3/4: Hang Seng 1H03 (3/3)
HSBC Holdings PLC
04 August 2003
Contingent liabilities, commitments and derivatives (continued)
Off-balance sheet financial instruments arise from futures, forward, swap and
option transactions undertaken in the foreign exchange, interest rate and equity
markets.
The contract amounts of these instruments indicate the volume of transactions
outstanding at the balance sheet date and do not represent amounts at risk. The
credit equivalent amount of these instruments is measured as the sum of positive
mark-to-market values and the potential future credit exposure in accordance
with the Third Schedule of the Hong Kong Banking Ordinance.
Figures in HK$m At 30Jun03 At 30Jun02 At 31Dec02
Replacement cost
Exchange rate contracts 738 501 485
Interest rate contracts 1,072 879 1,231
Other derivative contracts 1 - 1
1,811 1,380 1,717
The replacement cost of contracts represents the mark-to-market assets on all
contracts (including non-trading contracts) with a positive value and which have
not been subject to any bilateral netting arrangement.
Segmental analysis
Segmental information is presented in respect of business and geographical
segments. Business segment information, which is more relevant to Hang Seng in
making operating and financial decisions, is chosen as the primary reporting
format.
For the purpose of segmental analysis, the allocation of revenue reflects the
benefits of capital and other funding resources allocated to the business or
geographical segments by way of internal capital allocation and funds transfer
pricing mechanisms. Cost allocation is based on the direct cost incurred by the
respective segments and apportionment of management overheads. Rental charges at
market rate for usage of premises are reflected as inter-segment income for the
'Other' segment and inter-segment expenses for the respective business segments.
(a) By business segment
Hang Seng comprises five business segments. Personal financial services provides
banking (including deposits, credit cards, mortgages and other retail lending)
and wealth management services (including insurance and investment) to personal
customers. Commercial banking manages middle market and smaller corporate
relationships and provides trade-related financial services. Corporate and
institutional banking handles relationships with large corporate and
institutional customers. Treasury engages in interbank and capital market
activities and proprietary trading. Treasury also manages the funding and
liquidity positions of the bank and other market risk positions arising from
banking activities. Other mainly represents management of shareholders' funds
and investments in premises, investment properties and long-term equities.
Personal financial services reported profit before tax of HK$3,038 million, a
growth of 2.2 per cent compared with the same period last year. Net interest
income fell by 4.4 per cent, as average mortgage yields fell, and there was a
contraction in the GHOS mortgage portfolio. This was partly offset by the growth
in savings and current accounts. Other operating income rose by 30.9 per cent.
Wealth management services remained a growth driver, with the contribution from
investment services and insurance business rising by 37.0 per cent and 37.6 per
cent respectively. Sales of retail investment funds, including the popular Hang
Seng Investment Series, increased by 48.8 per cent. Total funds under management
by Hang Seng's asset management and private banking business units grew by
HK$7.7 billion, or 18.8 per cent, to HK$48.3 billion at 30 June 2003.
Commercial banking reported a growth of 13.0 per cent in profit before tax to
HK$652 million. The results benefited from the increase in fee income, mainly
trade services related, and the substantial release in bad debt provisions.
Although customer advances grew by 13.7 per cent, mainly due to improved
external trade, net interest income was affected by the compression in lending
and deposit spreads.
Corporate and institutional banking suffered a decline of 24.2 per cent in
profit before tax to HK$364 million as corporate lending spreads declined and
credit facilities income fell, and was also affected by the reduction in release
of provisions for bad and doubtful debts.
Treasury achieved profit before tax of HK$1,100 million, a growth of 6.3 per
cent over the same period last year. Net interest income rose by 4.4 per cent as
more funds were re-deployed from interbank placings to capital market
investments for enhancement of interest yield, while the fixed rate debt
securities portfolio continued to benefit under a low interest rate environment.
Other operating income increased by 41.6 per cent, mainly in foreign exchange
income. Profit on disposal of debt securities from the investment portfolio,
however, was lower.
Other showed a decline of 15.1 per cent in profit before tax, mainly
attributable to the reduction in contribution from net free funds due to the
further decline in market interest rates and the deficit on revaluation of
properties. This was partly offset by an increase in profits on disposal of
long-term equities.
