2nd Quarter Results

Ford Motor Co 16 July 2003 Contact: Media: Marcey Evans 1.313.594.4410 mevans13@ford.com Investment Community: Anne Bork 1.313.323.8221 fordir@ford.com Shareholder Inquiries: 1.800.555.5259 or 1.313.845.8540 stockinf@ford.com IMMEDIATE RELEASE FORD REPORTS 2nd QUARTER NET PROFIT OF $417 MILLION, ON TRACK FOR FULL YEAR • Second quarter net income of $417 million, or 22 cents a share. • Automotive cash, marketable securities, loaned securities and VEBA assets of $28.7 billion - up $3.4 billion from year-end 2002. • Achieved more than $1.9 billion* in automotive cost performance improvement during first half of 2003 - more than triple the company's full year target. DEARBORN, Mich., July 16 - Ford Motor Company (NYSE: F) today reported net income of $417 million, or 22 cents a share, for the second quarter of 2003. This compares with net income of $570 million, or 29 cents a share, in the second quarter of 2002. Ford had pre-tax profits of $718 million during the second quarter of 2003, compared with pre-tax profits of $1 billion in the second quarter of 2002. During the first half of 2003, Ford had pre-tax profits of $2.1 billion, compared with pre-tax profits of $1 billion during the same period a year ago. Second quarter 2003 revenue declined to $40.7 billion from $42.2 billion in the second quarter of 2002. Worldwide vehicle unit sales in the 2003 second quarter were 1,717,000, down about 7 percent from 1,854,000 a year ago. 'Our second quarter financial performance and our achievements in the past 18 months since we announced our Revitalization Plan demonstrate that we are delivering the results that are needed to keep the company solidly on track,' said Bill Ford, chairman and CEO. 'We remain committed to our product-led Revitalization Plan, and we are moving ahead as promised with an exciting lineup of new vehicles coming to market - the first of which is the new Ford F-150 pickup, arriving in dealerships very soon.' AUTOMOTIVE SECTOR On a pre-tax basis, Ford's worldwide automotive sector reported a profit of $3 million during the second quarter of 2003, compared with earnings of $403 million a year ago. Worldwide automotive revenue declined by $1 billion from $35.2 billion during the second quarter of 2002 to $34.2 billion in the second quarter of 2003. Automotive cash, marketable securities, loaned securities and Voluntary Employee Beneficiary Association (VEBA) assets at June 30 rose to $28.7 billion, up from $26.6 billion at the end of the first quarter, and up from $25.3 billion at the end of 2002. NORTH AMERICA AUTOMOTIVE North America Automotive reported a profit of $445 million on a pre-tax basis, compared with a pre-tax profit of $921 million in the second quarter of 2002. The decline reflected lower production volume and lower net pricing, offset partially by strong cost performance. North America Automotive revenue in the second quarter of 2003 was $20.7 billion, down about 10 percent from $23.1 billion in the second quarter of 2002. North America vehicle unit sales were down 12.5 percent in the second quarter of 2003 when compared with the second quarter of 2002. INTERNATIONAL AUTOMOTIVE The 2003 second-quarter pre-tax loss for International Automotive was $411 million, compared with a loss of $371 million during the second quarter of 2002. Second-quarter 2003 revenue for International Automotive increased to $13.5 billion, compared with $11.8 billion during the second quarter last year. Ford Europe: Ford Europe incurred a pre-tax loss of $525 million in the second quarter of 2003, compared with a pre-tax loss of $18 million during the same period a year ago. The decline in earnings is primarily explained by lower net pricing, unfavorable mix, lower industry volume and dealer stock reductions, offset partially by improved cost performance and market share. Ford Europe's revenue in the second quarter rose 6 percent to $5.2 billion, compared with $4.9 billion during the second quarter of 2002. Ford South America: The pre-tax loss for Ford South America narrowed to $69 million during the second quarter from a loss of $198 million during the second quarter a year ago, primarily reflecting favorable