Interim Results
Hongkong Land Hldgs Ld
07 August 2007
To: Business Editor 7th August 2007
For immediate release
The following announcement was issued today to a Regulatory Information Service
approved by the Financial Services Authority in the United Kingdom.
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2007
Highlights
• Positive rental reversions drive growth in earnings and assets
• High levels of pre-sales in residential projects
• Adjusted net assets per share# up 11%
'The outlook for the remainder of the year is encouraging as the Group will
continue to benefit from positive rental reversions in its key markets.'
Simon Keswick, Chairman
7th August 2007
Results
__________________________________________________________________________
(unaudited)
Six months ended 30th June
2007 2006 Change
US$m US$m %
__________________________________________________________________________
Underlying profit attributable to
shareholders 155 117 +32
Profit attributable to
shareholders 1,202 923 +30
Shareholders' funds 10,209 9,197* +11
Adjusted shareholders' funds# 12,150 10,922* +11
Net debt 2,322 2,312* -
__________________________________________________________________________
USc USc %
__________________________________________________________________________
Underlying earnings per share 6.73 5.26 +28
Earnings per share 52.35 41.49 +26
Cash flow per share 10.06 1.66 +506
Interim dividend per share 4.00 3.00 +33
__________________________________________________________________________
US$ US$ %
__________________________________________________________________________
Net asset value per share 4.45 4.01* +11
Adjusted net asset value per share# 5.29 4.76* +11
__________________________________________________________________________
* At 31st December 2006
# In preparing the Group's financial statements under International
Financial Reporting Standards ('IFRS'), the fair value model for
investment properties has been adopted. In accordance with this model,
the Group's investment properties have been included at their open
market value as determined by independent valuers. As there is no
capital gains tax in territories where the Group has significant
leasehold investment properties, no tax would be payable if those
properties were to be sold at the amounts included in the financial
statements. In relation to leasehold investment properties, however,
IFRS require deferred tax on any revaluation amount to be calculated
using income tax rates. This is in contrast to the treatment for the
revaluation element of freehold properties where IFRS require capital
gains tax rates to be used.
As Management considers that the Group's long leasehold investment
properties have very similar characteristics to freehold property, the
adjusted shareholders' funds and adjusted net asset value per share
information is presented on the basis that would be applicable if the
leasehold properties were freeholds. The adjustments made add back the
deferred tax provided in the financial statements as this would not have
been provided if the properties were freeholds. See note 12.
The interim dividend of USc4.00 per share will be payable on 24th October 2007
to shareholders on the register of members at the close of business on 31st
August 2007. The ex-dividend date will be on 29th August 2007, and the share
registers will be closed from 3rd to 7th September 2007, inclusive.
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2007
OVERVIEW
Robust commercial property markets in Hong Kong and Singapore in the first half
of 2007 enabled Hongkong Land to achieve good growth in underlying earnings and
to record a further increase in capital values. Progress was also made in the
Group's development projects in key Asian centres.
PERFORMANCE
Underlying profit rose 32% to US$155 million in the first half of the year due
to higher net rental income and reduced financing charges. The contribution from
residential property, however, was marginally lower than in the first half of
2006.
The independent valuation of the Group's commercial property investment
portfolio at the end of June produced a 10% increase in the value of the
portfolio. The revaluation surplus net of deferred tax taken to the profit and
loss account was US$955 million, compared with US$759 million in the first half
of 2006, leading to reported profit of US$1,202 million, up 30%.
The Directors have declared an increased interim dividend of USc4.00 per share,
up 33%.
GROUP REVIEW
Hong Kong
_________
In Hong Kong, firm demand for prime Central district office space, generated
primarily by the financial services sector, remains underpinned by continuing
tight supply. Vacancy in the Group's office portfolio at the end of June had
fallen to 3%, and the Group's most recent development, York House, is being let
progressively at premium rents in a rising market. The sale of the Group's
non-core investment property at 1063 King's Road was completed in February.
Demand for prime retail space in Hong Kong is being supported by new brands
entering the market and existing tenants seeking to expand. The Group's
portfolio in Central is a beneficiary of this trend and is fully leased.
Construction of the Group's two residential development projects at Victoria
Road and Tai Hang Road is progressing.
