Reckitt Benckiser H1 2009 Results

Reckitt Benckiser A World Leader in Household, Health and Personal Care 29 July 2009 STRONG FIRST HALF RESULTS FULL YEAR TARGETS RAISED Results at a glance Q2** % change % change HY % change % change £m actual constant £m actual constant (unaudited) exchange exchange exchange exchange Net Revenue 1,872 +20% +8% 3,783 +23% +8% Operating Profit - 414 +27% +14% 819 +37% +17% reported Operating Profit - 414 +27% +14% 819 +30% +12% adjusted * Net Income - reported 310 +31% +17% 613 +39% +19% Net Income - adjusted 310 +29% +17% 613 +32% +13% * EPS (diluted) - 43.0p +32% 85.1p +40% reported EPS (diluted) - 43.0p +30% 85.1p +33% adjusted * * Adjusted results (including % change figures) exclude exceptional items (see page 2). There are no exceptional items in HY 2009 compared to an exceptional charge of £30m pre-tax in HY 2008. ** Q2 results were not subject to the independent review. Half Year (HY) highlights: - Total net revenue +8% (constant exchange) to £3,783m, with growth across the Group and its 17 Powerbrands. Excluding Reckitt Benckiser Pharmaceuticals (RBP), net revenue was ahead +6% (at constant). - Gross margin +80bp to 59.1%: adjusted operating margin +110bp to 21.6%. - Adjusted net income +32% (actual exchange): adjusted diluted EPS of 85.1p (+33%). - Net debt of £525m (31 December 2008: £1,096m), as a result of strong free cash flow generation and a net £53m positive foreign exchange impact, partially offset by the payment of the final 2008 dividend of £341m. - Net working capital of minus £1,222m, a £125m improvement versus the 31 December 2008 level. - The Board recommends a +34% increase in the interim dividend to 43.0p per share. Q2 highlights: - Total net revenue +8% (constant exchange), consistent with the growth rate achieved in Q1. Excluding RBP, net revenue increased +5% (constant). - Gross margin +70bp to 59.6%: adjusted operating margin +130bp to 22.1%. - Adjusted net income +29% (actual exchange): adjusted diluted EPS of 43.0p (+30%). Commenting on these results, Bart Becht, Chief Executive Officer, said: "Reckitt Benckiser had a very good first half despite challenging market conditions, with net revenue growth of +8% at constant exchange. All regions and our 17 Powerbrands contributed to this growth, supported by continued investment and successful product initiatives. As a result of this strong start to the year, we are raising our FY 2009 targets. We are now targeting net revenue growth of +5-6% (previously +4%, base £6,563m) and net income growth of +10-11% (previously +8-10%, base £1,143m), both at constant exchange." Basis of Presentation and Exceptional Items Where appropriate, the term "adjusted" excludes the impact of exceptional items. There are no exceptional items in HY 2009, compared to an exceptional charge in HY 2008 of £30m mainly relating to the integration of Adams. Detailed Operating Review Second quarter 2009 Q2 net revenue increased +20% to £1,872m, with growth of +8% at constant exchange. The gross margin improved by +70bp to 59.6%, largely as a result of easing input costs and benefits from cost optimisation programmes, partially offset by a negative transaction impact from foreign exchange. While media support increased, media spend declined by -4% (-14% constant) to a level of 11.4% of net revenue due to more favourable media buying rates. Total marketing investment was higher, as savings from these more favourable media rates were re-invested in Other Consumer Marketing activities. Operating profit as reported was £414m, +27% higher than last year (+14% constant): the operating margin increased by +130bp to 22.1% due to gross margin expansion and operating cost efficiencies. Net finance income was £1m (Q2 2008: net finance expense of £10m), reflecting strong free cash flow generation and progress made on net debt repayment during the quarter. The tax rate was 25%. Net income was £310m, an increase of +31% (+17% constant) on Q2 2008. On an adjusted basis, net income was up +29% (+17% constant). Diluted earnings per share of 43.0 pence rose +30% on an adjusted basis (+32%, reported). Half year 2009 HY net revenue increased +23% to £3,783m, with growth of +8% at constant exchange. The gross margin improved by +80bp to 59.1%, largely as a result of easing input costs, benefits from cost optimisation programmes and sales price increases, partially offset by a negative transaction impact from foreign exchange. Marketing investment was higher, and pure media investment rose +10% (-3% constant) to a level of 12.1% of net revenue. There was significant growth in Other Consumer Marketing, as savings from more favourable media rates were re-invested in other forms of brand-building initiative. Operating profit as reported was £819m, +37% higher than last year (+17% constant): on an adjusted basis, operating profit was ahead +30% (+12% constant). The adjusted operating margin increased by +110bp to 21.6% due to gross margin expansion and operating cost efficiencies. Net finance expense was £3m (HY 2008: £19m), reflecting strong free cash flow generation and progress made on net debt repayment during the half year. The tax rate was 25%. Net income was £613m, an increase of +39% (+19% constant) on HY 2008. On an adjusted basis, net income was up +32% (+13% constant). Diluted earnings per share of 85.1 pence rose +33% on an adjusted basis (+40%, reported). HY 2009 Business Review Summary: % net revenue growth HY 2009 Growth at Constant Exchange Reported Exchange Europe +2% +9% +11% NAA +7% +26% +33% DvM +15% +14% +29% Pharma* +43% +42% +85% TOTAL +8% +15% +23% * Pharma represents the Group's prescription drug business of Subutex and Suboxone The Business Review below is given at constant exchange rates. Europe 47% of net revenue HY 2009 total net revenue increased +2% to £1,782m, with growth coming largely from Dishwashing, Home Care and Health & Personal Care. In Dishwashing, the continued success of Quantum contributed to performance, while growth in Air Care was supported by such initiatives as Airwick Freshmatic, Freshmatic Mini and <i>motion. In Health & Personal Care, Nurofen, Strepsils and Gaviscon all performed strongly, boosted by increased marketing investment. For the half year, the adjusted operating margin was +10bp ahead of last year at 22.6%; this resulted