Interim Results

Man Group plc 04 November 2004 4 November 2004 UNAUDITED INTERIM RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2004 FINANCIAL HIGHLIGHTS Half Year Business Summary • Fund sales in the six month period of $7.7 billion, including $4.3 billion institutional sales in RMF • Funds under management of $39.1 billion at 30 September 2004 (including $16.8 billion in RMF), up $0.6 billion from 31 March 2004 • Recurring net management fee income+ up 34% to $265 million • Brokerage profits+ up 27% to $66 million • Diluted underlying earnings per share^* up 27% to 79 cents • Net performance fee income at $29 million, down from $55 million • Profit before tax on total operations up 21% to $318 million • Diluted earnings per share on total operations* up 16% to 74 cents • Dividend up 30% in US dollar terms to 24.0 cents • Continued development in the second half: - Man RMF Multi-Style Series 2 Ltd and Japanese and Australasian regional sales launches closed in October raising aggregate investor money of over $800 million - Funds under management at 31 October 2004 are over $40 billion - Brokerage continues to benefit from active markets in energy and metals Half year to Half year to Year to 30 September 30 September 31 March 2004 2003 2004 ----------------------------------- ---------- ---------- -------- Funds under management $39.1bn $31.5bn $38.5bn ------------------------------ ---------- ---------- -------- Asset Management net management fee income+ $265m $198m $459m Asset Management net performance fee income+ $29m $55m $236m Brokerage+ $66m $52m $120m ------------------------------ ---------- ---------- -------- Financial Services $360m $305m $815m Sugar Australia $2m $2m $6m ------------------------------ ---------- ---------- -------- Profit before tax, goodwill amortisation and exceptional items $362m $307m $821m Goodwill amortisation and exceptional items# ($44m) ($44m) ($106m) ------------------------------ ---------- ---------- -------- Profit before tax# $318m $263m $715m ------------------------------ ---------- ---------- -------- Diluted earnings per share * Underlying^ 79c 62c 141c Total operations# 74c 64c 168c Total operations before goodwill 86c 76c 198c amortisation and exceptional items ------------------------------- Dividends per share < 24.0c 18.4c 50.8c 11.4p 30.0p ------------------------------ ---------- ---------- -------- Post-tax return on equity (annualised)# 22.7% 26.6% 32.5% ------------------------------ ---------- ---------- -------- Equity shareholders' funds# $2,155m $1,566m $2,048m ------------------------------ ---------- ---------- -------- + Before goodwill amortisation and exceptional items ^ Underlying earnings per share represents earnings from net management fee income in Asset Management plus Brokerage net income (it therefore excludes net performance fee income in Asset Management, Sugar Australia, goodwill amortisation and exceptional items) # In accordance with UITF 38, which was adopted in the current period, the comparative figures for the year ending 31 March 2004 have been restated as a result of derecognising the exceptional profit on sale of own shares held by the ESOP trusts. A further requirement of UITF 38 is to present own shares as a deduction from shareholders' funds, hence both fixed asset investments and shareholders' funds have been restated. Details of the full effect of the restatements are given in notes 1 and 17 * A reconciliation of earnings per share is shown in note 9 < Following the redenomination of ordinary share capital into US dollars, dividends will be declared in US dollars. Therefore, the US dollar equivalents of the dividends declared in sterling in the prior year have been disclosed Stanley Fink, Chief Executive said: 'The Man Group has continued to make good progress in the first half of the year, with net management fee income* up 34% and Brokerage net income* up 27%. A record $7.7 billion of product sales in the first half demonstrates the strength of Man's franchise in alternative assets. Asset raising has continued well into the second half with over $800 million of private investor money raised from three products in October. This sales success, combined with recent positive investment performance, means that assets under management have increased to over $40 billion as at the end of October. With Asset Management and Brokerage both well placed for further growth, the Board is confident of significant growth in underlying earnings for the year.' * Before goodwill amortisation, and prior year exceptional items in Brokerage DIAL-IN TO ANALYSTS' PRESENTATION The call begins at 9am and the dial-in numbers are as follows: UK Dial-in number 020 8996 3920 US Dial-in number 888 339 2688 UK / US Pass Code C967631 There will be a playback facility until 6pm on Monday 8 November: UK Replay number 01296 618 700 UK Pass Code 406443 US Dial-in number 888 286 8010 US Pass Code 48423131 Enquiries Man Group plc 020 7144 1000 Stanley Fink Peter Clarke David Browne Merlin Financial 020 7653 6620 Paul Downes 07900 244888 Paul Lockstone 07876 685200 Vanessa Maydon 07802 961902 Lachlan Johnston 07989 304356 ABOUT MAN Man Group plc is a leading global provider of alternative investment products and solutions as well as one of the world's largest futures brokers. The Group employs over 2,800 people in 15 countries, with key centres in London, Pfaffikon (Switzerland), Chicago, New York, Paris, Singapore and Sydney. Man Group plc is listed on the London Stock Exchange (EMG.L) and is a constituent of the FTSE 100 index. Man Investments, the Asset Management division, is a global leader in the fast growing alternative investments industry. It provides innovative products and tailor-made solutions to private and institutional investors. Through its core investment managers - AHL, RMF, Glenwood and Man Global Strategies - Man has succeeded in developing leadership in hedge funds and has interests in other asset classes. In its core hedge fund asset class, Man offers funds of hedge funds, structured, style and single manager products. Its track record stretches back two decades and defines the standard for excellence in an industry whose central goal is to deliver absolute return opportunities uncorrelated to traditional asset classes such as equities and bonds. Man has a powerful global presence and an extensive network of distribution partners. Man Financial, the Brokerage division, is one of the world's leading providers of brokerage services. It acts as a broker of futures, options and other equity derivatives for both institutional and private clients and as an intermediary in the world's metals, energy and foreign exchange markets with offices in key financial centres. Man has consistently achieved a leading position on the world's largest futures and options exchanges, with particular strengths in interest rate products, metals and the energy markets. HALF YEAR REVIEW to 30 September 2004 Group overview and strategy The Man Group has continued to make good progress in the first half of the year, in particular, in terms of a record demand for our products. Group profit before tax, goodwill amortisation and exceptional items for the first half was up 18% to $362 million, reflecting a 34% increase in net management fee income and a 27% increase in Brokerage income. Net performance fee income at $29 million was about half of the level of the first six months of last year, reflecting the weaker first quarter performance at AHL. The Group's profit before tax on total