Singapore
__________
The strength of the financial services sector is also driving demand for high
quality office space in Singapore. One Raffles Quay, developed by a consortium
in which Hongkong Land holds a one-third interest, was fully let on completion
in October last year and is now established as the leading office building in
Singapore's prime business district. Construction is under way at Marina Bay
Financial Centre, which is being developed by the same consortium, with phased
completion scheduled for 2010 and 2011 and some 45% of the Phase I office space
already pre-committed.
Foundation work has been completed for Phase I of Marina Bay Residences. All 428
units have been pre-sold, and planning has started for the residential tower in
Phase II.
MCL Land launched three residential projects in Singapore during the first half
of 2007, and virtually all units have been pre-sold. It also secured three
additional sites that have added some 522,000 sq. ft of developable gross floor
area to its portfolio. The level of MCL Land's profit recognition on development
projects in 2007 will depend on whether the 421-unit The Calrose completes
before the year end or in early 2008.
Mainland China
______________
The third phase of Central Park, a 40%-owned joint venture residential
development in Beijing, has been completed. Pre-selling of the 490 units in the
final phase, which is currently under construction, is under way. In Chongqing,
site formation and foundation work for the first phase of the residential
development at Bamboo Grove, a 50%-owned joint venture, has been completed and
the pre-selling of the 650 units is due to begin in the second half of 2007.
Macau
_____
Construction of One Central Macau, a retail, residential and hotel development
project in which the Group has a 49% interest, is proceeding well. Pre-leasing
of the retail space has met with an excellent response, and over 96% of the 796
residential units have been pre-sold. The remaining units are being held for
sale closer to project completion, which is due in 2009.
FINANCE
Net debt at 30th June 2007 was US$2.3 billion. Although the average net debt
during the period was little changed from the first half of 2006, financing
costs were lower due to higher interest income earned on US dollar cash
deposits.
OUTLOOK
In conclusion, the Chairman, Simon Keswick said, 'The outlook for the remainder
of the year is encouraging as the Group will continue to benefit from positive
rental reversions in its key markets.'
_______________________________________________________________________________
Hongkong Land Holdings Limited
Consolidated Profit and Loss Account
_______________________________________________________________________________
(unaudited) Year ended
Six months ended 31st
30th June December
2007 2006 2006
US$m US$m US$m
_______________________________________________________________________________
Revenue (note 2) 392.9 208.0 555.9
Cost of sales (187.3) (48.4) (197.5)
________ ________ ________
Gross profit 205.6 159.6 358.4
Other income 0.8 21.1 23.0
Administrative and other expenses (20.3) (14.9) (33.7)
________ ________ ________
186.1 165.8 347.7
Increase in fair value of
investment properties 1,161.9 914.4 1,952.6
Asset impairment provisions,
reversals and disposals (note 3) 1.3 (6.5) (5.8)
________ ________ ________
Operating profit (note 4) 1,349.3 1,073.7 2,294.5
Net financing charges (22.7) (37.4) (72.3)
________ ________ ________
Share of results of joint
ventures excluding change in fair
value of investment properties 15.8 2.3 0.9
Share of change in fair value
of investment properties of joint
ventures 91.9 53.7 49.8
________ ________ ________
Share of results of joint ventures
(note 5) 107.7 56.0 50.7
________ ________ ________
Profit before tax 1,434.3 1,092.3 2,272.9
Tax (note 6) (231.0) (167.5) (365.5)
________ ________ ________
Profit after tax 1,203.3 924.8 1,907.4
________ ________ ________
Attributable to:
Shareholders of the Company 1,201.6 923.4 1,900.9
Minority interests 1.7 1.4 6.5
________ ________ ________
1,203.3 924.8 1,907.4
________ ________ ________
_______________________________________________________________________________
USc USc USc
_______________________________________________________________________________
Earnings per share (note 7)
- basic 52.35 41.49 85.31
