Final Results
FBD Holdings PLC
05 March 2008
FBD HOLDINGS PLC
PRELIMINARY ANNOUNCEMENT
RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2007
FINANCIAL HIGHLIGHTS 2007 2006 %
€000s €000s
• Gross written premiums 407,953 407,256 +0.2%
• Net earned premiums 350,321 345,959 +1.3%
• Operating profit* 235,510 158,515 +48.6%
• Adjusted operating profit ** 127,883 158,515 -19.3%
Cent Cent
• Adjusted operating earnings per share** 316.33 376.60 -16.0%
• Ordinary dividend per share 79.50 69.00 +15.2%
• Special dividend per share (paid) - La Cala
land sale - 160.00 n/a
• Distribution of Financial Reserves per
share (paid) 500.00 - n/a
• Net assets per 60c ordinary share 1,154.54 1,424.76 -19.0%
* Based on a longer term investment return
** Adjusted to exclude impact of change in reserving policy
Commenting on the results, Philip Fitzsimons, Chief Executive said:
'We delivered another strong performance in the year under review. In our
insurance business, we increased our market share in what continued to be a
very competitive environment. The plans which we have been pursuing to
strengthen and broaden our platform for growth are already achieving positive
outcomes. Our new Business Support Centre has extended our sales and service
capabilities and new e-commerce and business development initiatives are well
advanced'.
5th March 2008
For Reference Telephone
FBD
Philip Fitzsimons, Chief Executive +353 1 4093200
Andrew Langford, Finance Director
Murray Consultants
Joe Murray +353 1 4980300
FBD HOLDINGS PLC
PRELIMINARY ANNOUNCEMENT
Results for the year ended 31st December 2007
FBD Holdings plc ('FBD' or 'the Group') is pleased to announce solid operating
results for the year ended 31st December 2007.
RESULTS
Operating Profit
Group operating profit amounted to €235.5m, which includes a non-recurring
credit of €107.6m arising from a revision of the Group's claims reserving
policy. (See comments in 'Underwriting' below).
Adjusted Operating Profit (Footnote A)
The adjusted operating profit amounted to €127.9m. The comparable figure for
2006 was €158.5m. The decline in this figure is mainly attributable to a
reduction in the return on the Group's capital fund, which forms part of the
Company's non-underwriting activities, as outlined hereunder.
Of the €127.9m (2006: €158.5m) adjusted operating profit, €112.7m (2006:
€124.6m) is attributable to underwriting activities and €15.2m (2006: €33.9m)
to non-underwriting, as detailed below.
In relation to underwriting, as anticipated, profit declined compared to 2006
due to lower margins resulting from premium reductions. Notwithstanding falling
premium rates, gross written premiums were marginally ahead of 2006 due to
continued growth in customer numbers and represents an increase in market
share, as total market premium in 2007 reduced by approximately 6% (source:
Irish Insurance Federation Statistics).
In relation to non-underwriting, the decline in profit compared to 2006 is
mainly attributable to the reduction in the return on the capital fund. The
reduction results from utilising a major portion of the fund for the
distribution of €176m of reserves to shareholders in June 2007 and from the
fall in the value of equities that remained in the fund at year end. All of the
Group's non-underwriting operating businesses delivered performances ahead of
2006.
Profit before Tax
Short term fluctuations in investment returns of €69.2m, negative (2006: €61.4m,
positive) offset the positive impact of operating profit on the profit before
tax figure. These fluctuations reflect the weakness in government bond markets
in the first half year and the major downturn in equity markets in the second
half year.
After finance costs of €4.1m (2006: €4.8m), the profit before tax amounted to
€162.2m (2006: €296.8m, which included the profit of €81.8m from the La Cala
Tranche I land sale).
Earnings per share (Footnote A)
Adjusted operating earnings per share, based on longer term investment returns,
amounted to 316.33c, enhanced by the share buybacks which the Group has
undertaken. The comparable 2006 figure is 376.60c.
UNDERWRITING
Insurance underwriting (FBD Insurance) is the Group's primary business activity.
Gross written premiums (i.e. before reinsurance) amounted to €407.9m, compared
to €407.3m in 2006. Reductions in average premiums which prevailed throughout
2007 were offset by the growth in customer numbers achieved in the period.
Net earned premiums amounted to €350.3m (2006: €346.0m).