exchange (largely the non-recurrence of currency devaluation a year ago), improved net pricing and market share. Revenue in South America was $435 million in the second quarter, compared with $426 million in the second quarter of 2002. Ford Asia-Pacific: During the second quarter of 2003, Ford Asia-Pacific incurred a pre-tax loss of $28 million, compared with a pre-tax loss of $53 million in the 2002 second quarter. The improvement reflected favorable net pricing and the successful launch of the new Australian Falcon. Revenue rose to $1.4 billion, compared with $1.0 billion during the second quarter of 2002. Premier Automotive Group (PAG): PAG reported pre-tax earnings of $166 million in the second quarter of 2003, compared with a pre-tax loss of $122 million during the second quarter of 2002. PAG benefited from both cost and revenue improvements, with growing market acceptance of the Volvo XC90 and the recently introduced Jaguar XJ. Second-quarter revenue for PAG was $6.4 billion, up from $5.5 billion a year ago. FORD CREDIT Ford Motor Credit Company reported net income of $401 million in the second quarter of 2003, up $71 million from earnings of $330 million in the same period a year earlier. On a pre-tax basis, Ford Credit earned $661 million in the second quarter of 2003 compared with $519 million in the second quarter of 2002. The increase in earnings primarily reflects higher income related to securitizations and a lower provision for credit losses, offset partially by the impact of lower receivables. HERTZ Hertz reported pre-tax earnings of $57 million in the second quarter, compared with $72 million during the same period a year ago. Strong cost performance was more than offset by unfavorable pricing and lower volume. OUTLOOK 'Once again, we have proven that we are committed to our financial milestones,' said Allan Gilmour, vice chairman. 'We continue to surpass our cost performance targets, and we continue to strengthen the balance sheet. We are focused on achieving our goals and are working through the significant challenges we face during the second half of the year and 2004.' Ford expects a loss of about 15 cents a share in the third quarter of 2003. This expectation reflects lower planned production volumes in the third quarter. The company remains committed to its full year earnings guidance of 70 cents a share. These guidance figures do not include adverse effects that are likely to occur from the adoption in the third quarter of a new accounting standard (Financial Interpretation 46), which requires consolidation of certain entities that were previously unconsolidated. Investors and media can hear a review of second quarter results by Allan Gilmour, vice chairman and Don Leclair, newly appointed chief financial officer, via conference call at 800-299-0148 (617-801-9711 for international dial-in) or on the Internet at http://www.shareholder.ford.com. Supporting presentation material will be available at the same Internet address. The presentation will begin at 8:30 a.m. EDT, July 16. Ford Motor Company, headquartered in Dearborn, Michigan, is the world's second largest automaker, with approximately 335,000 employees in 200 markets on six continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit, Quality Care and Hertz. Ford Motor Company celebrated its 100th anniversary on June 16, 2003. - # # # - Statements included or incorporated by reference herein may constitute 'forward looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation: • greater price competition in the U.S. and Europe resulting from currency fluctuations, industry overcapacity or other factors; • a significant decline in industry sales, particularly in the U.S. or Europe, resulting from slowing economic growth, geo-political events or other factors; • lower-than-anticipated market acceptance of new or existing products; • work stoppages at key Ford or supplier facilities or other interruptions of supplies; • the discovery of defects in vehicles resulting in delays in new model launches, recall campaigns or increased warranty costs; • increased safety, emissions, fuel economy or other regulation resulting in higher costs and/or sales restrictions; • unusual