- diluted 50.49 39.92 82.35
Underlying earnings per share (note 7)
- basic 6.73 5.26 10.98
- diluted 6.73 5.26 10.98
_______________________________________________________________________________
_______________________________________________________________________________
Hongkong Land Holdings Limited
Consolidated Balance Sheet
_______________________________________________________________________________
(unaudited) At 31st
At 30th June December
2007 2006 2006
US$m US$m US$m
_______________________________________________________________________________
Net operating assets
Tangible assets (note 8)
Investment properties 12,754.9 10,752.8 11,650.7
Others 13.5 13.0 13.1
________ ________ ________
12,768.4 10,765.8 11,663.8
Joint ventures 1,260.5 846.5 894.5
Other investments 16.1 13.4 16.1
Deferred tax assets 2.0 0.7 0.5
Pension assets 14.2 10.7 13.9
Other non-current assets 30.7 9.2 22.9
________ ________ ________
Non-current assets 14,091.9 11,646.3 12,611.7
________ ________ ________
Properties for sale 843.5 641.8 800.3
Debtors, prepayments and others 233.5 192.0 208.0
Bank balances 1,062.6 832.1 1,166.5
________ ________ ________
2,139.6 1,665.9 2,174.8
Non-current assets classified as
held for sale (note 9) 11.3 - 188.8
________ ________ ________
Current assets 2,150.9 1,665.9 2,363.6
________ ________ ________
Creditors and accruals (535.5) (384.3) (403.4)
Current borrowings (note 10) (113.1) (288.6) (116.8)
Current tax liabilities (39.4) (19.2) (25.8)
________ ________ ________
(688.0) (692.1) (546.0)
Liabilities directly associated with
non-current assets classified as
held for sale (note 9) (0.6) - (3.0)
________ ________ ________
Current liabilities (688.6) (692.1) (549.0)
________ ________ ________
Net current assets 1,462.3 973.8 1,814.6
Long-term borrowings (note 10) (3,271.6) (2,956.4) (3,361.9)
Deferred tax liabilities (1,942.6) (1,555.6) (1,739.6)
Other non-current liabilities (26.4) (5.3) (21.3)
________ ________ ________
10,313.6 8,102.8 9,303.5
________ ________ ________
Total equity
Share capital 229.5 229.5 229.5
Revenue and other reserves 9,979.5 7,853.5 8,967.8
Own shares held - (77.7) -
________ ________ ________
Shareholders' funds (note 11) 10,209.0 8,005.3 9,197.3
Minority interests 104.6 97.5 106.2
________ ________ ________
10,313.6 8,102.8 9,303.5
________ ________ ________
_______________________________________________________________________________
_______________________________________________________________________________
Hongkong Land Holdings Limited
Consolidated Statement of Recognised Income and Expense
_______________________________________________________________________________
(unaudited) Year ended
Six months ended 31st
30th June December
2007 2006 2006
US$m US$m US$m
_______________________________________________________________________________
Net exchange translation
differences (32.2) 6.2 22.3
Actuarial gains on defined benefit
pension plans - - 3.5
Revaluation of other investments
- fair value gains - - 2.7
- reversal of loss on business
combination - 0.6 0.6
Gains/(losses) on cash flow hedges 1.6 (13.4) (24.7)
Tax on items taken directly to
equity (1.0) 1.6 2.4
________ ________ ________
Net (expense)/income recognised
directly in equity (31.6) (5.0) 6.8
Transfer to consolidated profit and
loss account on disposal of other
investments - - (3.0)
Transfer to consolidated profit and
loss account in respect of cash
flow hedges 2.4 5.1 9.1
Profit after tax 1,203.3 924.8 1,907.4
________ ________ ________
Total recognised income and expense
for the period 1,174.1 924.9 1,920.3
________ ________ ________
Attributable to:
Shareholders of the Company 1,172.4 923.5 1,913.8
Minority interests 1.7 1.4 6.5
________ ________ ________
1,174.1 924.9 1,920.3
________ ________ ________
_______________________________________________________________________________
_______________________________________________________________________________
Hongkong Land Holdings Limited
Consolidated Cash Flow Statement
_______________________________________________________________________________
(unaudited) Year ended
Six months ended 31st
30th June December
2007 2006 2006
US$m US$m US$m
_______________________________________________________________________________
Operating Activities
________ ________ ________
Operating profit 1,349.3 1,073.7 2,294.5