The adjusted net claims incurred charge (Footnote A) amounted to €239.1m (2006:
€224.7m) comprised of net claims paid of €230.9m (2006: €193.6m) and an
increase in net outstanding reserves of €8.1m (2006: €31.0m increase). The
increased adjusted claims charge reflects the increase in exposures
underwritten.
The underwriting result benefited by €107.6m arising from the change in
reserving policy. The decision to reduce the outstanding claims reserves was
arrived at following a comprehensive review at year end. This review concluded
that sufficient evidence has now emerged that the positive impact of the reform
measures undertaken in recent years to improve the claims environment has been
maintained and consequently that the Company's reserving policy should be
altered to reflect this.
Net operating expenses amounted to €51.9m (2006: €44.7m). The increase is
attributable to our programme of investment in staffing, technology and
facilities in order to achieve our development objectives.
The foregoing premium/claim/expenses figures resulted in an underwriting profit
of €166.9m (2006: €76.6m). The 2007 adjusted net operating ratios (Footnote A)
were: loss ratio 68.2% (2006: 65.0%); expense ratio 14.8% (2006: 12.9%);
combined ratio 83.0% (2006: 77.9%).
After crediting longer term investment income of €53.4m (2006: €48.0m), the
operating profit of FBD's underwriting business amounted to €220.3m (2006:
€124.6m).
NON-UNDERWRITING
The Group's non-underwriting activities include leisure interests (hotels/golf)
and leisure property development, financial services and the investment in
equities of non-allocated capital ('the capital fund'). The contribution to
operating profit from these activities amounted to €15.2m (2006: €33.9m).
Leisure and property interests, which include the La Cala and Sunset Beach
resorts in Spain and the Tower Hotel Group in Ireland, contributed €16.1m
(2006: €10.1m) to operating profits. A higher level of property handovers at La
Cala, combined with above budget results at Sunset Beach Resort and the Tower
Hotel Group delivered the improved performance.
The Group's financial service businesses, which embrace general insurance
broking (FBD Brokers), life assurance/pension broking/investment advice (FBD
Life) and instalment finance contributed €5.9m (2006: €4.3m) to operating
profits. This increase was achieved through new business growth.
The capital fund recorded a negative return of €6.8m (2006: positive return of
€19.5m). The fund constitutes the remaining portion of non-allocated capital
that had been invested in equities. At 1st January 2007 this fund amounted to
€92m. As referred to earlier, the major portion of this fund was realised in
connection with the special €176m payout to shareholders. The downturn in the
value of the equities that remained in the fund, post the distribution, is
reflected in the €6.8m negative return figure.
BALANCE SHEET
Total assets at year end amounted to €1,387.1m (2006: €1,686.6m). Ordinary
shareholders' funds amounted to €383.6m (2006: €497.5m). Net Assets per share
amounted to 1,154.54c (2006: 1,424.76c). The balance sheet reductions reflect
the distribution of reserves (€176m) and share buybacks (€52.6m) during the
year, in addition to the negative short term fluctuations in investments
(€69.2m).
FINAL ORDINARY DIVIDEND
In view of the Group's strong results and the Board's commitment to increase
the dividend/earnings payment ratio, a final ordinary dividend of 52.0c (2006:
45.0c) per share is being recommended by the Directors. This will bring the
total ordinary dividend for the year to 79.5c (2006: 69.0c) an increase of
15.2%.
The final ordinary dividend will be paid on the 2nd May 2008 to shareholders on
the Company's Register at close of business on 25th March 2008. The final
ordinary dividend is subject to withholding tax ('DWT') except for shareholders
who are exempt from DWT and who have furnished a properly completed declaration
of exemption to the Company's Registrar, from whom further details may be
obtained.
SPECIAL DISTRIBUTION
The after tax impact on earnings arising from the change in reserving policy
amounted to €94.2m. It is the Board's intention to distribute this amount to
shareholders by way of a special distribution as soon as practical after
shareholder approval has been obtained. It is also the intention of the Board
to allow shareholders the option of choosing to receive this return in either
of the ways specified in the Resolutions approved by shareholders in May 2007.
These Resolutions provided for the issue and subsequent purchase of 'A'
ordinary shares by the Company, or for the receipt of a special dividend.
OUTLOOK
The Board is confident that the Group will continue to progress this year and
into the future.