operations was up 21% to $318 million . This strong progress has driven diluted underlying earnings per share up 27% to 79 cents (underlying earnings per share represents earnings from net management fee income in Asset Management plus Brokerage net income - it therefore excludes net performance fee income in Asset Management, Sugar Australia, goodwill amortisation and exceptional items). Diluted earnings per share on total operations grew to a lesser extent, up 16% to 74 cents for the first half, reflecting higher goodwill amortisation and the decrease in net performance fee income. In Asset Management, funds under management were $39.1 billion at 30 September 2004, slightly up on the figure at the end of March. Although sales in the first half were a record $7.7 billion, the maturity of a major legacy account at RMF totalling $3.1 billion restrained growth in total assets. As a result, institutional funds under management as a proportion of total funds under management decreased slightly in the first half. However, the maturity of this low margin legacy product has allowed RMF to recycle and improve the pricing of high quality underlying capacity. Sales of $3.2 billion in our higher margin private investor products, partially offset by some negative investment performance, resulted in private investor funds under management increasing by $0.9 billion in the first half. Private investor sales are underpinned by a growing distribution network for private investor business, and we now have 1,782 active intermediaries globally, up 8% since 31 March 2004. These additions include a number of well-established international financial institutions. We are also continuing to develop regional distribution partnerships, with a Japanese institution and Close Man in the UK being two important recent additions. In the US, the market remains slow pending the outcome of new regulations, which will be finalised later this year and are scheduled to go into effect early next year. As well as developing our own wholly owned investment managers, we have continued to make significant progress in building relationships with high quality new managers across a range of complementary investment styles. At 30 September 2004, Man Global Strategies had agreements in place with 39 affiliated managers, a net increase of seven since 31 March 2004. In addition, RMF maintains an 'incubator' of hedge funds with a separate team focusing on this area. To date it has seeded 10 managers. As well as providing additional investment management capacity, these initiatives allow us to offer multi-strategy products through allocations to both internal and affiliated managers across a range of styles. To accommodate continued strong asset raising, our strategy is also to invest in selected high capacity established managers with solid track records. The most recent example of this is BlueCrest, which now manages funds of around $5 billion. In Brokerage, the continued strong profitability reflects further organic growth, underpinned by a diversified product offering and a wide geographical presence across all key markets. This result also reflects the continued development of matched principal business and further successful recruitment of producer teams, allowing the business to leverage off the existing infrastructure and client base. On 5 August 2004, Man successfully completed the sale of its share of the Australian and New Zealand sugar refining joint ventures to CSR Ltd for $40 million. This sale completes Man Group's strategy of exiting all its agricultural product businesses. Share redenomination, dividend and share repurchase activities As anticipated in the 2004 Annual Report, the Group has changed its presentation currency from sterling to US dollars with effect from 1 April 2004, to reflect the fact that the majority of the Group's revenue streams, assets and liabilities are denominated in US dollars. It was also proposed to redenominate the ordinary share capital of Man Group plc to bring it into line with its functional currency and the functional currency of its main operating subsidiaries. Following approval of shareholders at the Annual General Meeting on 7 July 2004, this redenomination into US dollars became effective on 29 July 2004. The US dollar ordinary shares continue to be quoted on the London Stock Exchange (and settled) in sterling. The Group will declare its dividends in US dollars but will continue to pay the dividends in sterling, except where private overseas shareholders have elected to receive dividends via the Transcontinental Automated Payments Service (TAPS). Given the Group's good performance in the first half, the Board's confidence for the full year and our strong financial condition, the interim dividend has been increased to 24.0 cents, which represents a 30% increase over the US dollar equivalent of the dividend in the prior first half of 18.4 cents. The dividend will be payable on 16 December 2004 to shareholders on the register at the close of business on 12 November 2004 with the shares quoted ex-dividend from 10 November 2004. This dividend will be paid in sterling, at an exchange rate of 1.8405, which was fixed after normal business hours on 3 November 2004, resulting in a dividend payment of 13.04 pence per share. The final election date for participation in the Group's Dividend Reinvestment Plan in relation to the interim dividend is 3.00pm on 25 November 2004. 2,658,000 shares were repurchased in the first half at an average cost of £12.72 per share, in accordance with the Group's policy of applying post-tax performance fees over time in the repurchasing and cancellation of own shares. In addition, Man set up an irrevocable, non-discretionary programme to purchase shares for cancellation on its own behalf, during its close period which commenced on 1st October 2004 and ended on 3rd November 2004 with acquisitions effected within certain pre-set parameters. 560,000 shares were purchased under this programme at an average cost of £12.80 per share. Financial summary Asset Management Asset Management increased pre-tax profits, before goodwill amortisation, for the first half by 16% to $294 million. Recurring net management fee income for the first half increased 34% to $265 million as a result of growth in funds under management. Performance fees have been earned by several managers, including RMF and Glenwood, although net performance fee income at $29 million, was about half of the level of the first six months of last year, reflecting the weaker first quarter performance at AHL. The key feature of the increase in funds under management during the period continues to be the strong level of sales ($7.7 billion in the first half). 