Depreciation 0.5 0.4 1.2
Negative goodwill on acquisition
of a subsidiary - (14.1) (14.1)
Increase in fair value of investment
properties (1,161.9) (914.4) (1,952.6)
Asset impairment provisions,
reversals and disposals (1.3) 6.5 5.8
Decrease/(increase) in working
capital 77.3 (81.1) (198.4)
Interest received 49.5 35.5 66.2
Interest and other financing
charges paid (65.3) (59.6) (121.8)
Tax paid (5.8) (5.4) (12.5)
Dividends received 0.4 6.3 15.0
________ ________ ________
Cash flows from operating
activities 242.7 47.8 83.3
Investing activities
________ ________ ________
Major renovations expenditure (11.8) (10.9) (33.5)
Development capital expenditure (7.3) (26.5) (40.1)
Purchase of a subsidiary (note 14) - (237.8) (237.8)
Investments in and loans to joint
ventures (255.2) (115.4) (167.3)
Disposal of joint ventures and
other investments 0.6 0.7 1.5
Disposal of an investment property 168.6 - 18.9
________ ________ ________
Cash flows from investing
activities (105.1) (389.9) (458.3)
Financing activities
________ ________ ________
Drawdown of bank loans 230.3 425.7 571.5
Repayment of bank loans/notes (309.2) (218.8) (193.1)
Disposal of own shares held - - 268.5
Dividends paid by the Company (159.2) (125.5) (199.1)
Dividends paid to minority
shareholders (3.6) (2.7) (2.7)
________ ________ ________
Cash flows from financing
activities (241.7) 78.7 445.1
Effect of exchange rate changes 1.8 2.5 3.7
________ ________ ________
Net (decrease)/increase in cash and
cash equivalents (102.3) (260.9) 73.8
Cash and cash equivalents at
beginning of period 1,163.7 1,089.9 1,089.9
________ ________ ________
Cash and cash equivalents at end of
period 1,061.4 829.0 1,163.7
________ ________ ________
_______________________________________________________________________________
________________________________________________________________________________
Hongkong Land Holdings Limited
Notes
________________________________________________________________________________
1. ACCOUNTING POLICIES AND BASIS OF PREPARATION
The financial information contained in this announcement has been based on
the unaudited interim condensed financial statements, which have been
prepared in accordance with IAS 34 - Interim Financial Reporting.
In 2007, the Group adopted the following Standards and interpretations to
existing Standards which are relevant to its operations:
IFRS 7 Financial Instruments: Disclosures
IAS 1 (amended 2005) Presentation of Financial Statements - Capital
Disclosures
IFRIC 8 Scope of IFRS 2
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment
There have been no changes to the accounting policies described in the
2006 annual financial statements as a result of adoption of the above
Standards and interpretations.
2. REVENUE
Six months ended 30th June
2007 2006
US$m US$m
_________________________
By business
Commercial property
________ ________
Rental income 206.7 159.9
Service income 47.8 47.0
________ ________
254.5 206.9
Residential property
________ ________
Rental income 1.3 1.1
Sales of residential properties 137.1 -
________ ________
138.4 1.1
________ ________
392.9 208.0
________ ________
Service income in Commercial property includes service and management
charges and hospitality service income.
3. ASSET IMPAIRMENT PROVISIONS, REVERSALS AND DISPOSALS
Six months ended 30th June
2007 2006
US$m US$m
_________________________
Other asset impairment provision - (7.2)
Other asset impairment reversals 1.3 0.7
________ ________
1.3 (6.5)
________ ________
By business
Commercial property 0.7 (7.2)
Corporate 0.6 0.7
________ ________
1.3 (6.5)
________ ________
4. OPERATING PROFIT
Six months ended 30th June
2007 2006
US$m US$m
_________________________
By business
Commercial property 201.4 158.7
Residential property 0.1 17.6
Corporate (15.4) (10.5)
________ ________
186.1 165.8
Increase in fair value of investment
properties 1,161.9 914.4
Asset impairment provisions, reversals
and disposals (note 3) 1.3 (6.5)
________ ________
1,349.3 1,073.7
________ ________
5. SHARE OF RESULTS OF JOINT VENTURES
Six months ended 30th June
2007 2006
US$m US$m
_________________________
By business
Commercial property 89.9 50.2
Residential property 17.8 5.8
________ ________
107.7 56.0
________ ________
Results are shown after tax and minority interests.