Personal Corporate & Inter-
financial Commercial institutional segment
Figures in HK$m services banking banking Treasury Other elimination Total
Half-year ended
30Jun03
Income and expenses
Net interest income 3,186 501 271 901 361 - 5,220
Other operating income 1,705 464 105 228 172 - 2,674
Inter-segment income - - - - 173 (173) -
Total operating income 4,891 965 376 1,129 706 (173) 7,894
Operating expenses ^ (1,157) (383) (52) (66) (163) - (1,821)
Inter-segment expenses (138) (29) (3) (3) - 173 -
Operating profit before
Provisions 3,596 553 321 1,060 543 - 6,073
Provisions for bad and
Doubtful debts (570) 71 43 - - - (456)
Operating profit 3,026 624 364 1,060 543 - 5,617
Profit on tangible
fixed
Assets and long-term
Investments 12 28 - 40 261 - 341
Net deficit on property
Revaluation - - - - (48) - (48)
Share of profits of
Associated company - - - - 18 - 18
Profit on ordinary
activities
Before tax 3,038 652 364 1,100 774 - 5,928
Operating profit
excluding
inter-segment 3,164 653 367 1,063 370 - 5,617
transactions
^ Including (63) (11) (1) (1) (95) - (171)
depreciation
At 30Jun03
Total assets 134,547 28,246 67,731 229,219 22,565 - 482,308
Total liabilities 324,132 71,354 16,948 10,839 17,776 - 441,049
Investments in
associated company - - - - 675 - 675
Capital expenditure
incurred during the 48 10 2 1 23 - 84
period
Personal Corporate & Inter-
financial Commercial institutional segment
Figures in HK$m services banking banking Treasury Other elimination Total
Half-year ended
30Jun02
Income and expenses
Net interest income 3,334 507 324 863 425 - 5,453
Other operating income 1,303 426 132 161 190 - 2,212
Inter-segment income - - - - 207 (207) -
Total operating income 4,637 933 456 1,024 822 (207) 7,665
Operating expenses ^ (1,179) (353) (54) (61) (169) - (1,816)
Inter-segment expenses (167) (33) (4) (3) - 207 -
Operating profit before
provisions 3,291 547 398 960 653 - 5,849
Provisions for bad and
doubtful debts (383) 2 82 - 18 - (281)
Operating profit 2,908 549 480 960 671 - 5,568
Profit on tangible fixed
assets and long-term
investments 21 28 - 75 219 - 343
Share of profits of
associated companies 45 - - - 22 - 67
Profit on ordinary
activities
before tax 2,974 577 480 1,035 912 - 5,978
Operating profit
excluding
inter-segment 3,075 582 484 963 464 - 5,568
transactions
^ Including (60) (11) (2) (1) (100) - (174)
depreciation
At 30Jun02
Total assets 136,420 24,752 64,673 219,769 25,064 - 470,678
Total liabilities 309,819 66,064 12,772 11,935 26,472 - 427,062
Investments in
associated companies 368 - - - 683 - 1,051
Capital expenditure
incurred during the 61 9 1 1 20 - 92
period
Personal Corporate & Inter-
financial Commercial institutional segment
Figures in HK$m services banking banking Treasury Other elimination Total
Half-year ended
31Dec02
Income and expenses
Net interest income 3,249 516 316 868 403 - 5,352
Other operating income 1,119 455 121 189 186 - 2,070
Inter-segment income - - - - 201 (201) __
Total operating income 4,368 971 437 1,057 790 (201) 7,422
Operating expenses ^ (1,271) (450) (57) (71) (167) - (2,016)
Inter-segment expenses (160) (34) (4) (3) - 201 -
Operating profit
before
provisions 2,937 487 376 983 623 - 5,406
Provisions for bad and
doubtful debts (402) 46 84 - (18) - (290)
Operating profit 2,535 533 460 983 605 - 5,116
Profit on tangible
fixed
assets and long-term
investments - - - (30) 148 - 118
Net deficit on
property
revaluation - - - - (36) - (36)
Share of profits of
associated companies 43 - - - 23 - 66
Profit on ordinary
activities
before tax 2,578 533 460 953 740 - 5,264
Operating profit
excluding
inter-segment 2,695 567 464 986 404 - 5,116
transactions
^ Including (65) (11) (1) (1) (100) - (178)
depreciation
At 31Dec02
Total assets 137,762 25,937 64,783 222,879 23,293 - 474,654
Total liabilities 317,076 70,538 11,746 8,360 23,405 - 431,125
Investments in
associated companies - - - - 672 - 672
Capital expenditure
incurred during the 59 12 3 1 28 - 103
period
(b) By geographical region
The geographical regions in this analysis are classified by the location of the
principal operations of the subsidiary companies or, in the case of the bank
itself, by the location of the branches responsible for reporting the results or
advancing the funds.