Underwriting
Price reductions have been a continuous feature of the Irish Insurance market
for the past five years, arising from reforms in the claims environment and
competition. These have resulted in Irish combined ratios converging to
European norms. In the knowledge of this inevitability, we have been pursuing
plans focused on broadening and strengthening our platform for medium and long
term growth, whilst maximising short term opportunities. These plans require
ongoing investment in human and capital resources and leave us well positioned
for the future. While such investment, by its nature, is not designed to
deliver significant, immediate returns, positive outcomes are already evident.
In recent weeks we launched a new stand-alone car insurance brand aimed at the
budget market, a market which FBD's premium brand is not designed for. This new
product, 'No Nonsense Car Insurance', is an internet-only offering. It is being
marketed in conjunction with Ryanair Money, targeting car owners who wish to
comply with basic legal insurance requirements only, with limited add-ons
available at additional per item costs, should the purchaser so wish.
Our Business Support Centre, which commenced operations in February 2007 and
now has a complement of 150 staff, is providing additional sales capacity and
service support for personal lines business. Branch office staff now have
additional time available to pursue commercial insurance and related business
opportunities.
Significant new e-commerce developments and other initiatives to extend our
customer reach and engagement are well advanced and we are confident that they
will enhance our sales potential and our customer service levels.
Price reductions have continued in the market in the current year. The
sustainability of such pricing is questionable, given the cost/income ratios
that insurers are reporting. It is the widespread view of industry analysts,
however, that the downward trend is about to be reversed. In January of this
year, we implemented single-digit price increases on specific products where
ratios warranted rate changes. While this action has impacted policy growth, we
do not regard increasing our customer numbers at uneconomic premium levels as a
viable option. Gross premiums written are in line with the 2007 corresponding
period.
Non-Underwriting:
The particular challenges which our leisure, property and financial services
businesses faced in 2007 have continued in 2008.
On the property/leisure front, oversupply of product in the marketplace is the
key challenge facing our businesses, both in Ireland and in Spain. Management
are focusing on new marketing/sales initiatives and operational cost
efficiencies in meeting targets.
As regards the La Cala Tranche II land sale agreement, we advised in our
pre-close trading statement in December 2007 that, in addition to awaiting the
outcome of the Andalucian Regional Planning process, which has been delayed by
issues not associated with La Cala, our planning advisors were undertaking an
additional parallel approach at local/municipal level aimed at finalising
planning on the land. We reiterate their advices that, whilst delivery of the
planning ultimately remains outside their control, they believe this will be
obtained within the sale agreement deadline of June 2009.
In financial services, management are targeting to build on the successes
achieved in 2007 in developing new market segments to overcome lower commercial
premium levels (FBD Brokers) and the difficult investment climate (FBD Life).
Capital:
In June 2007, the Group returned €176m, i.e. €5 per share, of surplus capital to
shareholders. In addition, the Group undertook share buybacks amounting to
€52.6m. The 2007 payouts bring the total for capital repatriations to
shareholders since March 2005 to €496m. As previously stated, it is the Board's
intention to distribute the after tax earnings of €94.2m specifically
attributable to the claims reserves releases as soon as practical after AGM
approval has been obtained. This decision further illustrates the Board's
ongoing commitment to efficient capital management. It also reaffirms that the
utilisation of capital generated by the Group will be determined in the light of
the capital needs associated with the Group's development plans and consistent
with maximising returns to shareholders.
Footnote A
Adjusted operating profit, adjusted operating earnings per share, adjusted net
claims incurred charge and adjusted net operating ratios are arrived at by
adjusting for the impact of the change in the Group's reserving policy.
Footnote B
Management will present these results to analysts at 9.30 a.m today. A copy of
the presentation will be posted on the Group's website, www.fbd.ie at that time.
