 and 29 for details. We continue to expect
the short term facilities to be renewed upon maturity. In addition the Group
maintained cash balances of $67.9 million as at 31 December 2009. The Group's
forecasts, taking into account reasonable possible changes in trading
performance, facility renewal sensitivities and maturities of long-term debt,
show that the Group should be able to operate well within the levels of its
facilities and their related covenants.
After making enquiries, the Directors believe that the Group is adequately
placed to manage its business and financing risks successfully despite the
current uncertain economic outlook. The directors have formed a judgement that
there is reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. The directors
therefore continue to adopt the going concern basis in preparing the financial
statements.
Critical accounting policies and estimates
The Group's accounting policies are more fully described in Note 2 to the
Group's consolidated financial statements. However, certain of the Group's
accounting policies are particularly important to the presentation of the
Group's results and require the application of significant judgement by the
Group's management.
In applying these policies, the Group's management uses its judgement to
determine the appropriate assumption to be used in the determination of certain
estimates used in the preparation of the Group's results. These estimates are
based on the Group's previous experience, the terms of existing contracts,
information available from other outside sources and other factors, as
appropriate.
The Group's management believes that, among others, the following accounting
policies that involve management judgements and estimates are the most critical
to understanding and evaluating the Group's financial results.
Revenue recognition
Revenue is recognised in the statement of comprehensive income when goods or
services are supplied or made available to external customers against orders
received and when title and risk of loss has passed. Revenue represents the
amounts receivable after the deducation of discounts, value added tax, other
sales taxes, and allowances given, provisions for chargebacks and accruals for
estimated future rebates and returns. The methodology and assumptions used to
estimate rebates and returns are monitored and adjusted regularly in light of
contractual and historical information and past experience.
Chargebacks
The provision for chargebacks is the most significant and complex estimate used
in the recognition of revenue. In the USA, the Group sells its products
directly to wholesale distributors, generic distributors, retail pharmacy chains
and mail-order pharmacies. The Group also sells its products indirectly to
independent pharmacies, managed care organisations, hospitals, and group
purchasing organisations, collectively referred to as "indirect customers." The
Group enters into agreements with its indirect customers to establish pricing
for certain products. The indirect customers then independently select a
wholesaler from which they purchase the products at agreed-upon prices. The
Group will provide credit to the wholesaler for the difference between the
agreed-upon price with the indirect customer and the wholesaler's invoice price.
This credit is called a "chargeback". The provision for chargebacks is based
on historical sell-through levels by the Group's wholesale customers to the
indirect customers, and estimated wholesaler inventory levels. As sales are
made to the large wholesaler customers, the Group continually monitors the
reserve for chargebacks and makes adjustments when it believes that actual
chargebacks may differ from estimated reserves.
Accounts receivable and bad debts
The Group estimates, based on its historical experience, the level of debts that
it believes will not be collected. Such estimates are made when collection of
the full amount of the debt is no longer probable. These estimates are based on
a number of factors including specific customer issues and industry, economic
and political conditions. Bad debts are written off when identified.
Goodwill and intangible assets
The critical areas of judgment in relation to goodwill and intangible assets are
the useful economic lives of the product-related intangibles and the growth
rates used in the impairment tests for goodwill.
Impairment of tangible and intangible assets excluding goodwill
The Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an
impairment loss. If such indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the impairment loss. An
intangible asset with an indefinite useful life is tested for impairment
annually and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of the fair value less costs to sell and value
in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
current market assessements of the time value of money and the risks specific to
the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or income-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset
(income-generating unit) is reduced to the recoverable amount. An impairment
loss is recognised as an expense immediately. When an impairment loss
subsequently reverses, the carrying amount of the asset (cash-generating unit)
is increased to the revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset
(cash-generating unit) in prior years. A reversal of an impairment loss is
recognised as income immediately.
Contingent liabilities
The Group is involved in various legal proceedings considered typical to its
business relating to employment, product liability and other commercial
disputes. Often this litgation is subject to substantial uncertainties, and
therefore the probability of a loss, if any, being sustained or an estimate of
the amount of any loss is difficult to ascertain. Consequently, it is often not
practicable to make a reasonable estimate of the possible financial effect, if
any, that could arise from the ultimate resolution of legal proceedings. In such
cases, where the Group believes that a disclosure is required, information
regarding the nature and facts of the case is disclosed. For current matters
see Note 35 to the Group consolidated financial statements. Although there can
be no assurance regarding the outcome of the disclosed legal proceedings, based
on management's current and considered view, the Group does not expect it to
have a materially adverse effect on our finacial position. This position could
change over time.
Tax
The Group provides for income tax according to the laws and regulations
prevailing in the countries where the Group operates. Furthermore, the group
computes and records deferred tax assets and liabilities according to IAS 12
"Income Taxes" . The tax expense represents the sum of the current and deferred
tax. The tax currently payable is based on taxable profit for the year.
Taxable profit differs from net profit as reported in the statement of
comprehensive income because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are
never taxable or deductible. The Group's liability for current tax is
calculated using tax rates that have been enacted or substantively enacted by
the balance sheet date.