11 new private investor fund products were launched during the half year. The increase in funds under management in the half year from Man's two global launches (Man RMF Multi-Style Series 1 and Man Global Strategies Diversified Series 2) was $1.8 billion. Joint venture sales (including OM-IP 140/150 Plus and Close Man Hedge fund) accounted for $0.6 billion. Other private investor sales, mainly relating to open-ended funds, accounted for $0.8 billion and institutional sales $4.5 billion. At 30 September 2004, the split between private investor and institutional funds under management was $22.4 billion (31 March 2004: $21.5 billion) and $16.7 billion (31 March 2004: $17.0 billion) respectively. Maturities of $3.1 billion in the first half relate to a series of agreements that RMF had with a major institution that matured at the end of June. Of this, $0.6 billion has been rolled into a new product for the institution and another $1.8 billion has been re-packaged into new products and sold to other institutions - these amounts have been included in the figures shown above within sales. Investment movement in the first half was a negative $2.2 billion. AHL saw negative returns in the three months to June from most sectors, particularly currencies and metals, although this was partially offset by gains in energy and bonds thereafter. In Man Global Strategies, performance was also down with diversified multi-manager products, such as Man Multi-Strategy Guaranteed Limited, generating a negative return of 7.8%. Our fund of funds managers, Glenwood and RMF, target more modest returns but with a lower associated volatility. Both Glenwood and RMF recorded a small fall in the first half approximately in line with broad fund of funds indices. Glenwood was held back by equity-based strategies due to weakness in certain sectors of the equity markets and by relative value, principally convertible bond arbitrageurs, with most styles being relatively flat. RMF, as represented by diversified multi-manager products such as RMF Absolute Return Strategies I, slightly underperformed the fund of funds index due to its higher exposure to the managed futures sector. Performance records 6 months to 30 12 months to 30 3 years to 30 5 years to 30 September 2004 September 2001 September 2004 September 2004 (not annualised) (annualised) (annualised) AHL Diversified Programme* -12.2% -3.7% 5.1% 12.5% Man Global Strategies# -7.8% -1.9% 3.4% 9.3%# Glenwood@ -2.0% 0.5% 1.1% 5.6% RMF^ -3.1% 3.3% 5.8% 7.5% HFRI Fund of Funds Composite Index -1.2% 5.7% 5.6% 6.9% Funds S&P 500 -0.2% 13.9% 4.0% -1.3% FTSE 100 6.0% 15.5% 1.0% -2.6% Source: Man database, Standard & Poor's Micropal and Hedge Fund Research Inc. * AHL Diversified: represented by Athena Guaranteed Futures Limited # Man Global Strategies: represented by Man Multi-Strategy Guaranteed Limited. Inception July 2000, so five year track record is only from date of inception @ Glenwood: represented by Man-Glenwood Multi-Strategy Fund Limited ^ RMF: represented by RMF Absolute Return Strategies I, with dividends reinvested Note: All figures are shown net of fees and commissions, where applicable. S&P 500 and FTSE 100 figures include gross dividends reinvested into the index. Redemption levels in private investor products in the first half were at the bottom of the 12-18% range that we have typically experienced over the long term. Institutional redemption levels were $0.9 billion for the first half, with the majority arising at RMF and the remainder at Glenwood. Redemptions totalled $2.0 billion in the period. Foreign exchange and other movements accounted for a further $0.2 billion increase in funds under management in the first half. Brokerage Brokerage had a strong first half with pre-tax profits, before goodwill amortisation and exceptional items, of $66 million, an increase of 27% over the first half of last year. This reflects continued growth in the high margin execution and matched principal areas where we have achieved significant organic growth through the aggressive recruitment of producer teams and the leveraging of the existing client base. This growth has also benefited from our diversified product offering whereby strong growth in foreign exchange, energy and metals markets has more than offset somewhat slower markets in interest rate products during the summer months. The business is now comparable to a major derivatives exchange, representing a substantial pool of liquidity and attracting new clients and producers whilst simultaneously providing large economies of scale and market information. We made one small acquisition in the period when we acquired a New York based energy broker which strengthened our position as the leading player on NYMEX as well as expanding our clearing and OTC business. We have also made good progress in the development of our cash market capabilities for institutional clients in bonds, equities, energy, metals and foreign exchange. Man's established presence as both a matched principal and agency broker leaves it well-placed to benefit from the convergence of futures and cash markets and to expand profit margins through adding spread income to its existing commission income. Financial objectives We have continued to deliver results in line with our long-standing key financial objectives: - Significant growth in underlying earnings per share (as defined on the first page). The higher level of funds under management has generated an increase in net management fee income (before goodwill amortisation), which is up 34% to $265 million for the first half. This, together with a continuing strong contribution from our Brokerage business, has resulted in continued strong growth in diluted underlying earnings per share, up 27% to 79 cents. - High levels of return on equity. The Group's post-tax return on equity on an annualised basis for the first half was 22.7%, lower than the 26.6% for the comparative period. This is due to a combination of a materially higher level of net assets in this first half, reflecting a high level of retained earnings, and to a decrease in net performance fee income compared to the comparative period. The Board believes that long-term shareholder value will be achieved through continued delivery of significant growth in underlying earnings per share and the maintenance of high levels of post-tax return on equity. For this reason these two measures continue to be the basis for the Group's financial objectives and are also the performance criteria used for the Group's long-term incentive schemes. Profit and loss account In order to analyse the performance of the Group's two principal businesses, the table below provides a split of the Group's profit and loss account into its components. -------------------- ----------- --------- --------- ------- 6 months to 30 September Asset Brokerage Sugar Group 2004 Management Australia Total -------------------- ----------- --------- --------- ------- $m $m $m $m -------------------- ----------- --------- --------- ------- Fees and commissions receivable 568 533 - 1,101 -------------------- ----------- --------- --------- ------- Fees and commissions payable (114) (346) - (460) -------------------- ----------- --------- --------- ------- Net trading interest income 6 44 - 50 -------------------- ----------- --------- --------- ------- Other operating income 13 - - 13 -------------------- ----------- --------- --------- ------- Total operating income 473 231 - 704 -------------------- ----------- --------- --------- ------- Operating expenses (187) (182) - (369) -------------------- ----------- --------- --------- ------- Operating profit 286 49 - 335 -------------------- ----------- --------- --------- ------- Associates and JVs 9 - 2 11 -------------------- ----------- --------- --------- ------- Net interest income/(expense) (1) 17 - 16 -------------------- ----------- --------- --------- ------- Profit before tax and goodwill amortisation 294 66 2 362 -------------------- ----------- --------- --------- ------- Goodwill amortisation (38) (6) - (44) -------------------- ----------- --------- --------- ------- Profit before tax on total operations 256 60 2 318 -------------------- ----------- --------- --------- ------- Taxation (71) -------------------- ----------- --------- --------- ------- Minority interests - -------------------- ----------- --------- --------- ------- Profit for the period 247 -------------------- ----------- --------- --------- ------- In Asset Management, fees and commissions receivable are principally management fees, performance fees and brokerage fees. Fees and commissions payable are mainly sales commissions. Other operating income mainly comprises gains on 'seeding' investments in some of our funds and structuring and arrangement fees in relation to loans to funds. Total operating income has increased by 20% over the first half of last year, reflecting the strong growth in management fees derived from higher levels of funds under management, net of a decrease in performance fees earned. Operating expenses have increased by 26% from $149 million in the comparative period. This is largely due to investment in people, systems and infrastructure to provide scale to Asset Management to support the strong growth of the business. The net interest expense arises on borrowings to finance recent acquisitions and working capital requirements, offset by the small margin earned on loans to funds. Goodwill amortisation principally relates to the RMF acquisition ($24 million) and also to the acquisitions of BlueCrest, Glenwood and OM Strategic Investments (renamed as Man Investments Australia). The RMF, BlueCrest and Glenwood goodwill is being amortised over 15 years and the OM Strategic Investments goodwill over eight years. In Brokerage, commissions receivable and payable arise from those businesses where we act as intermediary and also from those businesses where we act as a matched principal broker, such as foreign exchange, securities, metals and energy trading. Net trading interest income is earned on segregated customer balances that are held off balance sheet in accordance with UK accounting practice. Total operating income has increased by 3% reflecting the continued recruitment of producer teams, growth in market share and the benefits of active markets. Operating expenses have remained broadly the same as the $181 million in the first half of last year, reflecting Man Financial's ability to grow its businesses without having significantly to expand its support and administrative functions. Net interest income mainly arises on non-segregated cash balances and investments. The largest component of goodwill amortisation relates to the GNI acquisition ($3 million). The GNI goodwill is being amortised over 10 years. The tax charge for the period amounted to $71 million. The effective tax rate on total operations was 22.5%, compared to 22.0% last year, reflecting the estimated rate for the full year. The bulk of the Group's profits continue to be earned in Switzerland and the UK and the current effective tax rate is consistent with this profit mix. The growth in the Group's profitability has resulted in a significant increase in earnings per share in the first half. Full details of earnings per share are given in note 9 to the Interim Financial Statements. Other financial items There has been a prior year adjustment as a result of the Group adopting UITF 38 'Accounting for ESOP trusts' and UITF 17 (revised 2003) 'Employee share schemes'. In accordance with UITF 38, own shares held in ESOP trusts have been reclassified from fixed asset investments to a deduction from shareholders' funds. Also gains on the sale of own shares are no longer recognised in the profit and loss account. In accordance with UITF 17 (revised), the basis for calculating the profit and loss account charge in relation to employee share schemes has changed. The effect of these changes is detailed in note 17. Cash inflow from net operating profits was $372 million after adding back depreciation and amortisation of $74 million. After other cash flows, the Group's net cash outflow was $728 million. The increase in working capital was $945 million, the principal component of which was an increase of $530 million in the level of loans to funds, which fluctuate according to the level of sales and product performance. As at 30 September, loans to funds were $884 million (31 March 2004: $354 million) principally reflecting the high level of private client sales. Loans to funds were also higher due to the short term impact of negative performance of some products, where the Group provides cash margin calls on their behalf on a temporary basis. Before the increase in loans to funds, cash outflow was $198 million. Other working capital requirements increased by $415 million in the period. This included the Brokerage business holding a higher proportion of its liquid assets as short term investments (rather than cash) to take advantage of yield opportunities; the short term effect of forward foreign exchange profits within fund entities (where the Brokerage business transfers cash into customer segregation on a temporary basis until the profit is realised); and an increase in the level of sales commissions in Asset Management as a consequence of the high level of sales in the first half. In addition, the Company paid a dividend of $104 million and invested $28 million in net fixed asset expenditure. Taxation paid in the period was $75 million, $28 million was received from disposals and other items generated a cash inflow of $24 million. At 30 September 2004, shareholders' equity was up 5% since the year-end at $2,155 million. Retained profit added $174 million, although this was offset by the prior year adjustment relating to own shares held by the ESOP trusts (as discussed above) and by the consideration paid for the repurchase and cancellation of own shares. Net debt was $191 million, resulting in gearing of 9%. The Group has $3.9 billion of total financing facilities. This includes total banking facilities of $2.7 billion; the largest part being a $2.275 billion committed revolving credit facility, which was renewed in June 2004. This facility has a final maturity date of June 2009. In addition the Group issued $300 million of senior private placement debt in May 2004, with maturities ranging from five to ten years. As outlined in the Annual Report, the Group will be implementing International Financial Reporting Standards (IFRS) for the financial year ending 31 March 2006 and work to meet the IFRS requirements fully is progressing to plan. A detailed qualitative review of the impact of IFRS on the Group was given in the financial review of the last Annual Report. Having assessed the impact of new and revised IFRSs issued by the International Accounting Standards Board, and the developments in the interpretation of those standards, the Group will provide an update of the qualitative review in the 2005 Annual Report, which will be issued as usual at the end of May 2005 under UK GAAP. In addition, in order to provide prior year comparatives under IFRS in a timely and helpful manner, it is planned to release summary IFRS financial information for the financial year ending 31 March 2005 (with reconciliations to the previously published UK GAAP figures) prior to the Annual General Meeting which is scheduled to take place in July 2005. Outlook A record $7.7 billion of product sales in the first half demonstrates the strength of Man's franchise in alternative assets. Superior product construction, a long investment track record in this market and a strong distribution capability, combine to give Man a leading position in the asset class. The attraction of alternative assets as part of a structured investment portfolio appeals to private investors and institutions alike and Man continues