in a +1% improvement in adjusted operating profit to £403m. In Q2, net revenue rose +2% to £864m. Adjusted operating profit increased by +1% to £197m, with the margin up +10bp to 22.8%. North America & Australia 27% of net revenue HY 2009 total net revenue increased +7% to £1,008m, with all categories contributing. In Fabric Care, growth was boosted by such new initiatives as the launch of Spray `n Wash Bright & White, Resolve Deep Clean Powder and concentrated formulations for Woolite. Surface Care increased largely as a result of increased consumption of Lysol spray and disinfectant wipes, in part due to the outbreak of the H1N1 `flu virus. Dishwashing was driven by the launch of Quantum in the U.S., while Airwick Freshmatic and <i>motion contributed to the performance in Home Care. In Health & Personal Care, growth was driven by Mucinex. In Food, growth was led by the consumer brands of French's Yellow Mustard and Frank's Red Hot sauce. For the half year, adjusted operating profit increased +15% to £169m; the adjusted operating margin was +100bp higher at 16.8%. Q2 net revenue rose +5% to £486m and adjusted operating profit was ahead by +15% to £77m, equating to a +100bp uplift in the margin to 15.8%. Developing Markets 19% of net revenue HY 2009 total net revenue was ahead +15% to £739m, with growth evident across all regions and driven particularly by Fabric Care, Surface Care and Health & Personal Care. In Fabric Care, increased marketing investment and new initiatives helped generate a strong performance for Vanish across the Area. Surface Care increased largely as a result of growth in Harpic, and Veja in Brazil. In Health & Personal Care, additional marketing investment helped drive an excellent result for the Dettol personal care range, with Veet and Gaviscon also strong contributors. For the half year, adjusted operating profit increased by +20% to £98m. This resulted in a +70bp improvement in the adjusted operating margin to 13.3%. Q2 net revenue increased by +16% to £379m. Adjusted operating profit improved +23% to £54m, with a +70bp uplift in the margin to 14.2%. Pharmaceuticals 7% of net revenue HY 2009 total net revenue for the Group's Subutex and Suboxone prescription drug business grew +43% to £254m. These buprenorphine-based products are used to treat opiate dependence. This very strong growth was predominantly driven by a continued increase in penetration of Suboxone in the U.S. For the half year, the adjusted operating margin improved by +320bp to 58.7%. Adjusted operating profit was £149m, an increase of +46%. Q2 net revenue increased by +46% to £143m. Adjusted operating profit increased +54% to £86m, for a +310bp expansion in the margin to 60.1%. As a result of its Orphan Drug Status, Suboxone has exclusivity in the U.S. until the end of September 2009 and in Europe until 2016. Within the Pharmaceuticals division, the U.S. Suboxone business generated HY 2009 net revenue of £219m and adjusted operating profit of £132m. While the Group continues to search for ways to offset the impact of the loss of exclusivity in the U.S. at the end of September 2009, up to 80% of the revenues and profits of that business might be lost to generic competition in 2010, with the possibility of further erosion thereafter. HY 2009 Category Review (at Constant Exchange Rates) Fabric Care. Net revenue increased +1% to £807m, largely due to a strong performance for Vanish in Developing Markets, supported by the successful roll-out of Vanish Oxi Action Intelligence gel in selected European markets. Woolite also contributed, helped by such new initiatives as Triple Protection and concentrated formulations. Growth was partially offset by weakness in Laundry Detergents and Fabric Conditioners. Q2 net revenue grew +1% to £401m. Surface Care. Net revenue grew +3% to £635m, with growth in both the Dettol and Lysol ranges. Harpic Lavatory Care also performed well, helped by such new initiatives as Harpic liquid with Max Coverage. Q2 growth was +6% to £314m. Dishwashing. Net revenue increased +5% to £440m due to the continued success of Finish Quantum, behind increased investment. Q2 net revenue was flat at £205m. Home Care. Net revenue increased +5% to £509m. This growth was largely driven by Air Care, supported by Airwick Freshmatic, Freshmatic Mini and <i>motion. Q2 growth was +7% to £245m. Health & Personal Care. Net revenue increased +14% to £978m. The Dettol personal wash range continued to deliver excellent growth in Developing Markets, while Mucinex, Nurofen, Strepsils and Gaviscon all contributed to a strong performance in Healthcare. In Q2, Health & Personal care grew +9% to £473m. Total Household and Health & Personal Care. Net revenue was ahead by +6% to £3,397m. In Q2, total Household and Health & Personal Care grew +5% to £1,658m. Pharmaceuticals. HY 2009 net revenue for the Group's Subutex and Suboxone prescription drug business grew +43% to £254m, predominantly driven by a continued increase in penetration of Suboxone in the U.S. Adjusted operating profit was ahead +46% to £149m, equating to a +320bp improvement in the margin to 58.7%. Q2 net revenue increased by +46% to £143m, while adjusted operating profit rose +54% to £86m. Food. Net revenue grew +7% to £132m with good performance across the consumer portfolio, in particular further growth for French's Yellow Mustard and Frank's Red Hot Sauce. Adjusted operating profit increased +23% to £25m. Q2 net revenue grew +9% and adjusted operating profit was £15m (+16%). New Initiatives: H2 2009 The Group has announced a number of new product initiatives for the second half of 2009: In Fabric Care: - Roll-out of Vanish Oxi Action Intelligence Plus Gel, a new generation of premium in-wash gel stain removers that remove all stains from garments - even the toughest greasy ones. - Roll-out of Woolite Complete, which cleans and protects all fabrics and colours against fabric damage and fading, offering complete protection for all wash-loads. In Surface Care: - Launch of Harpic Max rim block, not only offering powerful cleaning and continuous freshness, but also 25% more flushes for the same price. In Home Care: - Roll-out of Airwick <i>motion, providing an instant boost of freshness when motion is detected, on top of regular automatic sprays of fragrance. - Launch of Mortein Powergard, offering