FBD HOLDINGS PLC
GROUP INCOME STATEMENT
For year ended 31st December 2007
2007 2006
€000's €000's
Turnover 567,381 693,926
======= =======
Income
Net premiums earned 350,321 345,959
Non underwriting operating income 15,175 33,919
Investment income - longer term rate of return 53,369 48,054
------- -------
418,865 427,932
Expenses
Changes in insurance liabilities net of
reinsurance Note 2 99,480 (31,064)
Claims paid, net of recoveries from reinsurers (230,907) (193,648)
Other operating expenses (51,928) (44,705)
------ ------
Operating profit Note 1 235,510 158,515
Profit on the sale of land at La Cala - 81,774
Investment income - short term fluctuation (69,253) 61,350
Finance costs (4,089) (4,859)
------ ------
Profit before tax 162,168 296,780
Income tax expense (22,093) (49,948)
------- -------
Profit for the year 140,075 246,832
======= =======
Attributable to:
Equity holders of the parent 139,874 246,641
Minority interest 201 191
------- -------
140,075 246,832
======= =======
Cent Cent
Basic earnings per 60c ordinary share 405.71 678.82
====== ======
Diluted earnings per 60c ordinary share 402.77 671.30
====== ======
FBD HOLDINGS PLC
GROUP BALANCE SHEET - ASSETS
As at 31st December 2007
2007 2006
€000's €000's
ASSETS
Property and equipment
Land and buildings 225,158 213,564
Fixtures and fittings 18,186 16,815
------- -------
243,344 230,379
------- -------
Intangible assets
Deferred acquisition costs 15,271 13,517
------- -------
Investments
Investment property 83,019 81,181
Investments held for trading 183,970 558,850
Investments held to maturity 479,902 171,799
Available for sale investments 9,542 3,727
Deposits with banks 73,034 327,973
------- --------
829,467 1,143,530
------- ---------
Inventories 65,745 66,433
------- -------
Loans and receivables 147,137 122,762
------- -------
Reinsurers' share of technical provisions
Provision for unearned premiums 21,994 21,953
Claims outstanding 28,489 50,600
------- -------
50,483 72,553
------- -------
Cash and cash equivalents 35,618 37,423
--------- ---------
Total assets 1,387,065 1,686,597
========= =========
FBD HOLDINGS PLC
GROUP BALANCE SHEET - EQUITY AND LIABILITIES
As at 31st December 2007
2007 2006
€000's €000's
EQUITY
Ordinary share capital Note 4 21,277 21,277
Capital reserves 12,956 12,605
Revaluation reserves 29,986 27,540
Translation reserves 389 162
Retained earnings 318,981 435,935
------- -------
Shareholders' funds - equity interests 383,589 497,519
Preference share capital 2,923 2,923
------- -------
Total shareholders' funds 386,512 500,442
Minority interest 5,689 6,476
------- -------
Total equity 392,201 506,918
------- -------
LIABILITIES
Technical provisions
Provision for unearned premiums 199,074 197,507
Claims outstanding 612,852 734,439
------- -------
811,926 931,946
------- -------
Bank and other loans 60,406 112,350
------- -------
Creditors 74,483 90,841
------- -------
Current tax 14,070 7,728
------- -------
Deferred tax 27,738 33,227
------- -------
Retirement benefit obligation 6,241 3,587
------- -------
Total liabilities 994,864 1,179,679
-------- ---------
Total equity and liabilities 1,387,065 1,686,597
========= =========
FBD HOLDINGS PLC
GROUP CASH FLOW STATEMENT
For year ended 31st December 2007
2007 2006
€000's €000's
Operating activities
Profit before tax for the year 162,168 296,780
Adjustments for:
Losses (gains) on investments held for trading and
held to maturity 77,744 (30,128)
Depreciation of property and equipment 4,547 3,525
Share-based payment expense - 512
Decrease (increase) in fair value of investment
property 5,416 (4,200)
(Decrease) increase in technical provisions (97,953) 37,077
Profit on sale of land at La Cala - (81,774)
------- -------
Operating cash flows before movement in working
capital 151,922 221,792
Decrease (increase) in receivables 13,975 (26,261)
(Decrease) increase in payables (23,659) 29,326
------- -------
Cash generated from operations 142,238 224,857
Income taxes paid (20,975) (44,348)
------- -------
Net cash from operating activities 121,263 180,509
------- -------
Investing activities
Investments held for trading 294,057 (51,495)
Investments held to maturity (305,024) (157,976)
Investments available for sale (5,815) 13,456
(Purchase) sale of land, buildings and inventory (5,452) 69,469
Purchase of fixtures & fittings (5,919) (7,038)
Purchase of investment property (7,253) (28,125)
Loans and advances (39,743) 43,504
Deposits invested with financial institutions 254,939 115,069
------- -------
Net cash generated from (used in) investing activities 179,790 (3,136)
------- -------
Financing activities
Ordinary and preference dividends paid (25,430) (22,693)
Special dividend on ordinary shares (439) -
