Results to 25-03-2000-PART 1

Tate & Lyle PLC 8 June 2000 PART 1 ANNOUNCEMENT OF PRELIMINARY RESULTS For the 78 weeks ended 25 March 2000 ----------------------------------------------------------------- 2000 2000 1999 PRELIMINARY RESULTS TO MARCH 78 52 52 weeks weeks weeks ----------------------------------------------------------------- Sales £6,183m £4,090m £4,359m Profit before tax, reorganisation costs and £318m £225m £173m exceptional items Profit before tax and £300m £209m £171m exceptional items Profit before taxation £287m £191m £184m EPS (diluted) before 45.2p 29.9p 28.4p exceptional items EPS (diluted) 40.2p 24.2p 30.4p Dividends per ordinary share 26.9p 21.4p 17.2p --------------------------------------------------------------- Results for 52 weeks to March 2000 ---------------------------------- - Underlying profit before tax up 30% - Starch - strong performance in US, improvement in Europe - Extremely adverse conditions in US sugar market - Disposal proceeds exceed £100 million - Debt reduced - balance sheet strengthened - Significant strategic developments since year end 'Looking forward it would be unwise to assume any immediate improvement in market conditions, particularly as they relate to US sugar. However, there is much we can do to help ourselves, through our own efficiency and cost-reduction measures. Irrespective of the trading environment we will continue to examine alternatives and act aggressively to enhance shareholder value. That is our prime objective.' Sir David Lees Chairman Copies of the Annual Report for the period ended 25 March 2000 will be available to shareholders shortly, and will be obtainable from: John R Hunter, Company Secretary, Tate & Lyle PLC, Sugar Quay, Lower Thames Street, London EC3R 6DQ PAGE ONE OF THIRTEEN Chairman's Statement From the Chairman, Sir David Lees Change of Financial Year I explained in my Chairman's statement in November 1998 that there were advantages in changing our financial year-end from September to March and we have made the change. This means these Results are for the 78-week period to 25 March 2000 compared with the 52-week period to 25 September 1998. In order to assist shareholders, unaudited results for the year ended 25 March 2000, together with comparative unaudited figures for the year ended 27 March 1999 are also included. Results Profit before tax for the 78-week period to 25 March 2000 was £287 million after charging reorganisation costs of £18 million and exceptional items of £13 million. Profit before tax, reorganisation costs and exceptional items for the year to 25 March 2000 was £225 million compared with £173 million for the year to 27 March 1999. This comparison reflects a strong performance in the 26 weeks to 25 September 1999 compared with considerably weaker results in the equivalent 26 weeks in the previous year. The results are discussed in greater detail in the Chief Executive's Review. Diluted earnings per share before exceptional items for the year to 25 March 2000 increased to 29.9p per share from 28.4p per share in the comparable period. Operating cash flow for the 78-week period was £544 million and net borrowings were £805 million on 25 March 2000 compared with £955 million on 26 September 1998. This reduction in debt reflects considerable concentration on cash management together with a number of successes in the divestment of our non-core businesses and assets where the proceeds realised amounted to £113 million. Dividend The total dividend proposed for the 78-week period is 26.9p and is covered 1.7 times by earnings before exceptional items. This total dividend includes a proposed final dividend of 9.1p covering the results for the transitional 26-week period to 25 March 2000 and approximates to 50% of the total dividend for a normal year. This final dividend will be due and payable on 2 August 2000 to shareholders on the register on 7 July 2000. The Board Mary Jo Jacobi was appointed to the Board as a non-executive director on 1 October 1999. Mary Jo is currently Managing Director and Global Head of Marketing and Corporate Relations at Lehman Brothers. PAGE TWO OF THIRTEEN Review of Initial Targets In my first statement in November 1998, I identified a number of initial targets for Tate & Lyle including, in particular, an improvement in profitability and in the Group's return on invested capital. Profitability has improved since the poor results achieved in the 1998 base period, although over-capacity in the US sugar market has constrained the improvement to levels below what we had planned. Return on invested capital overall has made some progress, notwithstanding the lack of any return from 25% of our assets. The target of at least maintaining the dividend in real terms has been met. Balance sheet gearing has been reduced and interest cover has improved. Strategy The Board of Tate & Lyle is totally committed to a strategy that will achieve a