even more powerful and long-lasting protection against pests owing to its latest superior high-technology formula. In Health & Personal Care: - Launch of the Dettol brand through the pharmacy channel in selected European markets. - Launch of Dettol Naturals personal wash range in selected developing markets, combining the benefits of natural ingredients with Dettol's protection against germs to leave skin looking and feeling healthier. - Roll-out of Strepsils Cool, delivering an instantly cooling sensation for fast effective relief from a burning throat. HY 2009 Financial Review Basis of preparation. The unaudited financial information is prepared in accordance with IFRSs as adopted by the European Union and IFRSs as issued by the International Accounting Standards Board, and with the accounting policies set out in the Group's 2008 Annual Report & Financial Statements, except as explained in Note 3 to the Half Year Condensed Financial Statements. Constant exchange. Movements in exchange rates relative to sterling affect actual results as reported. The constant exchange rate basis adjusts the comparative to exclude such movements, to show the underlying growth of the Group. Net finance expense. Net interest payable was £3m (2008: £19m), reflecting strong free cash flow generation and progress on net debt repayment. Tax. The underlying tax rate was 25% (2008: 24%). Net working capital (inventories, short-term receivables and short-term liabilities excluding borrowings and provisions) of minus £1,222m was £125m lower than the 31 December 2008 level, mostly due to an improvement in inventories. Cash flow. Cash generated from operations increased +43% to £1,128m (30 June 2008: £788m) and net cash flow from operations was £884m, +48% (2008: £596m). Net interest paid was £6m lower at £7m (2008: £13m) and tax payments increased by £53m to £175m (2008: £122m). Capital expenditure (including intangibles) was lower than the prior year at £62m (2008: £86m). Net debt at the end of the half year was £525m (December 2008: £1,096m), a decrease of £571m. This reflected net cash flow from operations of £884m and a positive foreign exchange translation impact on net debt (£53m) predominantly arising from the weakening of the US$ during the period, partially offset by the payment of the final 2008 dividend of £341m. The Group regularly reviews its banking arrangements and currently has adequate facilities available to it, only £25m of which expires within one year. Balance sheet. At 30 June 2009, the Group had shareholders' funds of £3,216m (31 December 2008: £3,294m), a decrease of -2%. Net debt was £525m (31 December 2008: £1,096m) and total capital employed in the business was £3,741m (31 December 2008: £4,390m). This finances non-current assets of £6,661m (31 December 2008: £7,228m), of which £590m (31 December 2008: £637m) is tangible fixed assets, the remainder being goodwill, other intangible assets, deferred tax, available for sale financial assets and other receivables. The Group has net working capital of minus £1,222m (31 December 2008: minus £1,097m), current provisions of £64m (31 December 2008: £73m) and long-term liabilities other than borrowings of £1,635m (31 December 2008: £1,668m). Dividends. The Board of Directors recommends an interim dividend of 43.0p (2008: 32.0p), an increase of +34%. The ex-dividend date will be 5 August and the dividend will be paid on 28 September to shareholders on the register at the record date of 7 August. The last date for election for the share alternative to the dividend is 7 September. 2009 Targets As a result of the strong start to the year, the Group is raising its FY 2009 targets to net revenue growth of +5-6% (previously +4%, base £6,563m) and net income growth of +10-11% (previously +8-10%, base £1,143m), both at constant exchange. Principal Risks and Uncertainties The Directors consider that the principal risks and uncertainties which could have a material impact on the Group's performance in the remaining six months of 2009 are the same as described on pages 18-19 of the Annual Report and Financial Statements for the year ended 31 December 2008. These include, but are not limited to: - Market risks: - Expiry of the Group's exclusive licence for Suboxone in the U.S. at the end of September 2009. - Demand for the Group's products adversely affected due to changes in consumer preference. - Customer de-listing of the Group's brands. - Competition may reduce market share and margins. - Operational risks: - Unfavourable economic or business conditions in the markets in which the Group operates. - New product innovation declines or becomes less relevant to consumers. - Increased costs or shortages of raw and packaging materials. - Adverse changes in the regulatory environment. - Environmental, social and governance risks: - Product quality and safety risks to consumers. - Operational risks: - Fluctuations in foreign exchange and interest rates. The Group's Annual Report and Financial Statements for the year ended 31 December 2008 are available on the Group's website at www.reckittbenckiser.com. The Group at a Glance (Unaudited) Quarter ended 30 June Half year ended 30 June 2009 2008 2009 2008 £m £m £m £m 1,872 1,564 Net revenue - total 3,783 3,074 +8% +11% Net revenue growth - +8% +11% constant +20% +20% Net revenue growth - total +23% +20% 59.6% 58.9% Gross margin 59.1% 58.3% 444 350 EBITDA 881 650 23.7% 22.4% EBITDA margin 23.3% 21.1% 414 325 EBIT 819 600 414 325 EBIT - adjusted * 819 630 22.1% 20.8% EBIT margin 21.6% 19.5% 22.1% 20.8% EBIT margin - adjusted * 21.6% 20.5% 415 315 Profit before tax 816 581 310 237 Net income 613 442 310 240 Net income - adjusted * 613 465 43.6p 33.3p EPS, basic, as reported 86.3p 62.1p 43.0p 33.1p EPS, adjusted and diluted * 85.1p 64.0p * Adjusted to exclude the impact of exceptional items. Group balance sheet data 30 June 31 December 2009 2008 £m £m Net working capital * (1,222) (1,097) Net debt (525) (1,096) * Net working capital is defined as inventories, short-term receivables and short-term liabilities, excluding borrowings and provisions. Shares in issue First half Millions 31 December 2008 708.7 Issued or transferred from Treasury 1.3 31 March 2009 710.0 Issued or transferred from Treasury 3.8 30 June 2009 713.8 Group Income Statement Analysis (Unaudited) Quarter ended Half year ended 30 June 30 June 2009 2008 % change 2009 2008 % change £m £m £m £m 1,872 1,564 +20% Net revenue 3,783 3,074 +23% (757) (643) +18% Cost of sales (1,549) (1,281) +21% 1,115 921 +21% Gross profit 2,234 1,793 +25% (701) (596) +18% Net operating expenses (1,415) (1,193) +19% 414 325 +27% Operating profit 819 600 +37% 414 325 +27% Operating profit before 819 630 +30% exceptional items - - Exceptional items - (30) 414 325 +27% Operating profit 819 600 +37% 1 (10) Net finance income / (expense) (3) (19) 415 315 +32% Profit on ordinary activities 816 581 +40% before taxation (105) (78) +35% Tax on profit on ordinary (203) (139) +46% activities 310 237 +31% Profit for the period 613 442 +39% - - Attributable to equity - - minority interests 310 237 +31% Attributable to ordinary 613 442 +39% equity holders of the parent 310 237 +31% Profit for the period 613 442 +39% Earnings per ordinary share: 43.6p 33.3p On profit for the period, basic 86.3p 62.1p 43.0p 32.6p On profit for the period, diluted 85.1p 60.8p Earnings per ordinary share - adjusted*: 43.6p 33.7p On profit for the period, basic 86.3p 65.4p 43.0p 33.1p On profit for the period, diluted 85.1p 64.0p * Adjusted to exclude the impact of exceptional items. Average common shares outstanding: (millions) 711.9 711.4 Basic 710.7 711.5 721.6 726.1 Diluted 720.7 726.8 Segment Information (Unaudited) Analyses by operating segment of net revenue and operating profit, and of net revenue by product group are set out below. The figures for each geographical area show the net revenue and operating profit made by companies located in that area. Additional information is provided to show profit by class of business. Operating segment Quarter ended Half year ended 30 June 30 June 2009 2008 % Change 2009 2008 % Change £m £m exch. £m £m exch. rates rates actual const. actual const. Net revenue 864 805 +7% +2% Europe 1,782 1,606 +11% +2% 486 384 +27% +5% North America & 1,008 758 +33% +7% Australia 379 296 +28% +16% Developing Markets 739 573 +29% +15% 143 79 +81% +46% Pharmaceuticals 254 137 +85% +43% 1,872 1,564 +20% +8% 3,783 3,074 +23% +8% Operating profit - statutory basis 197 183 +8% +1% Europe 403 362 +11% +1% 77 57 +35% +15% North America & 169 90 +88% +44% Australia 54 40 +35% +23% Developing Markets 98 72 +36% +20% 86 45 +91% +54% Pharmaceuticals 149 76 +96% +46% 414 325 +27% +14% 819 600 +37% +17% Operating profit - adjusted* 197 183 +8% +1% Europe 403 362 +11% +1% 77 57 +35% +15% North America & 169 120 +41% +15% Australia 54 40 +35% +23% Developing Markets 98 72 +36% +20% 86 45 +91% +54% Pharmaceuticals 149 76 +96% +46% 414 325 +27% +14% Subtotal before 819 630 +30% +12% exceptional items - - Exceptional items - (30) 414 325 +27% +14% 819 600 +37% +17% % % Operating margin - % % adjusted* 22.8% 22.7% Europe 22.6% 22.5% 15.8% 14.8% North America & 16.8% 15.8% Australia 14.2% 13.5% Developing Markets 13.3% 12.6% 60.1% 57.0% Pharmaceuticals 58.7% 55.5% 22.1% 20.8% 21.6% 20.5% * Adjusted to exclude the impact of exceptional items Segment Information (Unaudited), continued Product segment Quarter ended Half year ended 30 June 30 June 2009 2008 % change 2009 2008 % exchange £m £m exch. rates £m £m exch. rates actual const. actual const. Net revenue by category 401 369 +9% +1% Fabric Care 807 720 +12% +1% 314 264 +19% +6% Surface Care 635 532 +19% +3% 205 184 +11% +0% Dishwashing 440 370 +19% +5% 245 205 +20% +7% Home Care 509 422 +21% +5% 473 396 +19% +9% Health & Personal Care 978 768 +27% +14% 20 16 +25% +8% Other Household 28 30 -7% -21% 1,658 1,434 +16% +5% Household and Health & 3,397 2,842 +20% +6% Personal Care 143 79 +81% +46% Pharmaceuticals 254 137 +85% +43% 71 51 +39% +9% Food 132 95 +39% +7% 1,872 1,564 +20% +8% 3,783 3,074 +23% +8% Operating profit - adjusted 313 270 +16% +7% Household and Health 645 538 +20% +6% & Personal Care 86 45 +91% +54% Pharmaceuticals 149 76 +96% +46% 15 10 +50% +16% Food 25 16 +56% +23% 414 325 +27% +15% Subtotal before 819 630 +30% +12% exceptional items - - Exceptional items - (30) 414 325 +27% +15% 819 600 +37% +17% % % Operating margin - adjusted % % 18.9% 18.8% Household and Health 19.0% 18.9% & Personal Care 60.1% 57.0% Pharmaceuticals 58.7% 55.5% 21.1% 19.6% Food 18.9% 16.8% 22.1% 20.8% 21.6% 20.5% For further information, please contact: Reckitt Benckiser +44 (0)1753 217800 Joanna Speed Director, Investor Relations Andraea Dawson-Shepherd Global Director, Corporate Communications & Affairs Brunswick (Financial PR) +44 (0)20 7404 5959 Susan Gilchrist Senior Partner Notice to shareholders The financial information for the year ended 31 December 2008 included in these Half Year Condensed Financial Statements is based upon the Group's consolidated financial statements for that year. Those financial statements have been reported on by the Group's auditors and have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 237 (2) or Section 237 (3) of the Companies Act 1985. The Half Year Condensed Financial Statements are unaudited and do not amount to full statutory accounts within the meaning of Section 240 of the Companies Act 1985 (as amended). Cautionary note concerning forward-looking statements This document contains statements with respect to the financial condition, results of operations and business of Reckitt Benckiser and certain of the plans and objectives of the Group with respect to these items. These forward-looking statements are made pursuant to the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In particular, all statements that express forecasts, expectations and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of interest or exchange rates, the availability of financing to the Company, anticipated cost savings or synergies and the completion of strategic transactions are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors discussed in this report, that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including many factors outside Reckitt Benckiser's control. Past performance cannot be relied upon as a guide to future performance. Half Year Condensed Financial Statements (Unaudited) Group Income Statement (Unaudited) For the six months ended 30 June At 30 June At 30 June Full Year 2009 2008 2008 Notes £m £m £m Net revenue 5 3,783 3,074 6,563 Cost of sales (1,549) (1,281) (2,673) Gross profit 2,234 