Special dividend on 'A' ordinary shares (79,684) -
Buyback of 'A' ordinary shares (95,873) -
Special dividends - La Cala land sale - (54,979)
Buyback of ordinary shares (52,606) (129,213)
Proceeds of re-issue of ordinary shares 1,881 5,432
(Decrease) increase in bank loans (50,934) 19,879
------- -------
Net cash used in financing activities (303,085) (181,574)
------- -------
Net decrease in cash and cash equivalents (2,032) (4,201)
Cash and cash equivalents at the beginning of the year 37,423 41,897
Effect of foreign exchange rate changes 227 (273)
------ ------
Cash and cash equivalents at the end of the year 35,618 37,423
====== ======
FBD HOLDINGS PLC
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
For year ended 31st December 2007
2007 2006
€000's €000's
Income recognised directly in equity
Gain on available for sale investments - 806
Revaluation of owner occupied property 2,743 8,476
Actuarial loss (4,677) (3,869)
Taxation on income/expense recognised directly in equity (400) (2,400)
------- -------
Net (expense) income recognised directly in equity (2,334) 3,013
------- -------
Transfers
Transfers to income statement on sale of available for
sale investments - (30,913)
Transfer to income statement on sale of land and buildings (434) -
Taxation on transfers to income statement 87 3,865
------- -------
(347) (27,048)
------- -------
Profit after taxation 140,075 246,832
------- -------
Total recognised income and expense 137,394 222,797
======= =======
Attributable to:
Equity holders of the parent 137,193 222,744
Minority interest 201 53
------- -------
137,394 222,797
======= =======
FBD HOLDINGS PLC
GROUP STATEMENT OF CHANGES IN EQUITY
For year ended 31st December 2007
Revaluation Attributable Preference
2006 Share Capital And Other Translation Retained to Ordinary Share Minority
Capital Reserves Reserves Reserve Earnings Shareholders Capital Interest Total
€000's €000's €000's €000's €000's €000's €000's €000's €000's
Balance at 1
January 2006 23,557 9,813 47,706 435 394,616 476,127 2,923 6,423 485,473
Profit after
taxation - - - - 246,641 246,641 - 191 246,832
Exchange
translation
adjustment - - - (273) - (273) - - (273)
Dividends paid on
ordinary and
preference shares - - - - (77,672) (77,672) - - (77,672)
Buyback of
ordinary
shares - - - - (129,213) (129,213) - - (129,213)
Cancellation
of ordinary
shares (2,280) 2,280 - - - - - - -
Reissue of
ordinary
shares - - - - 5,432 5,432 - - 5,432
Recognition of
share based
payments - 512 - - - 512 - - 512
Transfer to
income
statement on
sale of
available-for-
sale
investments - - (27,048) - - (27,048) - - (27,048)
Gain on
available-for-
sale
investments - - 706 - - 706 - - 706
Actuarial loss
on pension
fund valuation - - - - (3,869) (3,869) - - (3,869)
Revaluation of
owner occupied
property - - 6,176 - - 6,176 - (138) 6,038
------ ------- ------ ------ ------- ------- ----- ------ -------
Balance at 31st
December 2006 21,277 12,605 27,540 162 435,935 497,519 2,923 6,476 506,918
2007
Profit after
taxation - - - - 139,874 139,874 - 201 140,075
Exchange
translation
adjustment - - - 227 - 227 - - 227
Dividends
paid
on ordinary and
preference shares - - - - (25,430) (25,430) - - (25,430)
Special
dividend
paid
on ordinary
shares - - - - (439) (439) - - (439)
Special
dividend
paid
on 'A'
ordinary
shares - - - - (79,684) (79,684) - - (79,684)
Buyback of
ordinary
shares - - - - (52,606) (52,606) - - (52,606)
Buyback of
'A'
ordinary
shares - - - - (95,873) (95,873) - - (95,873)
Cancellation
of 'A'
ordinary
shares (351) 351 - - - - - - -
Reissue of
ordinary
shares - - - - 1,881 1,881 - - 1,881
Issue of 'A'
ordinary
shares 351 - - - - 351 - - 351
Actuarial
loss
on pension fund
valuation - - - - (4,677) (4,677) - - (4,677)
Revaluation
of
owner occupied
property - - 2,446 - - 2,446 - (988) 1,458
------ ------ ------ --- ------- ------- ----- ----- -------
Balance at 31st
December 2007 21,277 12,956 29,986 389 318,981 383,589 2,923 5,689 392,201
====== ====== ====== === ======= ======= ===== ===== =======
FBD HOLDINGS PLC
SUPPLEMENTARY INFORMATION
For year ended 31st December 2007
Note 1 - Operating profit by activity
2007 2006
€000's €000's
Underwriting 220,335 124,598
Non-underwriting 15,175 33,917
------- -------
235,510 158,515
======= =======
Non underwriting profit is analysed as follows:
2007 2006
€000's €000's
Leisure and leisure property development 16,101 10,092
Financial Services/Other 5,882 4,279
Capital fund (6,808) 19,548
------ ------
15,175 33,919
====== ======
Note 2 - Underwriting result
2007 2006
€000's €000's
Gross written premiums 407,953 407,256
======= =======
Net earned premiums 350,321 345,959
Adjusted net claims incurred** (239,054) (224,712)
Net operating expenses (51,928) (44,705)