6. TAX
Six months ended 30th June
2007 2006
US$m US$m
_________________________
Current tax 20.6 9.8
Deferred tax
- changes in fair value of investment
properties 206.9 155.6
- other temporary differences 3.5 2.1
________ ________
231.0 167.5
________ ________
Tax on profits is provided at the rates of taxation prevailing in the
territories in which the Group operates. The Group has no tax payable in
the United Kingdom.
7. EARNINGS PER SHARE
Basic earnings per share are calculated on profit attributable to
shareholders of US$1,201.6 million (2006: US$923.4 million) and on the
weighted average number of 2,295.2 million (2006: 2,225.6 million which
excluded 69.6 million shares in the Company held by a wholly-owned
subsidiary) shares in issue during the period.
Diluted earnings per share are calculated on profit attributable to
shareholders of US$1,211.4 million (2006: US$930.0 million),which is after
adjusting for the effects of the conversion of convertible bonds, and
on the weighted average number of 2,399.1 million (2006: 2,329.5 million)
shares in issue during the period.
Earnings per share are additionally calculated based on underlying profit
attributable to shareholders. A reconciliation of profit is set out below:
Six months ended 30th June
2007 2006
US$m US$m
_________________________
Underlying profit attributable to
shareholders 154.5 117.1
Revaluation surpluses of investment
properties 1,161.9 914.4
Deferred tax charges on revaluation
surpluses of investment properties (206.9) (155.6)
Share of revaluation surpluses of
investment properties of joint ventures
(net of deferred tax) 91.9 53.7
Asset impairment provisions, reversals
and disposals 1.3 (6.5)
Share of asset disposals of joint ventures 0.4 0.5
Minority interests (1.5) (0.2)
________ ________
Profit attributable to shareholders 1,201.6 923.4
Interest expense on convertible bonds
(net of tax) 9.8 6.6
________ ________
Profit for calculation of diluted earnings
per share 1,211.4 930.0
________ ________
8. TANGIBLE ASSETS
Year ended
31st
Six months ended 30th June December
2007 2006 2006
US$m US$m US$m
_______________________________________________
Net book value at beginning of
period 11,663.8 9,791.0 9,791.0
Exchange rate adjustments (61.7) (4.1) (0.5)
New subsidiary - 25.9 25.9
Additions 15.9 39.3 85.2
Depreciation (0.5) (0.4) (1.2)
Disposals (1.2) (0.3) (0.3)
Net revaluation surplus 1,161.9 914.4 1,952.6
Classified as non-current assets held
for sale (9.8) - (187.8)
Transfer to properties for sale - - (1.1)
________ ________ _________
Net book value at end of period 12,768.4 10,765.8 11,663.8
________ ________ _________
9. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE
The non-current assets classified as held for sale at 30th June 2007 were
related to an investment property situated in Malaysia, which is expected to
be sold during the year.
10. BORROWINGS
At 31st
At 30th June December
2007 2006 2006
US$m US$m US$m
______________________________________________
Current
________ ________ _________
Bank overdrafts 1.2 3.1 2.8
Short-term borrowings 38.4 57.9 103.2
Current portion of long-term
borrowings 73.5 227.6 10.8
________ ________ _________
113.1 288.6 116.8
Long-term borrowings
________ ________ _________
Bank loans 1,385.3 1,108.6 1,467.7
7% United States Dollar bonds
due 2011 614.0 617.1 617.2
5.5% United States Dollar bonds
due 2014 474.7 467.1 487.5
3.01% Singapore Dollar notes
due 2010 209.5 195.8 206.7
3.65% Singapore Dollar notes
due 2015 243.2 231.4 242.2
2.75% United States Dollar
convertible bonds due 2012 344.9 336.4 340.6
________ ________ _________
3,271.6 2,956.4 3,361.9
________ ________ _________
3,384.7 3,245.0 3,478.7
________ ________ _________
At 31st
At 30th June December
2007 2006 2006
US$m US$m US$m
______________________________________________
Secured 221.2 134.9 242.1
Unsecured 3,163.5 3,110.1 3,236.6
________ ________ _________
3,384.7 3,245.0 3,478.7
________ ________ _________
11. SHAREHOLDERS' FUNDS
Year ended
31st
Six months ended 30th June December
2007 2006 2006
US$m US$m US$m
______________________________________________
At beginning of period 9,197.3 7,215.3 7,215.3
Recognised income and expense
attributable to shareholders of the
Company 1,172.4 923.5 2,104.6
Dividends (note 13) (160.7) (133.5) (200.3)
Disposal of own shares held - - 77.7
________ ________ _________
At end of period 10,209.0 8,005.3 9,197.3
________ ________ _________
12. NET ASSET VALUE PER SHARE
Net asset value per share is calculated on shareholders' funds of US$10,209.0
million (2006: US$8,005.3 million) and on 2,295.2 million (2006: 2,225.6 million
which excluded 69.6 million shares in the Company held by a wholly-owned
subsidiary) shares issued at the period end.