to attract assets from both sources. The distribution platform continues to develop well, with regional joint ventures enhancing our global product offerings in new markets. Asset raising in the second half has begun strongly with over $800 million of private investor money raised from three products in October. This sales success, combined with recent positive investment performance, means that assets under management have increased from $39.1 billion at 30 September 2004 and are in excess of $40 billion as at the end of October. The Brokerage business has continued to widen its product offering and develop its matched principal business, offering higher levels of client service whilst leveraging off the existing infrastructure. This has allowed Brokerage to access both revenue opportunities and margin expansion. With Asset Management and Brokerage both well placed for further growth, the Board is confident of significant growth in underlying earnings for the year. GROUP PROFIT AND LOSS ACCOUNT Half year to 30 September 2004 Before goodwill Goodwill and exceptional and exceptional items items Total Note $m $m $m --------------------------- ------ ---------- -------- ------- Net operating income 2,3 704 - 704 --------------------------- ------ ---------- -------- ------- Operating expenses 4 (369) (37) (406) Exceptional item - GNI integration costs 5 - - - ---------- -------- ------- (369) (37) (406) --------------------------- ------ ---------- -------- ------- Group operating profit - continuing operations 335 (37) 298 Share of operating profit/(loss) from joint ventures and associates 4 11 (7) 4 ------------------------------- ------ ---------- -------- ------- Total operating profit: Group and share of joint ventures and associates 346 (44) 302 Exceptional item Provision for loss on sale of business 5 - - - Net interest income 6 16 - 16 --------------------------- ------ ---------- -------- ------- Profit on ordinary activities before taxation 3 362 (44) 318 Taxation (73) 2 (71) --------------------------- ------ ---------- -------- ------- Profit on ordinary activities after taxation 289 (42) 247 Equity minority interest - - - --------------------------- ------ ---------- -------- ------- Profit for the period 289 (42) 247 Ordinary dividends 8 (73) --------------------------- ------ ---------- -------- ------- Retained profit for the period 174 --------------------------- ------ ---------- -------- ------- Earnings per share on total operations 9 Basic 81c Diluted 74c --------------------------- ------ ---------- -------- ------- Earnings per share before goodwill and exceptional items 9 Basic 95c Diluted 86c --------------------------- ------ ---------- -------- ------- Underlying earnings per share 9 Basic 87c Diluted 79c --------------------------- ------ ---------- -------- ------- Dividends per share 8 24.0c --------------------------- ------ ---------- -------- ------- Historical cost profits and losses are not materially different from those shown above. Restated+ Half year to 30 September 2003 Year to 31 March 2004 Before Goodwill Before Goodwill goodwill and and goodwill and and exceptional exceptional exceptional exceptional items items Total items items Total $m $m $m $m $m $m ---------- ---------- --------- ---- --------- --------- -------- 617 - 617 1,480 - 1,480 ---------- ---------- --------- --------- --------- -------- (330) (34) (364) (719) (73) (792) - (9) (9) - (9) (9) ---------- ---------- --------- --------- --------- -------- (330) (43) (373) (719) (82) (801) ---------- ---------- --------- ---- --------- --------- -------- 287 (43) 244 761 (82) 679 11 (1) 10 38 (4) 34 ---------- ---------- --------- ---- --------- --------- -------- 298 (44) 254 799 (86) 713 - - - - (20) (20) 9 - 9 22 - 22 ---------- ---------- --------- ---- --------- --------- -------- 307 (44) 263 821 (106) 715 (60) 2 (58) (168) 6 (162) ---------- ---------- --------- ---- --------- --------- -------- 247 (42) 205 653 (100) 553 ---------- ---------- --------- ---- --------- --------- -------- - - - (1) - (1) ---------- ---------- --------- ---- --------- --------- -------- 247 (42) 205 652 (100) 552 (54) (152) ---------- ---------- --------- ---- --------- --------- -------- 151 400 ---------- ---------- --------- ---- --------- --------- -------- 70c 186c 64c 168c ---------- ---------- --------- ---- --------- --------- -------- 84c 220c 76c 198c ---------- ---------- --------- ---- --------- --------- -------- 68c 154c 62c 141c ---------- ---------- --------- ---- --------- --------- -------- 18.4c 50.8c ---------- ---------- --------- ---- --------- --------- -------- + See notes 1 and 17 GROUP BALANCE SHEET restated+ restated+ At 30 September At 30 September At 31 2004 2003 March 2004 Note $m $m $m --------------------------- ----- ---------- ---------- ---------- Fixed assets Intangible assets - goodwill 803 851 812 Tangible assets 68 72 69 Investments ---------- ---------- ---------- Investments in joint ventures 8 11 14 Investments in associates 209 50 256 Other investments 59 47 46 ---------- ---------- ---------- 276 108 316 --------------------------- ----- ---------- ---------- ---------- 1,147 1,031 1,197 --------------------------- ----- ---------- ---------- ---------- Current assets Debtors 10 3,621 2,824 3,475 Investments 11 2,663 1,692 2,393 Cash at bank and in hand 1,164 1,079 1,702 --------------------------- ----- ---------- ---------- ---------- 7,448 5,595 7,570 Creditors: amounts falling due within one year 12 (5,069) (3,776) (5,709) --------------------------- ----- ---------- ---------- ---------- Net current assets 2,379 1,819 1,861 --------------------------- ----- ---------- ---------- ---------- Total assets less current liabilities 3,526 2,850 3,058 Creditors: amounts falling due after more than one year 12 ---------- ---------- ---------- Exchangeable bonds (709) (650) (717) Other (661) (628) (289) ---------- ---------- ---------- (1,370) (1,278) (1,006) Provisions for liabilities and charges (1) (5) (3) --------------------------- ----- ---------- ---------- ---------- Net assets 2,155 1,567 2,049 --------------------------- ----- ---------- ---------- ---------- Capital and reserves Called up share capital 56 51 57 Share premium account 352 185 337 Capital reserve 4 4 4 Merger reserve 722 661 729 Profit and loss account 1,021 665 921 --------------------------- ----- ---------- ---------- ---------- Equity shareholders' funds 2,155 1,566 2,048 Equity minority interests - 1 1 --------------------------- ----- ---------- ---------- ---------- 2,155 1,567 2,049 --------------------------- ----- ---------- ---------- ---------- + See notes 1 and 17 GROUP CASH FLOW STATEMENT restated restated Half year Half year Year to 30 September to 30 September to 31 March 2004 2003 2004 Note $m $m $m --------------------------- ----- --------- --------- -------- Net cash (outflow)/inflow from operating activities 14 (575) 8 1,058 Dividends from joint ventures - 4 4 Dividends from associates 8 1 9 Returns on investments and servicing of finance 18 12 24 Taxation paid (75) (56) (105) Capital expenditure and financial investment (28) (19) (106) Acquisitions and disposals 28 (11) (11) Equity dividends paid (104) (67) (128) --------------------------- ----- --------- --------- -------- Net cash (outflow)/inflow (728) (128) 745 Management of liquid resources 300 (8) (330) Financing 188 169 (39) --------------------------- ----- --------- --------- -------- (Decrease)/increase in cash (240) 33 376 --------------------------- ----- --------- --------- -------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Half year Half year Year to 30 September to 30 September to 31 March 2004 2004 2004 Note $m $m $m --------------------------- ------ --------- --------- -------- (Decrease)/increase in cash (240) 33 376 Cash (inflow)/outflow from movement in debt (273) (244) 21 Cash (inflow)/outflow from movement in liquid resources (300) 8 330 ---------------------------- ---- --------- --------- -------- Change in net debt resulting from cash flows (813) (203) 727 Debt disposed of with businesses and subsidiaries 11 - - Currency translation difference 9 (33) (101) --------------------------- ----- --------- --------- -------- Movement in net (debt)/cash (793) (236) 626 Opening net cash/(debt) 602 (24) (24) --------------------------- ----- --------- --------- -------- Closing net (debt)/cash 15 (191) (260) 602 --------------------------- ----- --------- --------- -------- GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES restated restated Half year Half year Year to to 30 September to 30 September 31 March 2004 2003 2004 Note $m $m $m --------------------------------- --------- --------- -------- Profit for the period 247 205 552 Currency translation differences taken directly to reserves (4) (1) (3) --------------------------------- --------- --------- -------- Total recognised gains and losses relating to the period 243 204 549 Prior year adjustment 17 (29) - - --------------------------------- --------- --------- -------- Total recognised gains 214 204 549 --------------------------------- --------- --------- -------- RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS restated restated Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 Note $m $m $m --------------------------------- --------- --------- -------- Profit for the period 247 205 552 Ordinary dividends (73) (54) (152) --------------------------------- --------- --------- -------- Retained earnings 174 151 400 Other recognised gains and losses relating to the period (4) (1) (3) Issue of ordinary share capital 17 - 133 Purchase and cancellation of own shares (62) (28) (31) Goodwill written back on disposal - - 22 UITF 17 charge for the period 22 17 37 Purchase of own shares by ESOP trusts (59) (62) (69) Disposal of own shares by ESOP trusts 19 13 83 --------------------------------- --------- --------- -------- Net increase in equity shareholders' funds 107 90 572 Opening equity shareholders' funds 2,048 1,534 1,534 Prior year adjustment - (58) (58) --------------------------------- --------- --------- -------- Closing equity shareholders' funds 17 2,155 1,566 2,048 --------------------------------- --------- --------- -------- NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. Basis of preparation The unaudited financial statements for the half year to 30 September 2004 have been prepared in accordance with UK generally accepted accounting principles. The accounting policies applied are those set out in the Group's Annual Report for the year to 31 March 2004, with the exception as described below. As from 1 April 2004, the Group has adopted UITF 38 'Accounting for ESOP trusts' and UITF 17 (revised 2003) 'Employee share schemes'. Under UITF 38 own shares held in treasury or through an ESOP trust are recorded at cost and shown as a deduction in arriving at shareholders' funds. Previously these shares were recorded at cost less amortisation and shown as a fixed asset investment with amortisation charges being taken to the profit and loss account. Also, gains or losses on the purchase, sale, issue or cancellation of own shares should no longer be recognised in the profit and loss account or statement of total recognised gains and losses. Under the revised UITF 17, employee share scheme charges to the profit and loss account are now always calculated as the intrinsic value of the award spread over the performance period. The intrinsic value is the difference between the fair value of the shares at the date of grant and the amount paid by the employee to exercise the rights to those shares irrespective of the cost of shares purchased to fund the award. The adoption of these two standards represents a change in accounting policy and the comparative figures have been restated accordingly. Details of the effect of the prior year adjustments are given in note 17. In accordance with the change in presentation made in the 2004 Annual Report, the presentation of the comparative figures at 30 September 2003 has been changed in the Group balance sheet. An amount of $661 million has been transferred from the share premium account to a merger reserve. The reason for this change is discussed in the Principal Accounting Policies note in the 2004 Annual Report. As stated in the 2004 Annual Report, the Group has changed its presentation currency from sterling to US dollars with effect from 1 April 2004. The comparative figures have therefore been presented in US dollars, applying the exchange rates as given in note 16. 2. Net operating income Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 $m $m $m --------------------------- ---------- ---------- ---------- Continuing operations Fees and commissions receivable 1,101 955 2,185 Fees and commissions payable (460) (398) (853) Net trading interest income 50 42 99 Other operating income 13 18 49 --------------------------- ---------- ---------- ---------- Net operating income 704 617 1,480 --------------------------- ---------- ---------- ---------- NOTES continued 3. Segmental analysis (a) Segmental analysis of net operating income Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 $m $m $m ---------------------------- ---------- ---------- ---------- Business segment Continuing operations Asset Management 473 393 1,023 Brokerage 231 224 457 ---------- ---------- ---------- ---------------------------- 704 617 1,480 ---------------------------- ---------- ---------- ---------- (b) Segmental analysis of profit on ordinary activities before taxation restated Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 $m $m $m --------------------------------- --------- ---------- --------- Business segment Continuing operations Asset Management - net management fee 265 198 459 income Asset Management - net performance fee income 29 55 236 Asset Management - goodwill amortisation (38) (30) (67) ---------------------------- --------- ---------- --------- Asset Management total 256 223 628 Brokerage - before goodwill amortisation and 66 52 120 exceptional items Brokerage - goodwill amortisation (6) (5) (10) Brokerage - exceptional items - (9) (9) ---------------------------- --------- ---------- --------- Brokerage total 60 38 101 Sugar Australia - before exceptional items 2 2 6 Sugar Australia - exceptional items - - (20) --------- ---------- --------- ---------------------------- Sugar Australia total 2 2 (14) ---------------------------- --------- ---------- --------- 318 263 715 ---------------------------- --------- ---------- --------- 4. Goodwill amortisation Included in operating expenses is goodwill amortisation of $37 million (30 September 2003: $34 million, 31 March 2004: $73 million). Total goodwill amortisation in the period, including the amount relating to joint ventures and associates, on a pre-tax basis is $44 million (30 September 2003: $35 million, 31 March 2004: $77 million) and on a post-tax basis is $42 million (30 September 2003: $35 million, 31 March 2004: $74 million). 