substantial improvement in profitability and return on capital and therefore in shareholder value. To that end, we will: - Continue to develop higher margin, higher value added and higher growth carbohydrate-based products, building on the Group's technology strengths in our worldwide starch business; - Ensure that all retained assets produce acceptable returns; - Divest businesses which do not contribute to value creation, and/or are no longer core to the Group's strategy; - Conclude as rapidly as practicable our review of the strategic alternatives available to us in our US sugar operations; - Continue to improve efficiency and reduce costs through our Business Improvement Projects which include employee development and training programmes. Since the year-end two important transactions have been announced both of which, in their different ways, exemplify our strategy. The divestment of Bundaberg, which will realise £162 million, illustrates well our strategic intent to retain only those assets that produce acceptable returns. The acquisition of the minority shareholdings in Amylum and Staley, for a total consideration of £274 million, will result in the creation of one wholly-owned world-wide starch business able to focus on the combined technological strengths of the two companies. The acquisition provides considerable opportunity for servicing our global customers more effectively and for cost efficiencies through the application of world best practice. Outlook Looking forward it would be unwise to assume any immediate improvement in market conditions, particularly as they relate to US sugar. However, there is much we can do to help ourselves, through our own efficiency and cost-reduction measures. Irrespective of the trading environment we will continue to examine alternatives and act aggressively to enhance shareholder value. That is our prime objective. Sir David Lees Chairman 7 June 2000 PAGE THREE OF THIRTEEN Chief Executive's Review From Larry Pillard, Chief Executive Change of Year End In the review that follows, in order to provide meaningful comparisons, I will focus on the unaudited results for the 52 weeks to 25 March 2000, and the comparable period to 27 March 1999. Group Performance The year has seen an improvement, principally arising from strong results in the six months to September 1999. Profits before tax, reorganisation costs and exceptional items in the year rose by 30% from £173 million to £225 million. The second half was disappointing, with underlying profits slightly below those in the corresponding six-month period, mainly because of continuing adverse market conditions in the US sugar market. Faced with these difficult market conditions, we have recognised the urgent need to take action to improve returns. In US Sugar, a fundamental review of strategic options is well under way, and a new management team is in place. I expect to be able to report to you on the actions we are taking as a result of this review at the next results in November. Elsewhere in the Group, we have been active in focusing on key activities and reorganising for efficiency. Focus on Key Activities We have continued to concentrate on adding value to carbohydrates. In parallel with the release of these preliminary results we also announce agreements to sell Bundaberg and to buy the minority stakes in Amylum and Staley. The acquisition of the minorities in Amylum and Staley marks a significant strategic change for the Group, enabling us to focus on the development of the combined businesses of Amylum and Staley as leading value-added processors of carbohydrates. Both Amylum and Staley are world-class businesses, with compatible skills, technologies and markets. We will now be able to achieve full transfer of these skills and technologies and create an integrated approach to product development and marketing. This approach offers powerful prospects for better servicing the needs of our customers around the world and increasing the contribution of value-added products within Tate & Lyle. The full integration of Amylum into the Tate & Lyle Group will give rise to widespread savings and efficiencies and product development opportunities. The elimination of duplication between Amylum and the rest of the Tate & Lyle Group in areas including IT, sales and marketing, purchasing, supply chain, finance and administration, operations and engineering, and human resources, will greatly reduce costs. Under recently reconfirmed marketing arrangements which require all raw sugar production to be sold through a single organisation, the Bundaberg businesses are not likely, within a realistic timetable, to be able to earn the enhanced returns available from vertical integration with other Group businesses which were envisaged at the time of the initial investment. We have therefore taken the opportunity to sell these businesses. Taken together these two transactions underline our