or significant litigation or governmental investigations arising out of alleged defects in our products or otherwise; • worse-than-assumed economic and demographic experience for our post-retirement benefit plans (e.g., investment returns, interest rates, health care cost trends, benefit improvements); • currency or commodity price fluctuations; • a market shift from truck sales in the U.S.; • economic difficulties in South America or Asia; • reduced availability of or higher prices for fuel; • labor or other constraints on our ability to restructure our business; • a change in our requirements under long-term supply arrangements under which we are obligated to purchase minimum quantities or pay minimum amounts; • a further credit rating downgrade; • inability to access debt or securitization markets around the world at competitive rates or in sufficient amounts; • higher-than-expected credit losses; • lower-than-anticipated residual values for leased vehicles; • increased price competition in the rental car industry and/or a general decline in business or leisure travel due to terrorist attacks, act of war or measures taken by governments in response thereto that negatively affect the travel industry; and • our inability to implement the Revitalization Plan. *Reconciliation of Automotive Cost Performance To Cost Of Sales & Selling, Administrative & Other Expense 2nd Qtr. 1st Half (Bils.) (Bils.) Total 2002 Cost and Expenses $(34.6) $(66.8) 2003 B/(W) 2002 - Volume, Mix and Exchange-Related Cost Changes $( 0.9) $( 2.7) - Automotive Year-Over-Year Cost Performance $ 1.3 $ 1.9 B/(W) 2002 $ 0.4 $( 0.8) Total 2003 Cost and Expenses $(34.2) $(67.6) Ford Motor Company and Subsidiaries SECTOR STATEMENT OF INCOME For the Periods Ended June 30, 2003 and 2002 (in millions, except per share amounts) Second Quarter First Half -------------- ------------- 2003 2002 2003 2002 ----- ------- ------- ------- (unaudited) (unaudited) AUTOMOTIVE Sales $34,182 $35,197 $68,382 $67,368 Costs and expenses Cost of sales 31,684 32,245 62,768 62,168 Selling, 2,472 2,365 4,785 4,673 administrative and other expenses ---------- ---------- ---------- ---------- Total costs and 34,156 34,610 67,553 66,841 expenses ---------- ---------- ---------- ---------- Operating income/ 26 587 829 527 (loss) Interest income 134 171 282 283 Interest expense 229 336 542 697 ---------- ---------- ---------- ---------- Net interest income/ (95) (165) (260) (414) (expense) Equity in net income/ 72 (19) 93 (80) (loss) of affiliated companies ---------- ----------- ---------- ----------- Income/(loss) before 3 403 662 33 income taxes - Automotive FINANCIAL SERVICES Revenues 6,488 7,010 13,176 14,300 Costs and expenses Interest expense 1,598 1,885 3,242 3,873 Depreciation 2,277 2,540 4,844 5,101 Operating and other 1,219 1,214 2,425 2,652 expenses Provision for credit 679 771 1,272 1,731 and insurance losses ---------- ---------- ---------- ---------- Total costs and 5,773 6,410 11,783 13,357 expenses ---------- ---------- ---------- ---------- Income/(loss) before 715 600 1,393 943 income taxes - Financial Services ---------- ---------- ---------- ---------- TOTAL COMPANY Income/(loss) before 718 1,003 2,055 976 income taxes Provision for/ 195 289 531 269 (benefit from) income taxes ---------- ---------- ---------- ---------- Income/(loss) before 523 714 1,524 707 minority interests Minority interests in 98 95 200 168 net income of subsidiaries ---------- ---------- ---------- ---------- Income/(loss) from 425 619 1,324 539 continuing operations Income/(loss) from (3) (9) (6) (21) discontinued/ held-for-sale operations Loss on disposal of (5) (40) (5) (40) discontinued/ held-for-sale operations Cumulative effect of - - - (1,002) change in accounting principle ---------- ---------- ---------- ----------- Net income/(loss) $ 417 $ 570 $ 1,313 $ (524) ========== ========== ========== ----------- Income/(loss) attributable to Common and Class B Stock after Preferred Stock dividends $ 417 $ 567 $ 1,313 $ (531) Average number of shares of Common and Class B Stock outstanding 1,832 1,813 1,832 1,810 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic income/(loss) Income/(loss) from $ 0.23 $ 0.34 $ 0.72 $ 0.29 continuing operations Income/(loss) from - (0.01) - (0.01) discontinued/ held-for-sale operations Loss on disposal of - (0.02) - (0.02) discontinued/ held-for-sale operations Cumulative effect of - - - (0.55) change in accounting principle ---------- ----------- ---------- ----------- Net income/(loss) $ 0.23 $ 0.31 $ 0.72 $ (0.29) Diluted income/(loss) Income/(loss) from $ 0.22 $ 0.31 $ 0.67 $ 0.29 continuing operations Income/(loss) from - - - (0.01) discontinued/ held-for-sale operations Loss on disposal of - (0.02) - (0.02) discontinued/ held-for-sale operations Cumulative effect of - - - (0.55) change in accounting principle ---------- ----------- ---------- ----------- Net income/(loss) $ 0.22 $ 0.29 $ 0.67 $ (0.29) Cash dividends $ 0.10 $ 0.10 $ 0.20 $ 0.20 Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME For the Periods Ended June 30, 2003 and 2002 (in millions, except per share amounts) Second Quarter First Half -------------- ---------- 2003 2002 2003 2002 ------- ------- ------- ------- (unaudited) (unaudited) Sales and revenues Automotive sales $34,182 $35,197 $68,382 $67,368 Financial Services 6,488 7,010 13,176 14,300 revenue --------- --------- --------- --------- Total sales and 40,670 42,207 81,558 81,668 revenues Automotive interest 134 171 282 283 income Costs and expenses Cost of sales 31,684 32,245 62,768 62,168 Selling, 5,968 6,119 12,054 12,426 administrative and other expenses Interest expense 1,827 2,221 3,784 4,570 Provision for 679 771 1,272 1,731 credit and insurance losses --------- --------- --------- --------- Total costs and 40,158 41,356 79,878 80,895 expenses Automotive equity 72 (19) 93 (80) in net income/ (loss) of affiliated companies --------- ---------- --------- ---------- Income/(loss) 718 1,003 2,055 976 before income taxes Provision for/ 195 289 531 269 (benefit from) income taxes --------- --------- --------- --------- Income/(loss) 523 714 1,524 707 before minority interests Minority interests 98 95 200 168 in net income/ (loss) of subsidiaries --------- --------- --------- --------- Income/(loss) from 425 619 1,324 539 continuing operations Income/(loss) from (3) (9) (6) (21) discontinued/ held-for-sale operations Loss on disposal of (5) (40) (5) (40) discontinued/ held-for-sale operations Cumulative effect - - - (1,002) of change in accounting principle --------- --------- --------- ---------- Net income/(loss) $ 417 $ 570 $ 1,313 $ (524) ========= ========= ========= ---------- Income/(loss) attributable to Common and Class B Stock after Preferred $ 417 $ 567 $ 1,313 $ (531) Stock dividends Average number of shares of Common and Class B Stock outstanding 1,832 1,813 1,832 1,810 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK Basic income/(loss) Income/(loss) from $ 0.23 $ 0.34 $ 0.72 $ 0.29 continuing operations Income/(loss) from - (0.01) - (0.01) discontinued/ held-for-sale operations Loss on disposal of - (0.02) - (0.02) discontinued/ held-for-sale operations Cumulative effect - - - (0.55) of change in accounting principle --------- ---------- --------- ---------- Net income/(loss) $ 0.23 $ 0.31 $ 0.72 $ (0.29) Diluted income/ (loss) Income/(loss) from $ 0.22 $ 0.31 $ 0.67 $ 0.29 continuing operations Income/(loss) from - - - (0.01) discontinued/ held-for-sale operations Loss on disposal of - (0.02) - (0.02) discontinued/ held-for-sale operations Cumulative effect - - - (0.55) of change in accounting principle --------- ---------- --------- ---------- Net income/(loss) $ 0.22 $ 0.29 $ 0.67 $ (0.29) Cash dividends $ 0.10 $ 0.10 $ 0.20 $ 0.20 Ford Motor Company and Subsidiaries SECTOR BALANCE SHEET (in millions) June 30, December 31, 2003 2002 -------- --------- ASSETS (unaudited) Automotive Cash and cash equivalents $ 7,486 $ 5,180 Marketable securities 14,992 17,464 Loaned securities 4,647 - ---------- ----------- Total cash, marketable and loaned securities 27,125 22,644 Receivables 2,438 2,065 Inventories 8,448 6,980 Deferred income taxes 3,188 3,462 Other current assets 6,316 4,551 Current receivable from Financial Services 1,329 1,062 ---------- ----------- Total current assets 48,844 40,764 Equity in net assets of affiliated companies 