5. Exceptional items Exceptional operating expense Exceptional operating expenses for the half year to 30 September 2004 were nil. NOTES continued 5. Exceptional items continued For the half year to 30 September 2003, and for the year to 31 March 2004, following the acquisition of GNI Holdings Limited in November 2002, further costs amounting to $9 million ($6 million net of tax) were incurred, or provided for, relating to the integration of the acquired business into the Group's existing business. These costs related principally to redundancy and staff retention costs of $6 million, and other termination and relocation costs of $3 million. Non-operating exceptional items Non-operating exceptional items for the half year to 30 September 2004 were nil. For the year to 31 March 2004, the Group made a provision for the loss on sale of its Sugar Australia business. Agreement for the sale had been made with CSR Ltd as at 31 March 2004, but was not fully unconditional. The provision for the loss on sale amounted to $20 million ($20 million net of tax), relating almost entirely to attributable goodwill not previously charged to the profit and loss account. The remainder related to impairment of fixed assets. For the half year to 30 September 2003, non-operating exceptional items were nil. 6. Net interest income Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 $m $m $m ---------------------------- --------- ---------- --------- Interest receivable 45 28 62 Interest payable (29) (19) (40) ---------------------------- --------- ---------- --------- 16 9 22 ---------------------------- --------- ---------- --------- 7. Sale of Sugar Australia Included in the Group profit and loss account as continuing operations are the results of the Group's holding in a sugar refinery business, which was sold in August 2004. These results are not disclosed as discontinued on the face of the profit and loss account as the sale does not have a material effect on the nature and focus of the Group's operations, but for information purposes the results relating to Sugar Australia are given below:- Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 $m $m $m ---------------------------- ---------- ---------- --------- Share of operating profit from joint ventures and associates 2 3 7 ---------------------------- ---------- ---------- --------- Total operating profit 2 3 7 Exceptional item - - (20) - loss on sale of business Net interest expense - (1) (1) ---------------------------- ---------- ---------- --------- Profit on ordinary activities before taxation 2 2 (14) ---------------------------- ---------- ---------- --------- 8. Dividends Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 $m $m $m ---------------------------- ---------- ---------- --------- Ordinary shares Interim - 24.0 cents (2004: 11.4 pence) 73 54 56 Final - (2004: 18.6 pence) - - 96 ---------------------------- ---------- ---------- - -------- 73 54 152 ---------------------------- ---------- ---------- --------- 9. Earnings per share The calculation of basic earnings per ordinary share is based on a profit for the period of $247 million (30 September 2003: $205 million, 31 March 2004: $552 million) and on 303,527,851 (30 September 2003: 296,103,183, 31 March 2004: 297,174,602) ordinary shares, being the weighted average number of ordinary shares in issue during the period after excluding the shares owned by the Man Group plc employee trusts. The diluted earnings per share is based on a profit for the period of $256 million (30 September 2003: $214 million, 31 March 2004: $570 million) and on 345,468,032 (30 September 2003: 337,293,353, 31 March 2004: 338,776,081) ordinary shares, calculated as follows: 30 September 30 September 31 March 2004 2003 2004 Number Number Number (millions) (millions) (millions) ------------------------------ --------- --------- --------- Basic weighted average number of shares 303.5 296.1 297.2 Dilutive potential ordinary shares Share awards under incentive schemes 10.2 9.8 9.9 Employee share options 0.6 0.2 0.5 Exchangeable bonds 31.2 31.2 31.2 ------------------------------ --------- --------- --------- 345.5 337.3 338.8 ------------------------------ --------- --------- --------- The following tables reconcile the earnings per share on total operations with the earnings per share before goodwill and exceptional items and underlying earnings per share: Half year to 30 September 2004 --------- -------- -------- -------- Basic Diluted Basic Diluted post-tax post-tax earnings earnings earnings earnings per share per share $m $m cents cents ------------------------- --------- -------- -------- -------- Earnings per share on total operations+ 247 256 81 74 Exceptional items - - - - Goodwill amortisation 42 42 14 12 ------------------------- --------- -------- -------- -------- Earnings per share - before goodwill and exceptional items 289 298 95 86 Performance related income (25) (25) (8) (7) Sugar Australia (1) (1) - - ------------------------- --------- -------- -------- ------- Underlying earnings per share 263 272 87 79 ------------------------- --------- -------- -------- -------- Half year to 30 September 2003 -------- -------- ------- -------- Basic Diluted Basic Diluted post-tax post-tax earnings earnings earnings earnings per share per share $m $m cents cents ------------------------- -------- -------- -------- -------- Earnings share on total operations + 205 214 70 64 Exceptional items 7 7 2 2 Goodwill amortisation 35 35 12 10 ------------------------- -------- -------- -------- -------- Earnings per share - before goodwill and exceptional items 247 256 84 76 Performance related income (44) (44) (15) (13) Sugar Australia (1) (1) (1) (1) ------------------------- -------- -------- -------- -------- Underlying earnings per share 202 211 68 62 ------------------------- -------- -------- -------- -------- Year to 31 March 2004 (restated) -------- -------- -------- -------- Basic Diluted Basic Diluted post-tax post-tax earnings earnings earnings earnings per share per share $m $m cents cents ------------------------- -------- -------- -------- -------- Earnings per share on total operations+ 552 570 186 168 Exceptional items 26 26 9 9 Goodwill amortisation 74 74 25 21 ------------------------- -------- -------- -------- -------- Earnings per share - before goodwill and exceptional items 652 670 220 198 Performance related income (188) (188) (64) (56) Sugar Australia (5) (5) (2) (1) ------------------------ -------- -------- -------- -------- Underlying earnings per share 459 477 154 141 ------------------------- -------- -------- -------- -------- + The difference between basic and diluted post-tax earnings on total operations is the adding back of the interest expense in the period relating to the exchangeable bonds. 10. Debtors At 30 At 30 At 31 September September March 2004 2004 2004 $m $m $m ------------------------------ --------- --------- --------- Trade debtors Amounts owed by broker dealers on secured stock lending and borrowing 1,308 772 1,627 Securities transactions in the course of settlement 103 120 149 Futures transactions 331 368 506 Other trade debtors 431 451 311 Loans to funds 884 515 354 Other categories of debtors 564 598 528 ------------------------------ --------- --------- --------- 3,621 2,824 3,475 ------------------------------ --------- --------- --------- Included within other categories of debtors are unamortised sales commissions of $294 million (30 September 2003: $217 million, 31 March 2004: $272 million). Certain Group companies in Brokerage are involved as principal in the purchase and simultaneous commitment to sell securities between third parties. The gross amount of the settlement payables and receivables in respect of such outstanding transactions was $794 million (30 September 2003: $193 million, 31 March 2004: $1,358 million). Substantially all of these transactions have now settled. 