determination to realise value for Group shareholders and to focus on value-added growth markets. We have also sold several businesses and assets that were either not earning acceptable returns for shareholders or, in the case of our Argentine corn wet milling business Industrias de Maiz, where better returns could be earned from disposal than were likely to be earned in the future. Proceeds from disposals in the year totalled £102 million and included also a US animal feed joint venture, two sites in London and several smaller businesses. Further disposals, including the sale of the US Grains animal feed business, were agreed after the year-end, and more are planned. Goodwill associated with businesses being considered for disposal has been written off in this year. In summary, the impact in the profit and loss account of these items is a net exceptional charge of £18 million after writing off £67 million goodwill previously charged to reserves. Shareholders' funds have therefore benefited by £49 million. Reorganising for Efficiency Considerable progress has been made in reorganising the Group to reduce its cost base and increase efficiency. This year we launched the UK Business Improvement Project to combine and simplify activities, increasing efficiency and reducing costs. This builds on the excellent benefits being achieved in North America from a similar project. In North America, we achieved payback on a cash cost of £20 million in under two years. We are currently achieving savings in excess of £25 million per annum and further benefits will continue to accrue. Expenditure on the UK project is expected to total £15 million, of which £6 million has already been incurred, with cash payback expected in less than two years. Other reorganisations begun during the year included: - a project to improve workforce skills at Tate & Lyle Sugars in the UK; - rationalisation at Amylum, including the closure of a small French starch plant; - a reconfiguration of production at Tate & Lyle North American Sugar's Brooklyn and Baltimore refineries; - the outsourcing of information technology activities in the UK, which will take effect during summer 2000. Reorganisation costs for the Group as a whole were £16 million in the year as against £2 million in the comparable period. Performance of Main Businesses Improved margins in high fructose corn syrup (HFCS) in the 1999 calendar year and increased profits from value-added products led to higher profits at Staley in the year to March 2000. The HFCS market continued to grow at around 4% per annum fuelled by increased demand from the soft drinks industry. No significant additional HFCS capacity was brought on line during the year. Sales increases in both HFCS and starch led to better capacity utilisation and, together with continued cost control, to lower costs. Speciality starch products for both industrial and food ingredient applications showed good growth. Staley's excellent safety record was maintained. The annual HFCS pricing in respect of the calendar year 2000 has now been completed. Pricing is broadly in line with calendar 1999 levels but with higher net corn costs HFCS margins are expected to be lower in the current financial year. However, Staley will continue to benefit from its expanding value-added food ingredient portfolio and also from cost reduction initiatives, and this will mitigate the effects of the lower HFCS margins. Tate & Lyle Citric Acid increased its capacity in the UK and in Brazil and doubled capacity in the US. Worldwide demand for citric acid is growing at around 5% annually, driven by growth in beverage demand. Tate & Lyle Citric Acid is now serving world markets through its plants situated on three continents. A coordinated approach to production scheduling and flexibility in sourcing sales has led to much reduced inventory levels. Cost reduction continues to benefit the citric business and margins should improve as a result. Further low-cost capacity expansion is planned to maintain our position as the number one global citric acid producer in this growing, but competitive, industry. The North American sugar businesses had mixed results. In Canada, results improved, with increased sales and lower manufacturing costs. In the US, market conditions deteriorated significantly towards the year-end and losses were incurred. An oversupply of beet and cane sugar, following unusually large crops, drove down selling prices to their lowest level since 1979. The Brooklyn Refinery remains operational despite the continuation of a strike which began last summer. Cost reductions are being realised from integrating production between the Baltimore and Brooklyn refineries. Sugar syrup is now being transported by barge from Baltimore for finishing at Brooklyn, enabling the Baltimore refinery to move to efficient seven-day-a-week operation. We are not expecting any significant improvement in US sugar