2,558 2,470 Net property 38,054 36,364 Deferred income taxes 12,112 11,694 Goodwill 5,094 4,805 Other intangible assets 830 812 Assets of discontinued/held-for-sale operations - 98 Other assets 11,240 10,783 ---------- ----------- Total Automotive assets 118,732 107,790 Financial Services Cash and cash equivalents 10,198 7,070 Investments in securities 692 807 Finance receivables, net 109,319 97,030 Net investment in operating leases 36,273 40,055 Retained interest in sold receivables 14,530 17,618 Goodwill 762 752 Other intangible assets 244 248 Assets of discontinued/held-for-sale operations - 2,406 Other assets 16,768 16,643 Receivable from Automotive 4,273 4,803 ---------- ----------- Total Financial Services assets 193,059 187,432 ---------- ----------- Total assets $311,791 $295,222 ========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Automotive Trade payables $ 15,885 $ 14,606 Other payables 3,326 2,485 Accrued liabilities 31,509 27,644 Debt payable within one year 479 557 ---------- ----------- Total current liabilities 51,199 45,292 Long-term debt 14,001 13,607 Other liabilities 49,252 46,886 Deferred income taxes 177 303 Liabilities of discontinued/held-for-sale 27 138 operations Payable to Financial Services 4,273 4,803 ---------- ----------- Total Automotive liabilities 118,929 111,029 Financial Services Payables 2,621 1,890 Debt 154,958 148,058 Deferred income taxes 11,623 11,644 Other liabilities and deferred income 8,578 9,448 Liabilities of discontinued/held-for-sale - 831 operations Payable to Automotive 1,329 1,062 ---------- ----------- Total Financial Services liabilities 179,109 172,933 Company-obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures 5,669 5,670 of the Company Stockholders' equity Capital stock Common Stock, par value $0.01 per share (1,837 18 18 million shares issued) Class B Stock, par value $0.01 per share (71 million 1 1 shares issued) Capital in excess of par value of stock 5,396 5,420 Accumulated other comprehensive income/(loss) (5,065) (6,531) Treasury stock (1,872) (1,977) Earnings retained for use in business 9,606 8,659 ---------- ----------- Total stockholders' equity 8,084 5,590 ---------- ----------- Total liabilities and stockholders' equity $311,791 $295,222 ========== =========== Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET (in millions) June 30, December 31, 2003 2002 -------- --------- (unaudited) ASSETS Cash and cash equivalents $ 17,684 $ 12,250 Marketable securities 15,684 18,271 Loaned securities 4,647 - Receivables 2,438 2,065 Finance receivables, net 109,319 97,030 Net investment in operating leases 36,273 40,055 Retained interest in sold receivables 14,530 17,618 Inventories 8,448 6,980 Equity in net assets of affiliated companies 3,596 3,569 Net property 39,634 37,935 Deferred income taxes 15,320 15,213 Goodwill 5,856 5,557 Other intangible assets 1,074 1,060 Assets of discontinued/held-for-sale operations - 2,504 Other assets 31,686 29,250 ----------- ----------- Total assets $306,189 $289,357 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Payables $ 21,832 $ 18,981 Accrued liabilities 29,117 25,088 Debt 169,438 162,222 Other liabilities and deferred income 57,547 56,276 Deferred income taxes 14,475 14,561 Liabilities of discontinued/held-for-sale 27 969 operations ----------- ----------- Total liabilities 292,436 278,097 Company-obligated mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of the Company 5,669 5,670 Stockholders' equity Capital stock Common Stock, par value $0.01 per share (1,837 18 18 million shares issued) Class B Stock, par value $0.01 per share (71 million 1 1 shares issued) Capital in excess of par value of stock 5,396 5,420 Accumulated other comprehensive income/(loss) (5,065) (6,531) Treasury stock (1,872) (1,977) Earnings retained for use in business 9,606 8,659 ----------- ----------- Total stockholders' equity 8,084 5,590 ----------- ----------- Total liabilities and stockholders' equity $306,189 $289,357 =========== =========== Ford Motor Company and Subsidiaries CONDENSED SECTOR STATEMENT OF CASH FLOWS For the Periods Ended June 30, 2003 and 2002 (in millions) First Half 2003 First Half 2002 --------------- --------------- Financial