TIDMDIWO
RNS Number : 7207Q
Direct Wonen N.V.
17 April 2009
DIRECT WONEN N.V.
("Direct Wonen" the "Company" or the "Group")
Unaudited Preliminary Results for the year ended 31 December 2008
"SATISFACTORY PERFORMANCE IN A TURBULENT YEAR"
Direct Wonen N.V. (AIM, DIWO), the online Property and Financial Services
provider based in the Netherlands, today announces its preliminary results for
the year ended 31 December 2008.
Key Results
+-------+-----------------------------------------------------------------------+
| - | Revenue (including exceptional items) was EUR 29.9 million (2007: EUR |
| | 43.6 million) and EBITDA EUR -3.3 million (2007: EUR 14.9 million) |
| | |
+-------+-----------------------------------------------------------------------+
| - | Revenue (excluding exceptional items) decreased to EUR 31.0 million |
| | (2007: EUR 41.2 million) due to a significant reduction in New |
| | Property Sales of EUR 17.6 million and partly compensated by an |
| | increase in Property Lettings and Financial Services activities |
| | |
+-------+-----------------------------------------------------------------------+
| - | EBITDA from continuing operations (excluding exceptional items) was |
| | EUR 3.8 million (2007: EUR 9.8 million) |
| | |
+-------+-----------------------------------------------------------------------+
| - | Results were effected by exceptional items of EUR -7.1 million (2007: |
| | EUR +5.1 million) relating to reorganisation/integration costs, |
| | impairment and one off write downs |
| | |
+-------+-----------------------------------------------------------------------+
| - | Total Group staff was reduced by 94 full time employees with 266 full |
| | time employees at year end 2008 compared with 360 full time employees |
| | at year end of 2007 |
| | |
+-------+-----------------------------------------------------------------------+
| - | Intangible Assets increased with EUR 11.7 million mainly following |
| | acquisitions (2007: EUR 16.4 million) |
| | |
+-------+-----------------------------------------------------------------------+
| - | Equity position remained strong at EUR 73.2 million (2007: EUR 79.6 |
| | million) |
+-------+-----------------------------------------------------------------------+
Commenting on the results, CEO Yvonne Swaans said:
"2008 has been a turbulent year. Beside the fact that Direct Wonen had to cope
with the severe impact of the (credit) crisis, we successfully managed to align
the Company with improved product offering and focus. Costs were reduced
considerably which regrettably could not be done without a reduction of staff.
Direct Wonen has now been modified to a lean and mean organisation and
activities from acquisitions have been further integrated and synergies have
been achieved. We are now well shaped for the changed market circumstances and
ready for future opportunities within our core business. The Group's solid
business model, the predominance of synergy advances and our broad product
portfolio will provide a stable cash flow from operations with good growth
potential".
Business Overview
Property Lettings Services
+------+------------------------------------------------------------------------+
| - | EBITDA from continuing operations (excluding exceptional items) was |
| | EUR 2.5 million (2007: EUR 2.2 million) |
| | |
+------+------------------------------------------------------------------------+
| - | Results were effected by exceptional items of EUR -1.7 million |
| | (2007: EUR +1.4 million) which in 2008 were related to |
| | reorganisation costs and the write down of a claim |
| | |
+------+------------------------------------------------------------------------+
| - | Revenue including exceptional items increased with 19% (EUR 2.2 |
| | million) to EUR 13.9 million (2007: EUR 11.7 million), and EBITDA |
| | EUR 0.8 million (2007: EUR 3.6 million) |
| | |
+------+------------------------------------------------------------------------+
Our lettings business provided a stable revenue stream, with new acquisitions
contributing positively. The web portal directwonen.nl showed a continued
positive performance with increased visitors and subscriptions.
New Property Sales Services
+------+------------------------------------------------------------------------+
| - | EBITDA from continuing operations (excluding exceptional items) was |
| | EUR 0.0 million (2007: EUR 6.8 million) |
| | |
+------+------------------------------------------------------------------------+
| - | Results were negatively effected by exceptional items of EUR -2.8 |
| | million |
| | |
+------+------------------------------------------------------------------------+
| - | Exceptional items were related to an impairment of a receivable on a |
| | project |
| | |
+------+------------------------------------------------------------------------+
| - | Revenue including exceptional items was EUR 1.1 million (2007: EUR |
| | 18.7 million) and EBITDA EUR -2.7 million (2007: EUR 6.8 million) |
| | |
+------+------------------------------------------------------------------------+
A portfolio of new potential projects was developed and carefully evaluated
during 2008. However, in the light of the credit crisis, management has not
entered into new projects at this moment in time, resulting in the drop in
revenue in 2008.
Following the credit crisis and the current outlook, a one off project, sold to
a third party in 2007, was terminated by agreement of both parties. A loss of
EUR 2.8 million was incurred.
Financial Services
+------+------------------------------------------------------------------------+
| - | EBITDA from continuing operations excluding exceptional items was EUR |
| | 1.3 million (2007 EUR 0.8 million) |
| | |
+------+------------------------------------------------------------------------+
| - | Results were negatively effected by exceptional items of EUR -2.6 |
| | Million (2007: EUR 3.7 million) |
| | |
+------+------------------------------------------------------------------------+
| - | Exceptional items in 2008 were related to reorganisation/integration |
| | costs and the write down for impairment of EUR 1.0 million |
| | |
+------+------------------------------------------------------------------------+
| - | Revenue including exceptional items increased with 12% to EUR 14.9 |
| | million (2007: EUR 13.3 million) EBITDA EUR -1.4 million (2007: EUR |
| | 4.5 million) |
| | |
+------+------------------------------------------------------------------------+
The broad portfolio of products relating to direct and indirect intermediary for
mortgages, golden handshakes, consumer loan intermediary and life insurance
products provide a diversified and robust cashflow basis.