Net asset value per share is additionally calculated based on adjusted
shareholders' funds. The difference between shareholders' funds and adjusted
shareholders' funds is reconciled as follows:
At 31st
At 30th June December
2007 2006 2006
US$m US$m US$m
______________________________________________
Shareholders' funds 10,209.0 8,005.3 9,197.3
Deferred tax on revaluation
surpluses of investment properties 1,904.9 1,524.7 1,708.1
Share of deferred tax on revaluation
surpluses of investment properties of
joint ventures 35.8 17.3 16.7
________ __________ ________
Adjusted shareholders' funds 12,149.7 9,547.3 10,922.1
________ __________ ________
13. DIVIDENDS
Six months ended 30th June
2007 2006
US$m US$m
_________________________
Final dividend in respect of 2006 of USc7.00
(2005: USc6.00) per share 160.7 137.7
Less dividends paid on the shares held by a
wholly-owned subsidiary - (4.2)
________ ________
160.7 133.5
________ ________
An interim dividend in respect of 2007 of USc4.00 (2006: USc3.00) per share
amounting to a total of US$91.8 million (2006: US$68.9 million) is declared
by the Board and will be accounted for as an appropriation of revenue
reserves in the year ending 31st December 2007.
14. PURCHASE OF A SUBSIDIARY
Net cash outflow in 2006 was related to the acquisition of 77.4% interest in
MCL Land Limited.
15. CASH FLOW PER SHARE
Cash flow per share is based on cash flows from operating activities less
major renovations expenditure amounting to US$230.9 million
(2006: US$36.9 million) and is calculated on the weighted average of
2,295.2 million (2006: 2,225.6 million which excluded 69.6 million shares in
the Company held by a wholly-owned subsidiary) shares in issue during
the period.
16. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
At 31st
At 30th June December
2007 2006 2006
US$m US$m US$m
______________________________________________
Capital commitments 99.1 117.2 64.6
________ ________ _________
Contribution to joint ventures 761.2 717.7 1,060.3
________ ________ _________
Various Group companies are involved in litigation arising in the ordinary
course of their respective businesses. Having reviewed outstanding claims
and taking into account legal advice received, the Directors are of the
opinion that adequate provisions have been made in the financial
statements.
The interim dividend of USc4.00 per share will be payable on 24th October
2007 to shareholders on the register of members at the close of business on
31st August 2007. The ex-dividend date will be on 29th August 2007, and the
share registers will be closed from 3rd to 7th September 2007, inclusive.
Shareholders will receive their dividends in United States Dollars, unless
they are registered on the Jersey branch register where they will have the
option to elect for Sterling. These shareholders may make new currency
elections by notifying the United Kingdom transfer agent in writing by
5th October 2007. The Sterling equivalent of dividends declared in United
States Dollars will be calculated by reference to a rate prevailing on
10th October 2007. Shareholders holding their shares through The Central
Depository (Pte) Limited ('CDP') in Singapore will receive United States
Dollars unless they elect, through CDP, to receive Singapore Dollars.
-end-
For further information, please contact:
Hongkong Land Limited
Y K Pang (852) 2842 8428
G M Brown (852) 2842 8138
Matheson & Co., Limited
Philip Hawkins (020) 7816 8136
GolinHarris
C T Hew (852) 2522 7928
Weber Shandwick Financial
Richard Hews / Georgia Dempsey (020) 7067 0700
This and other Group announcements can be accessed through the Internet at
'www.hkland.com'.
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