1,793 3,890 Net operating expenses (1,415) (1,193) (2,385) Operating profit 5 819 600 1,505 Operating profit before exceptional 5 819 630 1,535 items Exceptional items 4 - (30) (30) Operating profit 5 819 600 1,505 Finance income 10 15 31 Finance expense (13) (34) (62) Net finance expense (3) (19) (31) Profit on ordinary activities 816 581 1,474 before taxation Tax on profit on ordinary activities 7 (203) (139) (354) Profit for the period 613 442 1,120 Attributable to equity minority - - - interests Attributable to ordinary equity 613 442 1,120 holders of the parent Profit for the period 613 442 1,120 Earnings per ordinary share: On profit for the period, basic 8 86.3p 62.1p 157.6p On profit for the period, diluted 8 85.1p 60.8p 154.7p Dividend per ordinary share 9 48.0p 30.0p 62.0p (paid in period) Total dividends for the period 9 341 214 441 Group Statement of Comprehensive Income (Unaudited) For the six months ended 30 June 30 June 30 June Full Year 2009 2008 2008 £m £m £m Profit for the period 613 442 1,120 Net exchange adjustments on foreign currency (352) 107 491 translation Actuarial gains and losses, net of tax (69) (35) (74) Available for sale reserve, net of tax 8 - (8) Tax movement on share option exercises (1) 4 (23) Net hedged gains and losses taken to (10) 3 19 reserves, net of tax Other comprehensive income for the (424) 79 405 period, net of tax Total comprehensive income for the 189 521 1,525 period Attributable to equity minority interests - - - Attributable to ordinary equity shareholders 189 521 1,525 of the parent 189 521 1,525 Group Balance Sheet (Unaudited) At 30 At 30 At 31 June June December 2009 2008 2008 Notes £m £m £m ASSETS Non-current assets: Goodwill and other intangible assets 5,914 5,324 6,454 Property, plant and equipment 10 590 517 637 Deferred tax assets 117 154 93 Available for sale financial assets 20 26 25 Other receivables 20 11 19 6,661 6,032 7,228 Current assets: Inventories 458 451 556 Trade and other receivables 892 770 906 Derivative financial instruments 9 17 69 Available for sale financial assets 5 24 6 Cash and cash equivalents 511 485 417 1,875 1,747 1,954 Total assets 8,536 7,779 9,182 LIABILITIES Current liabilities: Borrowings 11 (1,026) (1,492) (1,571) Provisions for liabilities and charges 12 (64) (62) (73) Trade and other payables (2,191) (1,973) (2,189) Tax liabilities (398) (303) (383) (3,679) (3,830) (4,216) Non-current liabilities: Borrowings 11 (6) (4) (4) Deferred tax liabilities (1,073) (997) (1,172) Retirement benefit obligations 6 (379) (220) (316) Provisions for liabilities and charges 12 (41) (34) (31) Tax liabilities (128) (120) (128) Other non-current liabilities (14) (21) (21) (1,641) (1,396) (1,672) Total liabilities (5,320) (5,226) (5,888) Net assets 3,216 2,553 3,294 EQUITY Capital and reserves: Share capital 13 72 72 72 Merger reserve (14,229) (14,229) (14,229) Hedging reserve 3 (3) 13 Available for sale reserve - - (8) Foreign currency translation reserve 80 48 432 Retained earnings 17,288 16,663 17,012 3,214 2,551 3,292 Equity minority interests 2 2 2 Total equity 3,216 2,553 3,294 Group Cash Flow Statement (Unaudited) For the six months ended 30 June 30 June 30 June Full Year 2009 2008 2008 Notes £m £m £m CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations: Operating profit 819 600 1,505 Depreciation 57 47 100 Amortisation 4 2 7 Other non cash movements (9) - - Fair value losses / (gains) 8 (1) - Loss on sale of property, plant and equipment - - 5 and intangible assets Decrease / (increase) in inventories 47 (38) (65) Increase in trade and other receivables (36) (6) (32) Increase in payables and provisions 208 153 61 Share award expense 30 31 59 Cash generated from operations: 1,128 788 1,640 Interest paid (18) (28) (58) Interest received 11 15 31 Tax paid (175) (122) (280) Net cash generated from operating 946 653 1,333 activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (64) (90) (216) and intangible assets Disposal of property, plant and equipment 2 4 9 Acquisition of businesses, net of cash acquired 14 - (1,068) (1,081) Maturity of short-term investments - 13 34 Disposal of available for sale assets 1 - - Net cash used in investing activities (61) (1,141) (1,254) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of ordinary shares 44 30 63 Share purchases - (182) (300) Proceeds from borrowings - 1,146 1,146 Repayments of borrowings (463) (142) (506) Dividends paid to the Company's shareholders 9 (341) (214) (441) Net cash (used) / generated in (760) 638 (38) financing activities Net increase in cash and cash equivalents 125 150 41 Cash and cash equivalents at beginning of period 398 311 311 Exchange (losses) / gains (28) 6 46 Cash and cash equivalents at end 495 467 398 of period Cash and cash equivalents comprise Cash and cash equivalents 511 485 417 Overdrafts (16) (18) (19) 495 467 398 RECONCILIATION OF NET CASH FLOW FROM OPERATIONS Net cash generated from operating activities 946 653 1,333 Net purchases of property, plant and equipment (62) (57) (156) Net cash flow from operations 884 596 1,177 Management uses net cash flow from operations as a performance measure. Group Statement of Changes in Equity (Unaudited) For the six months ended 30 June Foreign Available currency Share Merger for sale Hedging translation Retained Minority capital reserve reserve reserve reserve earnings interest Total Balance at 1 January 2008 72 (14,229) - (6) (59) 16,605 2 2,385 Share based payments 31 31 Deferred tax on share awards (18) (18) Tax movement on share option exercises 4 4 Profit for the half year 442 442 Dividends (214) (214) Actuarial gains/losses (net of tax) (35) (35) Net exchange adjustments on foreign currency translation 107 107 Gains and losses taken to reserves on cash flow hedges 3 3 Shares repurchased and held in Treasury (182) (182) Treasury shares re-issued 30 30 Balance at 30 June 2008 72 (14,229) - (3) 48 16,663 2 2,553 Share based payments 28 28 Deferred tax on share awards (5) (5) Tax movement in reserves (1) (1) Profit for second half year 678 678 Dividends (227) (227) Actuarial gains/losses (net of tax) (39) (39) Revaluation of available for sale assets (8) (8) Net exchange adjustments on foreign currency translation 384 384 Gains and losses taken to reserves on cash flow hedges 16 16 Shares repurchased and held in Treasury (118) (118) Treasury shares re-issued 33 33 Balance at 31 December 2008 72 (14,229) (8) 13 432 17,012 2 3,294 Share based payments 30 30 Deferred tax on share awards (1) (1) Tax movement in reserves - - Profit for the half year 613 613 Dividends (341) (341) Actuarial gains/losses (net of tax) (69) (69) Revaluation of available for sale assets 8 8 Net exchange adjustments on foreign currency translation (352) (352) Gains and losses taken to reserves on cash flow hedges (10) (10) Shares repurchased and held in Treasury - - Treasury shares re-issued 44 44 Balance at 30 June 2009 72 (14,229) - 3 80 17,288 2 3,216 Notes to the Half Year Condensed Financial Statements (Unaudited) 1. General Information Reckitt Benckiser Group plc is a public limited company incorporated and domiciled in the UK. The address of its registered office is 103-105 Bath Road, Slough, Berkshire SL1 3UH. The Company is listed on the London Stock Exchange. The Half Year Condensed Financial Statements were approved by the Board of Directors for issue on 29 July 2009. This condensed consolidated interim financial information has been reviewed, not audited. 2. Basis of Preparation The Half Year Condensed Financial Statements for the six months ended 30 June 2009 have been prepared in accordance with IAS 34, `Interim financial reporting' as adopted by the European Union and as issued by the International Accounting Standards Board and with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. The Half Year Condensed Financial Statements should be read in conjunction with the Annual Report and Financial Statements for the year ended 31 December 2008, which have been prepared in accordance with IFRSs as adopted by the European Union and IFRSs as issued by the International Accounting Standards Board. 3. Accounting Policies Except as described below, the accounting policies applied are consistent with those of the Financial Statements 2008. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. The following standards, amendments and interpretations became effective for the first time for the financial year beginning 1 January 2009: - IFRS 2 (amendment), `Share-based payment'. The Group has considered the amendment which only impacts the Save As You Earn schemes. The impact was not material. - IFRS 8, `Operating segments'. IFRS 8 replaces IAS 14, `Segment reporting'. The Group early adopted the standard for the year ended 31 December 2008. - IAS 1 (revised), `Presentation of financial statements'. The Half Year Condensed Financial Statements have been prepared under the revised disclosure requirements, presenting two statements; an income statement and a statement of comprehensive income. The following standards, amendments and interpretations became effective for the first time for the financial year beginning 1 January 2009 but either have no material impact or are not relevant to the Group : - IAS 1 amendment 'Presentation of financial statements on Puttable financial instruments and obligations arising on liquidation'. - IAS 23 (amendment), `Borrowing costs'. - IAS 27 (revised), `Consolidated and Separate Financial Statements'. - IAS 32 (amendment), `Financial instruments: Presentation'. - IAS 39 (amendment), `Financial instruments: Recognition and measurement' and IFRS 7 (Amendment), `Financial Instruments: Disclosures', on the `Reclassification of financial assets' (effective 1 July 2008). - IFRIC 12, `Service concession arrangements'. - IFRIC 13, `Customer loyalty programmes'. - IFRIC 14 'IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction'. - IFRIC 15, `Agreements for the construction of real estate'. - IFRIC 16, `Hedges of a net investment in a foreign operation'. There are also a number of changes to standards as a result of the annual improvements May 2008 project, mainly effective for the financial year beginning 1 January 2009. These had no material impact on the Group. The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 January 2009 and have not been early adopted: - IFRS 1 'First time adoption of IFRS', effective from 1 July 2009. - IFRS 3 (revised), `Business combinations'. - IAS 27 'Consolidated and separate financial statements', effective from 1 July 2009. - IFRIC 17, `Distributions of non-cash assets to owners'. - IFRIC 18, `Transfers of assets from customers'. 4. Exceptional Items Exceptional items in 2008 consist of a restructuring charge of £30m as a result of the acquisition and integration of Adams business, plus some further restructuring in the enlarged Group. There were no exceptional items in the six months to 30 June 2009. 5. Operating Segments The Executive Committee considers the business principally from a geographical perspective, but with the Pharmaceuticals business being managed separately given the significantly different nature of the business and the risks and rewards associated with it. The geographical segments derive their revenue primarily from the manufacture and sale of branded products in Household Cleaning and Health & Personal Care. The Executive Committee assesses the performance of the operating segments based on net revenue and operating profit. This measurement basis excludes the effects of exceptional items. Finance income and expense are not allocated to segments, as they are managed on a central Group basis. Half Year Ended 30 June Europe NAA Developing RBP Elimination Total Markets 2009 £m £m £m £m £m £m Total gross segment net 1,838 1,008 742 254 (59) 3,783 revenue Inter-segment revenue (56) - (3) - 59 - Net revenue 1,782 1,008 739 254 - 3,783 Operating profit - 403 169 98 149 - 819 statutory basis Exceptional items - - - - - - Operating profit - adjusted 403 169 98 149 - 819 Europe NAA Developing RBP Elimination Total Markets 2008 £m £m £m £m £m £m Total gross segment net 1,650 758 575 137 (46) 3,074 revenue Inter-segment revenue (44) - (2) - 46 - Net revenue 1,606 758 573 137 - 3,074 Operating profit - 362 90 72 76 - 600 statutory basis Exceptional items - 30 - - - 30 Operating profit - adjusted 362 120 72 76 - 630 There were no significant changes to the allocation of assets between reportable segments since 31 December 2008. Net revenue by product segment The Group also analyses its revenue by the following product groups: Fabric Care, Surface Care, Dishwashing, Home Care, Health & Personal Care, together