------- -------
59,339 76,542
Change of reserving policy 107,627 -
------- -------
166,966 76,542
======= =======
** Excludes impact of change in reserving policy.
The Irish insurance industry has undergone a period of structural reform in
recent years. Measures including the introduction of penalty points, the Civil
Liability and Courts Acts, Random Breath testing and the establishment of the
Personal Injuries Assessment Board have resulted in reduced incidence and
average costs of claims.
The reform measures were introduced in the period 2002 to 2006 and as the
success and sustainability of the measures were uncertain, the Group deemed it
prudent to continue to provide for outstanding claims on the basis of its
historical reserving policy (i.e: on the basis of claims costs that obtained
prior to the introduction of the reform measures). This reserving policy has
been kept under regular review.
During the review at 31st December 2007, the Group concluded that, sufficient
evidence has now emerged through claims settlement that the positive impact
arising from the measures on the claims environment has been maintained and has
decided to revise its reserving policy to reflect this. The decision has
resulted in a non-recurring credit to claims costs in the Income Statement of
€107,627,000 and an increase in shareholders' funds of €94,174,000.
FBD HOLDINGS PLC
SUPPLEMENTARY INFORMATION
For year ended 31st December 2007
Note 3 - Dividends
DIVIDENDS 2007 2006
Paid in period: €000s €000s
Dividend of 4.8c (2006: 4.8c) per share on 8%
non-cumulative preference shares of 60c each 169 169
Dividend of 8.4c (2006: 8.4c) per share on 14%
non-cumulative preference shares of 60c each 113 -
2006 Final dividend of 45.0c (2005: 37.5c) per
share on ordinary shares of 60c each 15,753 14,277
2007 Interim dividend of 27.5c (2006: 24.0c)
per share on ordinary shares of 60c each 9,395 8,247
Special dividend of nil (2006: 160.0c) per share
on ordinary shares of 60c each - 54,979
Special dividend of 1.25c (2006: nil) on
ordinary shares of 60c each 439 -
Special dividend of 499.0c (2006: nil) on 'A' ordinary
shares of 1c each 79,684 -
------- -------
105,553 77,672
======= =======
Proposed:
Dividend of nil (2006: 8.4c) per share on 14%
non-cumulative preference shares of 60c each - 113
Dividend of 4.8c (2006: 4.8c) per share on 8%
non-cumulative preference shares of 60c each 169 169
Final dividend of 52.0c (2006: 45.0c) per share
on ordinary shares of 60c each 17,277 15,714
------- -------
17,446 15,996
======= =======
Note 4 - Ordinary share capital
2007 2006
Number €000's €000's
Share Capital:
(i) Ordinary shares of €0.60 each
Authorised:
At beginning and end of the year 51,326,000 30,796 30,796
========== ====== ======
Issued and fully paid:
At beginning of the year 35,461,206 21,277 23,557
Cancellation of shares - - (2,280)
---------- ------ ------
At end of year 35,461,206 21,277 21,277
========== ====== ======
ii) 'A' Ordinary shares of €0.01 each
Authorised:
At beginning of the year - - -
----------- ------ ------
Authorised during the year 120,000,000 1,200 -
----------- ------ ------
At the end of the year 120,000,000 1,200 -
=========== ====== ======
Issued and fully paid:
At the beginning of the year - - -
----------- ------ ------
Issued during the year 35,111,399 351 -
Cancellation of shares (35,111,399) (351) -
----------- ------ ------
At the end of the year - - -
=========== ====== ======
The Company has two classes of ordinary shares which carry no right to fixed
income. In the event of the Company being wound up, ordinary shareholders rank
behind preference shareholders.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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