Figures in HK$m Hong Kong Americas Other Total
Half-year ended 30Jun03
Income and expenses
Total operating income 7,196 661 37 7,894
Profit on ordinary activities before tax 5,238 648 42 5,928
At 30Jun03
Total assets 408,425 65,882 8,001 482,308
Total liabilities 426,991 9,718 4,340 441,049
Capital expenditure incurred
during the period 78 - 6 84
Contingent liabilities and commitments 106,429 - 1,092 107,521
Half-year ended 30Jun02
Income and expenses
Total operating income 6,794 835 36 7,665
Profit on ordinary activities before tax 5,105 833 40 5,978
At 30Jun02
Total assets 360,773 103,615 6,290 470,678
Total liabilities 413,662 9,352 4,048 427,062
Capital expenditure incurred
during the period 91 - 1 92
Contingent liabilities and commitments 103,923 - 652 104,575
Figures in HK$m Hong Kong Americas Other Total
Half-year ended 31Dec02
Income and expenses
Total operating income 6,499 886 37 7,422
Profit on ordinary activities before tax 4,369 866 29 5,264
At 31Dec02
Total assets 394,165 72,359 8,130 474,654
Total liabilities 416,388 9,444 5,293 431,125
Capital expenditure incurred
during the period 96 1 6 103
Contingent liabilities and commitments 106,470 - 1,092 107,562
Cross border claims
Cross border claims include receivables and loans and advances, balances due
from banks and holdings of certificates of deposit, bills, promissory notes,
commercial paper and other negotiable debt instruments and also include accrued
interest and overdue interest on these assets. Claims are classified according
to the location of the counterparties after taking into account the transfer of
risk. For a claim guaranteed by a party situated in a country different from the
counterparty, the risk will be transferred to the country of the guarantor. For
a claim on the branch of a bank or other financial institution, the risk will be
transferred to the country where its head office is situated. Claims on
individual countries or areas, after risk transfer, amounting to 10 per cent or
more of the aggregate cross border claims are shown as follows:
Banks &
other Public
financial sector
Figures in HK$m institutions entities Other Total
At 30Jun03
Asia-Pacific excluding Hong Kong
- Australia 19,793 151 1,304 21,248
- other 21,832 804 3,238 25,874
41,625 955 4,542 47,122
The Americas
- Canada 16,608 8,945 264 25,817
- other 8,873 6,524 8,169 23,566
25,481 15,469 8,433 49,383
Western Europe
- Germany 20,595 1,069 402 22,066
- United Kingdom 22,395 16 3,551 25,962
- other 46,022 2,071 3,531 51,624
89,012 3,156 7,484 99,652
At 30Jun02
Asia-Pacific excluding Hong Kong
- Australia 16,875 480 2,159 19,514
- other 28,714 954 3,269 32,937
45,589 1,434 5,428 52,451
The Americas
- Canada 14,311 5,590 150 20,051
- other 6,969 4,859 6,969 18,797
21,280 10,449 7,119 38,848
Western Europe
- Germany 26,277 1,209 120 27,606
- United Kingdom 21,595 83 2,624 24,302
- other 50,056 1,675 2,535 54,266
97,928 2,967 5,279 106,174
Banks &
other Public
financial sector
Figures in HK$m institutions entities Other Total
At 31Dec02
Asia-Pacific excluding Hong Kong
- Australia 19,259 2,819 2,265 24,343
- other 24,228 841 3,175 28,244
43,487 3,660 5,440 52,587
The Americas
- Canada 11,105 7,699 440 19,244
- other 6,136 4,557 7,199 17,892
17,241 12,256 7,639 37,136
Western Europe
- Germany 21,349 1,312 548 23,209
- United Kingdom 22,623 - 4,051 26,674
- other 47,654 2,557 2,810 53,021
91,626 3,869 7,409 102,904
Additional information
1. Accounting policies
This news release has been prepared on a basis consistent with the accounting
policies adopted in the 2002 financial statements except for the following.