with Other Household, Pharmaceuticals and Food. Half Year Ended 30 June 2009 2008 £m £m Net revenue by category Fabric Care 807 720 Surface Care 635 532 Dishwashing 440 370 Home Care 509 422 Health & Personal Care 978 768 Other Household 28 30 Household and Health & 3,397 2,842 Personal Care Pharmaceuticals 254 137 Food 132 95 3,783 3,074 6. Defined Benefit Pension Schemes The Group operates a number of defined benefit and defined contribution pension schemes around the world covering many of its employees, which are principally funded. The Group's two most significant defined benefit pension schemes (UK and US) are both funded by the payment of contributions to separately administered trust funds. The Group also operates a number of other post-retirement schemes in certain countries. As at 30 June 2009, the present value of the Group's scheme liabilities less the fair value of plan assets was a deficit of £362m (31 December 2008: deficit of £301m). At 30 June At 30 June At 31 December 2009 2008 2008 £m £m £m Total equities 351 427 366 Total bonds 282 303 284 Total other assets 63 90 60 Fair value of plan assets 696 820 710 Present value of scheme liabilities (1,058) (1,031) (1,011) Net liability recognised in the balance sheet (362) (211) (301) The net pension liability is recognised in the balance sheet as follows: At 30 June At 30 June At 31 December 2009 2008 2008 £m £m £m Non-current asset: Funded scheme surplus 17 9 15 Non-current liability: Funded scheme deficit (178) (42) (94) Unfunded scheme liability (201) (178) (222) Retirement benefit obligations (379) (220) (316) Net pension liability (362) (211) (301) 7. Income Taxes Income tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the year to 31 December 2009 is 25% (the estimated tax rate for the six months ended 30 June 2008 was 24%). 8. Earnings per Share Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company (2009: £613m; 2008: £442m) by the weighted average number of ordinary shares in issue during the period (2009: 710,615,636; 2008: 711,463,436). Diluted Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. The Company has two categories of dilutive potential ordinary shares: Executive Options and Employee Sharesave schemes. The options only dilute earnings per share when they result in the issue of shares at an exercise price below the market price of the share and when all performance criteria (if applicable) have been met. As at 30 June 2009, there were 10.4m (2008: 15m) of Executive Options not included within the dilution because the contingent performance targets had not been met. Reported Basis The reconciliation between profit for the half year and the weighted average number of shares used in the calculations of the diluted earnings per share is set out below: 2009 2008 Profit for Average Earnings Profit Average Earnings the half number of per for number of per year, £m shares share, the shares share, pence half pence year, £m Profit attributable to 613 710,615,636 86.3 442 711,463,436 62.1 shareholders Dilution for Executive options 9,241,605 14,325,568 outstanding and Executive Restricted Share Plan Dilution for Employee Sharesave 808,000 1,047,416 Scheme options outstanding On a diluted basis 613 720,665,241 85.1 442 726,836,420 60.8 Adjusted Basis The reconciliation between profit for the half year and the weighted average number of shares used in the calculations of the diluted earnings per share is set out below: 2009 2008 Profit for Average Earnings Profit Average Earnings the half number of per for number of per year, £m shares share, the shares share, pence half pence year, £m Profit attributable to 613 710,615,636 86.3 465 711,463,436 65.4 shareholders Dilution for Executive 9,241,605 14,325,568 options outstanding and Executive Restricted Share Plan Dilution for Employee 808,000 1,047,416 Sharesave Scheme options outstanding On a diluted basis 613 720,665,241 85.1 465 726,836,420 64.0 The Directors believe that diluted earnings per ordinary share, adjusted for the impact of the exceptional items after the appropriate tax amount, provides additional useful information on underlying trends to shareholders in respect of earnings per ordinary share. 9. Dividends A final dividend in respect of the financial year ended 31 December 2008 of 48.0 pence per share amounting to £341m was paid on 28 May 2009 to shareholders who were on the register on 27 February 2009. The Directors are proposing an interim dividend in respect of the financial year ending 31 December 2009 of 43.0 pence per share which will absorb an estimated £307m of shareholders' funds. It will be paid on 28 September 2009 to shareholders who are on the register on 7 August 2009. The expected tax impact of this dividend is £nil (2008: £nil). 10. Property, Plant and Equipment During the period there were additions of £64m (2008: £61m) and disposals of £2m (2008: £4m). The additions and disposals were across all categories of property, plant and equipment. There was no significant capital expenditure which was contracted but not capitalised at 30 June 2009 or 2008. 11. Financial Liabilities - Borrowings At 30 June At 30 June At 31 December 2009 2008 2008 Current £m £m £m Bank loans and overdrafts (a) 18 191 225 Commercial paper (b) 1,005 1,297 1,341 Finance lease obligations 3 4 5 1,026 1,492 1,571 At 30 June At 30 June At 31 December 2009 2008 2008 Non-current £m £m £m Finance lease obligations 6 4 4 6 4 4 a) Bank loans are denominated in a number of currencies; all are unsecured and bear interest based on relevant LIBOR equivalent. b) Commercial paper was issued in a number of currencies, all unsecured and bearing interest based on relevant LIBOR equivalent. At 30 June At 30 June At 31 December 2009 2008 2008 Maturity of debt £m £m £m Bank loans and overdrafts repayable: Within one year or on demand 18 191 225 Other borrowings repayable: Within one year or on demand: Commercial paper 1,005 1,297 1,341 Finance leases 3 4 5 Between two and five years : Finance leases (payable by instalments) 6 4 4 1,014 1,305 1,350 Gross borrowings (unsecured) 1,032 1,496 1,575 Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available, in respect of which all conditions precedent have been met at the balance sheet date, were as follows: At 30 June At 30 June At 31 December 2009 2008 2008 Undrawn