11. Current asset investment At 30 At 30 At 31 September September March 2004 2004 2004 $m $m $m ------------------------------ --------- --------- --------- Listed investments 1,251 1,182 1,708 Unlisted investments 1,412 510 685 ------------------------------ --------- --------- --------- 2,663 1,692 2,393 ------------------------------ --------- --------- --------- Listed investments largely relate to long stock positions held for hedging in Brokerage. Unlisted investments mainly relate to certificates of deposit and US treasury bills in Brokerage and also to investments in fund managers in relation to Man Global Strategies. 12. Creditors At 30 At 30 At 31 September September March 2004 2004 2004 $m $m $m ------------------------------ --------- --------- -------- Amounts falling due within one year Bank loans and overdrafts 29 99 143 Private placement notes - 15 - Trade creditors Amounts owed to broker dealers on secured stock lending and borrowing 2,497 903 2,347 Securities transactions in the course of settlement 164 255 189 Futures transactions 1,144 1,038 1,212 Short stock positions held for hedging 461 736 940 Other trade creditors 178 135 185 Other categories of creditors 596 595 693 ------------------------------ --------- --------- -------- 5,069 3,776 5,709 ------------------------------ --------- --------- -------- Other categories of creditors includes $9 million relating to commodity financing transactions (30 September 2003: $57 million, 31 March 2004: $35 million). At 30 At 30 At 31 September September March 2004 2004 2004 $m $m $m ------------------------------ --------- --------- -------- Amounts falling due after more than one year Loans Bank loans 158 575 80 Private placement notes 459 - 160 Exchangeable bonds 709 650 717 Other creditors 44 53 49 ------------------------------ --------- --------- -------- 1,370 1,278 1,006 ------------------------------ --------- --------- -------- 13. Segregated funds As required by the United Kingdom Financial Services and Markets Act 2000 and by the US Commodity Exchange Act, the Group maintains certain balances on behalf of clients with banks, exchanges, clearing houses and brokers in segregated accounts totalling $7,197 million (30 September 2003: $5,754 million, 31 March 2004: $7,081 million). These amounts and the related liabilities to clients, whose recourse is limited to the segregated accounts, are not included in the Group balance sheet. 14. Cash flow from operating activities Half year Half year Year to 30 to 30 to 31 September September March 2004 2003 2004 $m $m $m Note ---------------------------- ---------- ---------- --------- Operating profit 298 244 679 Depreciation of tangible fixed assets 15 15 27 Amortisation of goodwill 37 34 73 Amortisation of fixed asset investments - 1 3 Loss on sale of tangible fixed assets - - 3 Profit on sale of fixed asset investments (2) - (1) UITF 17 charge for the period 17 22 17 37 Increase in debtors (153) (57) (694) Increase in short-term investments (273) (589) (1,288) (Decrease)/increase in creditors (519) 355 2,234 Costs in relation to exceptional items - (12) (15) ---------------------------- ---------- ---------- --------- Net cash (outflow)/inflow from operating activities (575) 8 1,058 ---------------------------- ---------- ---------- --------- 15. Analysis of net debt At 30 At 30 At 31 September September March 2004 2004 2004 $m $m $m ------------------------- --------- ---------- --------- Cash at bank and in hand 1,164 1,079 1,702 Overdrafts (4) (83) (2) Loans due within one year Bank loans (25) (16) (141) Private placement notes - (15) - Loans due after one year Bank loans (158) (575) (80) Private placement notes (459) - (160) Exchangeable bonds (709) (650) (717) ------------------------- --------- ---------- --------- Closing net (debt)/cash (191) (260) 602 ------------------------- --------- ---------- --------- 16. Exchange rates The following US dollar : sterling exchange rates have been used in the preparation of this Interim Report: ---------------------------- ---------- ---------- --------- 30 September 30 September 31 March 2004 2003 2004 ---------------------------- ---------- ---------- --------- Average exchange rate 1.8136 1.6151 1.6938 Period end exchange rate 1.8103 1.6663 1.8380 ---------------------------- ---------- ---------- --------- 17. Prior year adjustments In accordance with UITF 38 The reclassification of own shares from fixed asset investments to equity has reduced net assets and equity shareholders' funds by $60 million as at 30 September 2004, $93 million as at 30 September 2003, $64 million as at 31 March 2004 and $58 million as at 1 April 2003. The profit on selling own shares is no longer recognised in the profit and loss account or statement of total recognised gains and losses. This reduces profits from exceptional items, and therefore profit before tax, profit after tax and the total recognised gains, by $23 million for the year to 31 March 2004. This change had no effect on the profit and loss account for the six months to 30 September 2003. In accordance with UITF 17 The reversal of the amortisation charge based on the cost of shares purchased and the inclusion of a charge based on the intrinsic value of the shares at the date of grant had no material effect on the profit and loss account for the current period or for the six months to 30 September 2003 or for the year to 31 March 2004. The effect on years prior to the comparative period is to decrease retained profits by $6 million. Statement of total recognised gains and losses The prior year adjustment figure of a loss of $29 million in the statement of total recognised gains and losses comprises the reversal of the exceptional profit on sale of own shares of $23 million and the increase in share scheme charges, relating to earlier years, of $6 million. Earnings per share The reversal of the exceptional profit on sale of own shares of $23 million in the year to 31 March 2004 has had the effect of reducing basic earnings per share on total operations from 193 cents to 186 cents, and the diluted earnings per share from 175 cents to 168 cents. There is no change to earnings per share before goodwill amortisation and exceptional items or to underlying earnings per share. Cash flow statement The transfer of net purchases/(disposals) of own shares from the capital expenditure and financial investment line to the financing line was $47 million for the six months to 30 September 2003 and $(13) million for the 12 months to 31 March 2004. In the cash flow from operating activities note (note 14), 'UITF 17 charge for the period' has been added. This combines the amortisation of fixed asset investments in prior periods, relating to own shares, and the amortisation of share award costs of shares to be issued. Reconciliation of movements in equity shareholders' funds The prior year adjustment to the opening equity shareholders' funds in the comparative periods of $58 million relates to the reclassification of own shares from fixed asset investments to equity shareholders' funds as at 1 April 2003. This information is provided by RNS The company news service from the London Stock Exchange

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