Related Party Transactions
During the year, Group companies entered into the following transactions with
related parties:
Darhold Limited: is a related party of the Group because it is considered one of
the major shareholders of Hikma Pharmaceuticals PLC with ownership percentage of
29.8% at the end of 2009 (2008: 30.2%). Further details on the relationship
between Mr. Samih Darwazah, Mr Said Darwazah, Mr Mazen Darwazah and mr Ali
Al-Husry, and Darhold Limited are given in the Directors' Report.
Other than dividends (as paid to all shareholders), there were no transactions
between the Group and Darhold Limited in the year.
Capital Bank - Jordan: is a related party of the Group because during the year
one board member of the Bank is also board member at Hikma Pharmaceuticals PLC.
Total cash balances at Capital Bank - Jordan were USD 3,294,000 (2008: USD
217,000). Loans and overdrafts granted by Capital Bank to the Group amounted to
USD 77,000 (2008: USD 207,000) with interest rates ranging between 8.75% and
3MLIBOR + 3. Total interest expense incurred against Group facilities was USD
28,000 (2008: USD 86,000). Total interest income received was USD 37,000 (2008:
USD 1,500) and total commission paid in the year was 17,000 (2007: USD 11,300).
Jordan International Insurance Company:is a related party of the Group because
one board member of the company is also a board member at Hikma Pharmaceuticals
PLC. Total insurance premiums paid by the Group to Jordan International
Insurance Company during the year were USD 1,686,000 (2008: USD 1,351,000). The
Group's insurance expense for Jordan International Insurance Company contracts
in the year 2009 was USD 2,006,000 (2008: USD 1,490,000). The amounts due to
Jordan International Insurance Company at the year end were USD 129,000 (2008:
USD 93,000).
Mena Innovative Technology: is a related party because the Group holds a
minority stake in this company (see note 18) and because the majority
shareholder is the wife of Mr. Nabil Rizk - a chairman of West-ward
Pharmaceuticals. Total purchases during the year were USD nil (2008: USD 1,000).
Purchases were made at market price discounted to reflect the quantity of goods
purchased. At 31 December 2008, the Group had no outstanding balance with Mena
Innovation Technology (2008: USD Nil).
Tunisian Companies: Amounts due from the two Tunisian companies the Group has
invested in net of provisions are USD 491,000 (2008: USD 474,000) and USD
1,052,000 (2008: USD 793,000) due from Societe Hikma Medicef Limited-Tunisia and
Societe D'Industries Pharmaceutiques Ibn Al Baytar S.A. - Tunisia, respectively.
The provision for doubtful debts related to balances above was USD 327,000
(2008: USD 303,000).
Mr. Yousef Abd Ali: Mr. Yousef Abd Ali is a related party of the Group because
he holds a non-controlling interest in Hikma Lebanon of 33%. The amount owed to
Mr. Yousef by the Group as at 31 December 2009 was USD 279,000 (2008: 161,000).
Labatec - Pharma SA: is a related party of the Group because it is owned by Mr.
Samih Darwazah. During 2009 the Group total sales to Labatec amounted to USD
42,000 (2008: 30,000) and the Group total purchases from Labatec amounted to USD
393,000. At 31 December 2009 the amount owed to Labatec by the Group was USD
149,000 (2008: Nil).
King and Spalding: is a related party of the Group because a partner of the firm
is a board member and company secretary of West-ward. King and Spalding is an
outside counsel firm that handles general legal matters for West-ward. During
2009 fees of USD 55,000 (2008: 217,000) were paid for legal services provided.
Remuneration of key management personnel: The remuneration of the key management
personnel (comprising the Executive and Non-Executive Directors and certain of
senior management as set out in the Directors' Report) of the Group is set out
below in aggregate for each of the categories specified in IAS 24 Related Party
Disclosures. Further information about the remuneration of the individual
Directors is provided in the audited part of the Remuneration Committee Report
on pages 64 to 70.
+--------------------------------------+----------------+-------------+
| | 2009 | 2008 |
| | $000's | $000's |
+--------------------------------------+----------------+-------------+
| Short-term employee benefits | 5,918 | 5,363 |
+--------------------------------------+----------------+-------------+
| Share-based payments | 2,002 | 1,312 |
+--------------------------------------+----------------+-------------+
| Post employment benefits | 31 | 61 |
+--------------------------------------+----------------+-------------+
| | 7,951 | 6,736 |
+--------------------------------------+----------------+-------------+
Basis of Preparation and Forward-looking statements
Certain statements in this announcement are forward-looking statements - using
words such as "intends", "believes", anticipates" and "expects". Where
included, these have been made by the Directors in good faith based on the
information available to them up to the time of their approval of this report.
By their nature, forward-looking statements are based on assumptions and involve
inherent risks and uncertainties that could cause actual results or events to
differ materially from those expressed or implied by the forward-looking
statements, and should be treated with caution. These risks, uncertainties or
assumptions could adversely affect the outcome and financial effects of the
plans and events described in this review. Forward-looking statements contained
in this announcement regarding past trends or activities should not be taken as
a representation that such trends or activities will continue in the future.
You should not place undue reliance on forward-looking statements, which speak
as only of the date of the approval of this report.
Except as required by law, the Company is under no obligation to update or keep
current the forward-looking statements contained in this review or to correct
any inaccuracies which may become apparent in such forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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