Financial Automotive Services Automotive Services ---------- --------- ---------- --------- (unaudited) (unaudited) Cash and cash $ 5,180 $ 7,070 $ 4,064 $ 3,133 equivalents at January 1 Cash flows from operating activities before securities 5,748 8,444 8,096 8,082 trading Net sales/ 10 (380) (3,766) (60) (purchases) of trading securities ----------- ------------ ------------ ------------ Net cash flows 5,758 8,064 4,330 8,022 from operating activities Cash flows from investing activities Capital (3,415) (118) (2,936) (300) expenditures Acquisitions - (28,962) - (44,454) of receivables and lease investments Collections of - 18,800 - 27,078 receivables and lease investments Net - (1,545) - (1,896) acquisitions of daily rental vehicles Purchases of (4,255) (319) (1,030) (320) securities Sales and 2,093 376 898 268 maturities of securities Proceeds from - 13,573 - 19,430 sales of receivables and lease investments Proceeds from 77 204 - - sale of businesses Net investing 1,867 - 29 - activity with Financial Services Cash paid for - - (22) - acquisitions Other 489 (37) (45) 426 ----------- ------------ ------------ ----------- Net cash (used (3,144) 1,972 (3,106) 232 in)/provided by investing activities Cash flows from financing activities Cash (366) - (369) - dividends Net sales/ (3) - 92 - (purchases) of Common Stock Proceeds from mandatorily redeemable convertible preferred - - 4,900 - securities Changes in (119) (2,342) (91) (6,929) short-term debt Proceeds from 825 7,720 265 12,359 issuance of other debt Principal (548) (12,395) (691) (13,965) payments on other debt Repayment of - 1,421 - - debt from discontinued operations Net financing - (1,867) - (29) activity with Automotive Other (5) 48 (14) 478 ------------ ----------- ------------ ----------- Net cash (used (216) (7,415) 4,092 (8,086) in)/provided by financing activities Effect of 175 240 75 249 exchange rate changes on cash Net (267) 267 (1,001) 1,001 transactions with Automotive/ Financial Services ------------ ----------- ------------ ----------- Net increase/ 2,306 3,128 4,390 1,418 (decrease) in cash and cash equivalents ------------ ----------- ----------- ----------- Cash and cash $ 7,486 $ 10,198 $ 8,454 $ 4,551 equivalents at =========== =========== =========== =========== June 30 Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the Periods Ended June 30, 2003 and 2002 (in millions) First Half 2003 2002 ------- ------- (unaudited) Cash and cash equivalents at January 1 $ 12,250 $ 7,197 Cash flows from operating activities before securities trading 14,192 16,178 Net sales/(purchases) of trading securities (370) (3,826) ------------ ------------ Net cash flows from operating activities 13,822 12,352 Cash flows from investing activities Capital expenditures (3,533) (3,236) Acquisitions of receivables and lease (28,962) (44,454) investments Collections of receivables and lease 18,800 27,078 investments Net acquisitions of daily rental vehicles (1,545) (1,896) Purchases of securities (4,574) (1,350) Sales and maturities of securities 2,469 1,166 Proceeds from sales of receivables and lease 13,573 19,430 investments Proceeds from sale of businesses 281 - Cash paid for acquisitions - (22) Other 452 381 ----------- ----------- Net cash (used in)/provided by investing (3,039) (2,903) activities Cash flows from financing activities Cash dividends (366) (369) Net sales/(purchases) of Common Stock (3) 92 Proceeds from mandatorily redeemable convertible preferred securities - 4,900 Changes in short-term debt (2,461) (7,020) Proceeds from issuance of other debt 8,545 12,624 Principal payments on other debt (12,943) (14,656) Repayment of debt from discontinued 1,421 - operations Other 43 464 ----------- ----------- Net cash (used in)/provided by financing (5,764) (3,965) activities Effect of exchange rate changes on cash 415 324 ----------- ----------- Net increase/(decrease) in cash and cash 5,434 5,808 equivalents ----------- ----------- Cash and cash equivalents at June 30 $ 17,684 $ 13,005 ============ =========== This information is provided by RNS The company news service from the London Stock Exchange

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