Income Tax
In prior years, deferred tax liabilities were provided for using the liability
method in respect of the taxation effect arising from all material timing
differences between the accounting and tax treatment of income and expenditure,
which were expected with reasonable probability to crystallise in the
foreseeable future. Deferred tax assets were not recognised unless their
realisation was assured beyond reasonable doubt. With effect from 1 January
2003, Hang Seng has changed its policy for deferred tax in order to comply with
Hong Kong Statement of Standard Accounting Practice 12 (revised) (HKSSAP 12) on
'Income Taxes' issued by the Hong Kong Society of Accountants. Details of the
new policy are set out in the note on Taxation on page 18.
The major components of deferred tax assets and liabilities recorded in the
consolidated balance sheet, and the movements during the first half of 2003
showing the impact of the adoption of HKSSAP 12, are as follows:
Depreciation Revaluation
Allowances of
in excess properties
of related and General
Figures in HK$m depreciation equities provisions Other Total
At 1Jan03 20 685 (177) 34 562
Charged/(credited) to
profit and loss account
- without adopting HKSSAP 12 - - - 37 37
- adopting HKSSAP 12 5 (10) (16) (11) (32)
Credited to reserves - (21) - - (21)
At 30Jun03 25 654 (193) 60 546
The balances of deferred tax assets and deferred tax liabilities in the
consolidated balance sheet at 30 June 2003 were HK$55 million and HK$601 million
respectively (HK$73 million and HK$635 million respectively at 31 December
2002).
The adoption of HKSSAP 12 represents a change in accounting policy which has
been applied retrospectively. The change in accounting policy has been reflected
by way of a prior period adjustment and the comparative figures for 2002 have
been restated to conform with the current period's presentation accordingly.
Consolidated Profit and Loss Account
Half-year ended Half-year ended
Figures in HK$m 30Jun02 31Dec02
Tax on profit on ordinary activities
- as previously reported (758) (508)
- adoption of HK SSAP 12 3 (44)
- as restated (755) (552)
Consolidated Balance Sheet
Premises and Long-term
investment equity
properties investment Deferred Deferred
Retained revaluation revaluation tax tax
Figures in HK$m profits reserves reserve assets liabilities
31Dec02
As previously reported 19,242 7,324 1,031 21 104
Adoption of HKSSAP 12 198 (657) (20) 52 531
As restated 19,440 6,667 1,011 73 635
30Jun02
As previously reported 20,756 8,069 1,651 34 -
Adoption of HKSSAP 12 249 (750) (32) 72 605
As restated 21,005 7,319 1,619 106 605
31Dec01
As previously reported 19,499 8,119 2,323 34 -
Adoption of HKSSAP 12 254 (766) (49) 77 638
As restated 19,753 7,353 2,274 111 638
2. Comparative figures
Certain comparative figures have been reclassified to conform with the current
period's presentation.
3. Property revaluation
A revaluation of Hang Seng's premises and investment properties in the Hong Kong
SAR was performed in June 2003 to reflect property market movements in the first
half of 2003. The valuation was conducted by Chesterton Petty Limited, an
independent professional valuer, and carried out by qualified valuers who are
members of the Hong Kong Institute of Surveyors. The basis of valuation of
premises was open market value for existing use. The basis of the valuation for
investment properties was open market value. Of the total revaluation deficit of
HK$768 million arising from the June revaluation, HK$720 million was accounted
for as a reduction in property revaluation reserves while the balance of HK$48
million, representing the reduction in value below the original acquisition cost
(less depreciation) of bank premises was charged to the profit and loss account
for the first half of 2003.
4. Market risk
Market risk is the risk that the movements in interest rates, foreign exchange
rates or equity and commodity prices will result in profits or losses to Hang
Seng. Market risk arises on financial instruments which are valued at current
market prices (mark-to-market basis) and those valued at cost plus any accrued
interest (accrual basis). Hang Seng's market risk arises from customer-related
business and from position taking.
Market risk is managed within risk limits approved by the Board of Directors.
Risk limits are set by product and risk type with market liquidity being a
principal factor in determining the level of limits set. Limits are set using a
combination of risk measurement techniques, including position limits,
sensitivity limits, as well as value at risk (VAR) limits at a portfolio level.