market conditions in the financial year to March 2001, and a fundamental change to the market will be required to restore profitability to acceptable levels. Amylum's performance improved from last year's low levels, due to cost reductions and the final commissioning of the Nesle plant last year. Better market conditions led to higher sales volumes and a gradual increase in selling prices. The oversupply of potato starch has disappeared and this market is now in balance, benefiting prices in the starch market. Production levels at the Nesle plant are improving and benefits are being realised from reconfiguration and our ground-breaking use of wheat as a raw material instead of maize. A small starch plant in France (Amylum Aquitaine) was closed during the year as part of the continuing rationalisation plan. Asian imports depressed prices in the monosodium glutamate market. Amylum's joint ventures in Central and Eastern Europe performed strongly, growing volumes and benefiting from cost reductions. Amylum is expected to make further progress in the year to March 2001, although increased energy costs are likely to restrain improvements in performance. Our European sugar business performed well, providing strong cash flow, although profits fell slightly. The market in the UK continues to be competitive, particularly in the retail sector, and the strong pound attracted imports, putting UK prices under pressure and reducing export margins. The strength of the pound is likely to reduce margins further in the new financial year despite operating cost reductions. The packaging of our value-added UK branded retail sugars was redesigned. New products launched, included 5kg and 10kg Granulated, Finer Fondant Icing, Rough Cubes, Marzipan made with Lyle's Golden Syrup flavour and Organic Sugar. Further new products will be launched during the current year helping to maintain the profile of the Tate & Lyle brand in the UK. In Portugal profits were slightly down as increased beet sugar supply affected the market, but the Group's cane refining business retained its market share. PAGE FOUR OF THIRTEEN Performance of Other Businesses The Group's animal feed businesses in North America and Europe were re-focused into a single business devoted to liquid feeds and the storage of related products. As a result several animal feed businesses have been sold or are currently being offered for sale. The performance of Tate & Lyle Bundaberg in Australia was affected by the low world raw sugar price, mitigated by tight control on costs. The businesses in Zambia and Zimbabwe performed well in local currency terms but failed to make progress in sterling terms as a result of currency depreciation. The political situation in Zimbabwe is of concern, but is not yet affecting our business. In sugar trading we made an investment in port storage to strengthen our access to supplies from the southern central area of Brazil. This is the key point of origin for world supplies of raw sugar with a high sugar content. We also opened new markets for white sugar sales. Performance in existing markets was satisfactory. Sucralose Further approvals granted in the period included the important Japanese market where initial sales have been encouraging. Johnson & Johnson, our US partner is increasing sales in the US market, where a new plant is nearing completion. We continue to discuss options for best serving markets with our partner. Economic Value Added We have further extended the application of Economic Value Added (EVA) techniques throughout the Group. EVA is the residual profit after deducting the full cost of capital employed from after-tax operating profit. EVA improved by £18 million as a result both of the increase in underlying profit and a reduction of over £39 million in our EVA capital base. In addition to being a simple measure of true economic performance, EVA is a key tool to assist employees at all levels in making the best value-adding decisions. We continue our extensive EVA training initiatives and over 300 employees now have incentives linked to the achievement of annual improvement in EVA performance. We believe strongly that extending the use of EVA performance improvements in bonus schemes will best align employees' interests with those of the shareholders. Employees The year has seen major changes in the way the Group operates. The Group's employees have responded to the challenges this presents with initiative and determination, and we thank those employees and their families for their support. The Future As we enter a new year, the focus of the Group will continue to be on the development of higher value-added products, principally within the starch business. There are excellent prospects for growth in this segment and we are taking advantage of new technologies and other developments, such as in fermentation. We have industry-leading businesses and R&D teams in this area. We