committed facilities £m £m £m Expiring within one year 25 - - Expiring between one and two years 900 25 25 Expiring in more than two years 750 1,650 1,444 1,675 1,675 1,469 12. Provisions for Liabilities and Charges Restructuring Other provision provisions Total £m £m £m At 1 January 2008 36 19 55 Acquisition of subsidiary (note 14) - 35 35 Charged to the income statement 30 - 30 Utilised during the year (22) (4) (26) Exchange adjustments 2 - 2 At 30 June 2008 46 50 96 Acquisition of subsidiary (note 14) - 4 4 Charged to the income statement 8 - 8 Utilised during the year (8) (13) (21) Exchange adjustments 5 12 17 At 31 December 2008 51 53 104 Acquisition of subsidiary (note 14) - 7 7 Charged to the income statement - 8 8 Transfers - 19 19 Utilised during the year (20) (7) (27) Exchange adjustments (3) (3) (6) At 30 June 2009 28 77 105 Provisions have been analysed between current and non-current as follows: At 30 June At 30 June At 31 December 2009 2008 2008 £m £m £m Current 64 62 73 Non-current 41 34 31 105 96 104 Other provisions include provisions for onerous leases, various legal, environmental and other obligations throughout the Group, the majority of which are expected to be utilised within five years. The restructuring provision relates to further restructuring of configuration in the Group. The majority is expected to be utilised in 2009 with the remainder being utilised in 2010. 13. Share Capital Non voting Equity Nominal redeemable Nominal Subscriber Nominal ordinary value preference value ordinary value Authorised shares £m shares £m shares £m At 1 January 2009 Ordinary shares of 10p each 945,500,000 95 945,500,000 95 At 30 June 2009 Ordinary shares of 10p each 945,500,000 95 945,500,000 95 Issued and fully paid At 1 January 2009 722,368,512 72 - - 2 - Allotments - - At 30 June 2009 722,368,512 72 - - 2 - 14. Business Acquisitions There were no business combinations during the six months ended 30 June 2009. In 2008, the Group acquired Adams Respiratory Therapeutics, Inc. During the six months to 30 June 2009, the provisional fair value exercise on the fair values of net assets acquired was completed. This resulted in recognising an additional £7m goodwill and £7m long-term liabilities. There were no other adjustments to the provisional fair values disclosed in the Financial Statements 2008. 15. Contingent Liabilities Contingent liabilities for the Group, comprising guarantees relating to subsidiary undertakings, at 30 June 2009 amounted to £28m (31 December 2008: £41m). The Group is involved in the early stages of a number of enquiries from competition authorities. Any potential liability in respect of such enquiries is not quantifiable as at the date of this report, therefore the Directors have made no provision for such potential liabilities. 16. Post Balance Sheet Events Share capital issued since 30 June 2009 In the period 30 June 2009 to 28 July 2009 the Company has not issued any ordinary shares. Details of the interim dividend proposed are given in note 9. 17. Seasonality Demand for the majority of products sold by the Group is not subject to significant seasonal fluctuations. Within some categories such as Health & Personal Care and Pest Control, some products do exhibit seasonal fluctuations; however, peak demand in the northern hemisphere markets largely tends to counter that in the southern hemisphere markets. Other less significant seasonal relationships also occur within the group, which do not have a material impact on overall performance of the Group in any one quarter. 18. Related Party Transactions There have been no changes in the related party transactions from those described in the Financial Statements 2008. There were no material related party transactions in the six months to 30 June 2009. Statement of Directors' Responsibilities The Directors confirm that these Half Year Condensed Financial Statements have been prepared in accordance with IAS 34 as adopted by the European Union and as issued by the International Accounting Standards Board and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: - An indication of important events that have occurred during the first six months and their impact on the Half Year Condensed Financial Statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and - Material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report. The Directors of Reckitt Benckiser Group plc are listed in the Reckitt Benckiser Group plc Annual Report and Financial Statements for 31 December 2008. A list of current Directors is maintained on the Reckitt Benckiser Group plc website: www.reckittbenckiser.com. By order of the Board Bart Becht Chief Executive Officer Adrian Bellamy Director 29 July 2009 Independent Review Report to Reckitt Benckiser Group plc Introduction We have been engaged by the Company to review the Half Year Condensed Financial Statements in the half-yearly financial report for the six months ended 30 June 2009, which comprises the Group income statement, Group statement of comprehensive income, Group balance sheet as at 30 June 2009, Group cash flow statement, Group statement of changes in equity and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the Half Year Condensed Financial Statements. Directors' responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union and IFRSs as issued by the International Accounting Standards Board. The Half Year Condensed Financial Statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, `Interim Financial Reporting', as adopted by the European Union and as issued by the International Accounting Standards Board. Our responsibility Our responsibility is to express to the Company a conclusion on the Half Year Condensed Financial Statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, `Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the Half Year Condensed Financial Statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. PricewaterhouseCoopers LLP Chartered Accountants 28 July 2009 London Notes: (a) The maintenance and integrity of the Reckitt Benckiser Group plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the Half Year Condensed Financial Statements since they were initially presented on the website. (b) Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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