Hang Seng adopts the risk management policies and risk measurement techniques
developed by the HSBC Group. The daily risk monitoring process measures actual
risk exposures against approved limits and triggers specific action to ensure
the overall market risk is managed within an acceptable level.
VAR is a technique which estimates the potential losses that could occur on risk
positions taken due to movements in market rates and prices over a specified
time horizon and to a given level of confidence. The model used by Hang Seng
calculates VAR on a variance/covariance basis, using historical movements in
market rates and prices, a 99 per cent confidence level and a 10-day holding
period, and generally takes account of correlations between different markets
and rates. The movement in market prices is calculated by reference to market
data for the last two years. Aggregation of VAR from different risk types is
based upon the assumption of independence between risk types.
Hang Seng has obtained approval from the Hong Kong Monetary Authority (HKMA) for
the use of its VAR model to calculate market risk for capital adequacy
reporting. The HKMA is also satisfied with Hang Seng's market risk management
process.
Hang Seng's VAR for all interest rate risk and foreign exchange risk positions
and on individual risk portfolios during the first halves of 2003 and 2002 are
shown in the tables below.
VAR
Minimum Maximum Average
during during for
the the the
Figures in HK$m At 30Jun03 period period period
VAR for all interest rate risk
and foreign exchange risk 409 187 409 276
VAR for foreign exchange risk
(trading) 3 2 4 3
VAR for interest rate risk
- trading 8 1 11 4
- accrual 402 187 402 275
VAR
Minimum Maximum Average
during during for
the the the
Figures in HK$m At 30Jun02 period period period
VAR for all interest rate risk
and foreign exchange risk 285 194 442 297
VAR for foreign exchange risk
(trading) 4 3 5 4
VAR for interest rate risk
- trading 2 - 8 2
- accrual 284 192 441 296
The average daily revenue earned from market risk-related treasury activities
for the first half of 2003, including accrual book net interest income and
funding related to dealing positions, was HK$8 million (HK$8 million for the
first half of 2002). The standard deviation of these daily revenues was HK$4
million (HK$4 million for the first half of 2002). No loss was recorded out of
121 trading days in the first half of 2003. The most frequent result was a daily
revenue of between HK$6 million and HK$10 million, with 103 occurrences. The
highest daily revenue was HK$29 million.
Hang Seng's foreign exchange exposures mainly comprise foreign exchange dealing
by Treasury and currency exposures originated by its banking business. The
latter are transferred to Treasury where they are centrally managed within
foreign exchange position limits approved by the Board of Directors. The average
one-day foreign exchange profit for the first half of 2003 was HK$2 million
(HK$2 million for the first half of 2002).
Interest rate risk arises in both the treasury dealing portfolio and accruals
books, which are managed by Treasury under limits approved by the Board of
Directors. The average daily revenue earned from treasury-related interest rate
activities for the first half of 2003 was HK$6 million (HK$6 million for the
first half of 2002).
5. Foreign currency positions
Foreign currency exposures include those arising from dealing, non-dealing and
structural positions. At 30 June 2003, the US dollar was the only currency in
which Hang Seng had a non-structural foreign currency position which exceeded 10
per cent of the total net position in all foreign currencies.
Figures in HK$m At 30Jun03 At 30Jun02 At 31Dec02
US dollar non-structural position
Spot assets 158,081 238,064 173,129
Spot liabilities (149,899) (210,627) (156,175)
Forward purchases 44,594 44,644 35,222
Forward sales (41,066) (63,634) (39,974)
Net options positions - - -
Net long non-structural position 11,710 8,447 12,202
At 30 June 2003, Hang Seng's major structural foreign currency positions were US
dollar and Renminbi.
At 30Jun03 At 30Jun02 At 31Dec02
% of % of % of
total net total net total net
structural structural structural
HK$m position HK$m position HK$m position
Structural position
US dollar 887 85.7 792 84.3 792 84.2
Renminbi 95 9.2 95 10.1 95 10.1
6. Material related-party transactions
(a) Immediate holding company and fellow subsidiary companies
During the first half of 2003, Hang Seng entered into transactions with its
immediate holding company and fellow subsidiary companies in the ordinary course
of its interbank activities including the acceptance and placement of interbank
deposits, correspondent banking transactions and off-balance sheet transactions.