will also continue to drive down costs in our aim to become the lowest cost producer in bulk commodity products such as HFCS and in the value-added segment. The starch business should provide attractive and growing returns for shareholders looking forward. The strong cash flow of the European sugar business has for many years funded much of the growth of the Group and it continues to do so. In pursuit of shareholder value we are vigorously addressing the US sugar and other strategic issues and we will report to you in November on progress and action taken. Larry Pillard Chief Executive 7 June 2000 PAGE FIVE OF THIRTEEN TATE & LYLE GROUP PROFIT AND LOSS ACCOUNT Results for the 78 weeks ended 25 March 2000 Audited Audited Unaudited *Unaudited 2000 1998 2000 1999 78 weeks 52 weeks 52 weeks 52 weeks ended ended ended ended 25 March 26 Sept 25 March 27 March £million £million £million £million --------------------------------------------------------------------------- Sales 6,183 4,467 4,090 4,359 Less share of sales of joint ventures (537) (350) (352) (373) and associates ----- ----- ----- ----- Group sales 5,646 4,117 3,738 3,986 ===== ===== ===== ===== Operating profit before reorganisation costs and exceptional 370 218 253 222 items Reorganisation costs (18) - (16) (2) ----- ----- ----- ----- Operating profit before exceptional 352 218 237 220 items Exceptional items - (15) - (5) ----- ----- ----- ----- Group operating profit 352 203 237 215 Share of profits of joint ventures 68 31 47 37 and associates ----- ----- ----- ----- Total operating profit: group and share of joint ventures and 420 234 284 252 associates Exceptional write downs on planned (50) - (50) - sales of businesses Exceptional profit on sale of businesses 25 - 25 - Exceptional profit on sale of fixed 12 13 7 18 assets ----- ----- ----- ----- Profit before interest 407 247 266 270 Net interest payable (102) (68) (65) (73) Share of joint ventures' and (18) (14) (10) (13) associates' interest ----- ----- ----- ----- Profit before taxation 287 165 191 184 UK taxation (7) (5) (8) (1) Overseas taxation (82) (39) (55) (48) ----- ----- ----- ----- Profit after taxation 198 121 128 135 Minority interests (14) 3 (17) 4 ----- ----- ----- ----- Profit for the period 184 124 111 139 Dividends paid and proposed (124) (78) (99) (79) ----- ----- ----- ----- Retained earnings 60 46 12 60 ===== ===== ===== ===== *Restated: a £5 million gain on the disposal of fixed assets, previously included in operating profit in the March and September 1999 Interim Reports, is now treated as exceptional. Earnings per share - basic 40.3p 27.4p 24.3p 30.4p - diluted 40.2p 27.1p 24.2p 30.4p Dividends per ordinary share 26.9p 17.0p 21.4p 17.2p Pre Exceptional: Profit before taxation (£m) 300 167 209 171 Diluted earnings per share (pence) 45.2 27.2 29.9 28.4 PAGE SIX OF THIRTEEN TATE & LYLE GROUP BALANCE SHEET Summarised balance sheet as at 25 March 2000 Audited Audited Unaudited 25 March 26 Sept 27 March 2000 1998 1999 £million £million £million --------------------------------------------------------------------------- Fixed assets Intangible assets 1 - - Tangible assets 1,678 1,707 1,720 Investments 175 185 172 ----- ----- ----- 1,854 1,892 1,892 ----- ----- ----- Current assets Stock 479 388 486 Debtors 535 590 578 Investments and cash at bank 261 243 178 and in hand ----- ----- ----- 1,275 1,221 1,242 Creditors - due within one year Borrowings (434) (411) (299) Other (530) (567) (550) ----- ----- ----- Net current assets 311 243 393 Total assets less current 2,165 2,135 2,285 liabilities Creditors - due after one year Borrowings (632) (787) (865) Other (12) (11) (11) Provisions for liabilities and (257) (250) (238) charges ----- ----- ----- Total net assets 1,264 1,087 1,171 ===== ===== ===== Capital and reserves Called up share capital 117 117 117 Share premium account and other 445 443 442 reserves Profit and loss account 539 371 462 ----- ----- ----- Shareholders' funds 1,101 931 1,021 Minority interests 163 156 150 ----- ----- ----- 1,264 1,087 1,171 ===== ===== ===== -------------------------------------------------------------------------- Year end exchange rates US Dollar £1 = $ 1.59 1.70 1.66 Belgian Franc £1 = BFr 66.0 58.7 58.1 Euro £1 = 1.64 n/a 1.51 PAGE SEVEN OF THIRTEEN TATE & LYLE STATEMENT OF CASH FLOWS For the 78 weeks ended March 2000 -------------------------------------------------------------------------- Audited Audited Unaudited Unaudited 2000 1998 2000 1999 78 weeks 52 weeks 52 weeks 52 weeks ended ended ended ended 25 March 26 Sept 25 March 27 March £million £million £million £million -------------------------------------------------------------------------- Net cash inflow from operating 544 395 450 427 activities Dividends from joint ventures and 15 13 12 13 associates Returns on investment and servicing of finance Net interest paid (101) (69) (62) (79) Dividends paid to minority interests (7) (4) (6) (3) in subsidiary undertakings ----- ----- ----- ----- (108) (73) (68) (82) Taxation paid (80) (56) (44) (66) Capital expenditure and financial investment Purchase of tangible fixed assets (179) (199) (126) (158) Sale of tangible fixed assets 34 19 23 24 Purchase of fixed asset investments* (11) (2) (11) (1) Sale of fixed asset investments 2 25 2 24 ----- ----- ----- ----- (154) (157) (112) (111) Acquisitions and disposals Purchase of businesses and (19) (108) (2) (124) subsidiaries (net of cash acquired) Sale of businesses** 9 28 9 28 Purchase of interests in joint - (45) - (7) ventures and associates Refinancing of existing joint ventures* (16) - (8) (8) Sale of interests in joint ventures 68 - 68 - and associates Capital repayments by joint ventures 34 - 1 33 ----- ----- ----- ----- 76 (125) 68 (78) Equity dividends paid (135) (77) (135) (25) Net cash inflow/(outflow) before financing and management of liquid 158 (80) 171 78 resources ===== ===== ===== ===== * In addition to £16 million direct equity refinancing of joint ventures, £4 million increase in loans to joint ventures represented refinancing in the 78 weeks to March 2000. ** In addition, £1 million of deposits were transferred out of the Group as part of the disposal of subsidiaries in 2000. PAGE EIGHT OF THIRTEEN TATE & LYLE NOTES TO STATEMENT OF CASH FLOWS For the 78 weeks ended 25 March 2000 2000 1998 2000 1999 78 52 52 52 CASH FLOW/NET DEBT weeks weeks weeks weeks RECONCILIATION ended ended ended ended 25 26 25 27 March Sept March March £million £million £million £million -------------------------------------------------------------------------- Net cash outflow before financing and management of 158 (80) 171 78 liquid resources Raised on issue of share capital 4 6 2 4 Contributed by minority - 1 - - interests Changes in debt not involving cash flow: - Assumed on acquisition of - (3) - 1 subsidiaries - Increase on disposal of (1) - (1) - subsidiaries - Exchange movements (9) 32 10 (37) - Amortisation of bond (2) (1) (1) (1) discount - New finance leases - (1) - (1) ----- ----- ----- ----- Reduction/(increase) in net 150 (46) 181 44 borrowings Net borrowings at start of (955) (909) (986) (1,030) period ----- ----- ----- ----- Net borrowings at end of (805) (955) (805) (986) period ===== ===== ===== ===== NET CASH INFLOW FROM OPERATING ACTIVITIES -------------------------------------------------------------------------- Operating profit 352 203 237 215 Depreciation of tangible fixed 206 135 136 143 assets Change in working capital (13) 56 79 67 Provisions against fixed asset (1) 1 (2) 2 investments ----- ----- ----- ----- 544 395 450 427 ===== ===== ===== ===== BALANCE SHEET RECONCILIATION 26 Sept 25 March 1998 Cash flow Exchange 2000 -------------------------------------------------------------------------- Cash at bank and in hand 58 (6) (1) 51 Overdrafts* (36) 6 3 (27) ----- ----- ----- ----- Net cash 22 - 2 24 ===== ===== ===== ===== * Included in borrowings due within one year on the balance sheet. PAGE NINE OF THIRTEEN TATE & LYLE STATEMENT OF RECOGNISED GAINS AND LOSSES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS AND STATEMENT OF RECOGNISED GAINS AND LOSSES For the 78 weeks ended 25 March 2000 STATEMENT OF RECOGNISED GAINS AND LOSSES 2000 1998 2000 1999 78 52 52 52 weeks weeks weeks weeks ended ended ended ended 25 26 25 27 March Sept March March £million £million £million £million -------------------------------------------------------------------------- Profit for the period 184 124 111 139 Currency difference on foreign currency net 41 (95) (1) 12 investments ----- ----- ----- ----- Total recognised gains for 225 29 110 151 period ===== ===== ===== ===== RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS -------------------------------------------------------------------------- Total recognised gains and losses for the period 225 29 110 151 Dividends (124) (78) (99) (79) Issue of shares 4 6 2 4 Adjustments to goodwill arising on acquisitions prior (2) (30) - (29) to September 1998 Goodwill transferred to profit and loss account 67 11 67 11 ----- ----- ----- ----- Net increase/(reduction) in 170 (62) 80 58 shareholders' funds Opening shareholders' funds 931 993 1,021 963 ----- ----- ----- ----- Closing shareholders' funds 1,101 931 1,101 1,021 ===== ===== ===== ===== BASIS OF PREPARATION This preliminary announcement is prepared using accounting policies consistent with those set out in the Annual Report for the period ended 26 September 1998, except that Financial Reporting Standards 10, 11, 12, 15 and 16 have been adopted for the first time. These cover Goodwill, Impairment, Provisions, Tangible Fixed Assets and Current Tax respectively. PAGE TEN OF THIRTEEN Note: Because of file size restrictions in the Stock Exchange RNS system, some supplementary tables follow in a separate announcement. MORE TO FOLLOW

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