The activities were priced at the relevant market rates at the time of the
transactions. Hang Seng participated, in its ordinary course of business, in
certain structured finance deals arranged by its immediate holding company.
Hang Seng used the IT and shared an automated teller machine network with its
immediate holding company and used certain processing services of a fellow
subsidiary on a cost recovery basis. Hang Seng also maintained a staff
retirement benefit scheme for which a fellow subsidiary company acts as insurer
and administrator, and acted as agent for the marketing of Mandatory Provident
Fund products for a fellow subsidiary company.
The aggregate amount of income and expenses arising from these transactions
during the period, the balances of amounts due to and from the relevant related
parties, and the total contract sum of off-balance sheet transactions at the
period-end are as follows:
Income and expenses for the period
Half-year ended Half-year ended Half-year ended
Figures in HK$m 30Jun03 30Jun02 31Dec02
Interest income 96 126 137
Interest expense 5 9 6
Other operating income 39 38 40
Operating expenses 296 276 294
Balances at period-end
Figures in HK$m At 30Jun03 At 30Jun02 At 31Dec02
Total amount due from 7,596 10,425 7,471
Total amount due to 757 1,896 1,615
Total contract sum of
off-balance sheet transactions 33,172 28,664 25,558
(b) Associated companies
Hang Seng maintained an interest-free shareholders' loan to an associated
company. The balance at 30 June 2003 was HK$217 million (HK$208 million at 30
June 2002 and 31 December 2002). Prior to Hang Seng Life Limited (HSLL) becoming
a subsidiary (formerly an associated company) of the bank in November 2002, the
agency commission for the marketing of life insurance products paid by HSLL to
the bank amounted to HK$142 million and HK$113 million for the first and second
halves of 2002 respectively.
(c) Ultimate holding company
During the first half of 2003, no transaction was conducted with the bank's
ultimate holding company (same as 2002).
(d) Key management personnel
During the first half of 2003, no material transaction was conducted with key
management personnel of Hang Seng and its holding companies and parties related
to them (same as 2002).
7. Statutory accounts
The information in this news release is unaudited and does not constitute
statutory accounts.
The statutory accounts for the year ended 31 December 2002 have been delivered
to the Registrar of Companies and the Hong Kong Monetary Authority. The auditors
expressed an unqualified opinion on those statutory accounts in their report
dated 3 March 2003. The Annual Report and Accounts for the year ended 31
December 2002, which includes the statutory accounts, can be obtained on request
from the Company Secretary Department, Level 10, 83 Des Voeux Road Central, Hong
Kong; or from Hang Seng Bank's website http://www.hangseng.com.
8. Ultimate holding company
Hang Seng Bank is an indirectly-held, 62.14 per cent-owned subsidiary of HSBC
Holdings plc.
9. Statement of compliance
This press release has been prepared in accordance with Hong Kong Statement of
Standard Accounting Practice 25 'Interim Financial Reporting'. It also complies
with the module on 'Interim Financial Disclosure by Locally Incorporated
Authorised Institutions' under the Supervisory Policy Manual issued by the Hong
Kong Monetary Authority in November 2002.
10. Register of shareholders
The Register of Shareholders of Hang Seng Bank will be closed on Tuesday, 26
August 2003 and Wednesday, 27 August 2003, during which no transfer of shares
can be registered. In order to qualify for the first interim dividend, all
transfers, accompanied by the relevant share certificates, must be lodged with
the bank's Registrars, Computershare Hong Kong Investor Services Limited, Shops
1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong
Kong, for registration not later than 4:00 pm on Monday, 25 August 2003. The
first interim dividend will be payable on Thursday, 4 September 2003 to
shareholders on the Register of Shareholders of the bank on Wednesday, 27 August
2003.
11. News release
Copies of this news release may be obtained from the Company Secretary
Department, Level 10, 83 Des Voeux Road Central, Hong Kong; or from Hang Seng's
website http://www.hangseng.com.
The 2003 Interim Report will be available from the same website on Monday, 4
August 2003 and will also be published on the website of The Stock Exchange of
Hong Kong Limited in due course. Printed copies of the 2003 Interim Report will
be sent to shareholders in late August.
This information is provided by RNS
The company news service from the London Stock Exchange
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