Existing business was effected by exceptional items for the discontinuation of
Direct-Hypotheken activities, restructuring and integration costs and an
impairment of EUR 1.0 million totaling EUR 2.6 million.
The integration of Geldshop.nl (web based consumer loan intermediary) has been
successfully completed and will benefit from improved synergy results and makes
full use of the databases available in the Group.
For more information please contact
+--------------------------------------+----------------------------+
| Direct Wonen | Tel +31(0)70 711 5691 |
+--------------------------------------+----------------------------+
| Irma de Jong | i.dejong@directwonen.nl |
| www.directwonencorporate.com | |
+--------------------------------------+----------------------------+
| Collins Stewart Europe Limited | Tel +44 (0)20 7523 8350 |
| (Nomad) | |
| Hugh Field/Adam Cowen | |
+--------------------------------------+----------------------------+
About Direct Wonen
Direct Wonen is an Online residential property and financial services provider
based in The Netherlands.
The Direct Wonen group of companies operates three complementary business lines:
+-------+-----------------------------------------------------------------------+
| - | Residential Property Letting services |
| | |
+-------+-----------------------------------------------------------------------+
| - | New Property Sales services |
| | |
+-------+-----------------------------------------------------------------------+
| - | Financial services |
| | |
+-------+-----------------------------------------------------------------------+
Direct Wonen was formed in 1990 and has been listed on the Alternative
Investment Market (AIM) of the London Stock Exchange since 1 May 2007.
+----------------------------------+--------------+--------+--------+---------+
| Consolidated income statement (excluding exceptional items) | |
| For the year ended 31 December | |
+-------------------------------------------------------------------+---------+
| | | | |
+-------------------------------------------------+--------+--------+---------+
| | | | |
+-------------------------------------------------+--------+--------+---------+
| | | | |
+-------------------------------------------------+--------+--------+---------+
| In thousands of euros | 2008 | | 2007 |
+-------------------------------------------------+--------+--------+---------+
| | | | | |
+----------------------------------+--------------+--------+--------+---------+
| Revenue | | 31,037 | | 41,172 |
+----------------------------------+--------------+--------+--------+---------+
| | | | | |
+----------------------------------+--------------+--------+--------+---------+
| Profit before tax | | 1,188 | | 9,453 |
+----------------------------------+--------------+--------+--------+---------+
| | | | | |
+----------------------------------+--------------+--------+--------+---------+
| EBITDA | | 3,834 | | 9,821 |
+----------------------------------+--------------+--------+--------+---------+
| | | | | |
+----------------------------------+--------------+--------+--------+---------+
| Total exceptional items | | 7,139 | | (5,065) |
+----------------------------------+--------------+--------+--------+---------+
Consolidated income statement
For the year ended 31 December
+----------------------------------+--------------+----------+--------+----------+
| In thousands of euros | | 2008 | | 2007 |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Revenue | | 29,881 | | 43,603 |
+----------------------------------+--------------+----------+--------+----------+
| Cost of sales | | (1,070) | | (6,395) |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Gross profit | | 28,811 | | 37,208 |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Other income | | 140 | | 1,797 |
+----------------------------------+--------------+----------+--------+----------+
| Administrative expenses | | (18,333) | | (14,081) |
+----------------------------------+--------------+----------+--------+----------+
| Other expenses | | (16,988) | | (10,954) |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Result from operating activities | | (6,370) | | 13,970 |
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Share of profits/(losses) of | | - | | (91) |
| associate | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Finance income | | 2,768 | | 1,912 |
+----------------------------------+--------------+----------+--------+----------+
| Finance expenses | | (2,349) | | (1,273) |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| | | 419 | | 548 |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Result before tax | | (5,951) | | 14,518 |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Tax expense | | 2,861 | | (1,979) |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Net result | | (3,090) | | 12,539 |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Earnings per share after tax (EUR) | | | | |
+----------------------------------+--------------+----------+--------+----------+
| Basic earnings per share | | (0.02) | | 0.12 |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| | | | | |
+----------------------------------+--------------+----------+--------+----------+
| EBITDA | | (3,305) | | 14,886 |
+----------------------------------+--------------+----------+--------+----------+
Segment income statement
For the year ended 31 December
+-------------------------+--------+--------+---------+--------+---------+--------+---------+--------+
| In thousands of euro | Lettings | New build | Financial | Consolidated |
| | | sales | services | |
+-------------------------+-----------------+------------------+------------------+------------------+
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 |
+-------------------------+--------+--------+---------+--------+---------+--------+---------+--------+
| Revenue | 13,846 | 11,649 | 1,126 | 18,681 | 14,909 | 13,273 | 29,881 | 43,603 |
+-------------------------+--------+--------+---------+--------+---------+--------+---------+--------+
| | | | | | | | | |
+-------------------------+--------+--------+---------+--------+---------+--------+---------+--------+
| Result from operating | (667) | 3,296 | (2,732) | 6,733 | (2,971) | 3,593 | (6,370) | 13,622 |
| activities | | | | | | | | |
+-------------------------+--------+--------+---------+--------+---------+--------+---------+--------+
| | | | | | | | | |
+-------------------------+--------+--------+---------+--------+---------+--------+---------+--------+
| EBITDA | 785 | 3,642 | (2,723) | 6,814 | (1,367) | 4,430 | (3,305) | 14,886 |
+-------------------------+--------+--------+---------+--------+---------+--------+---------+--------+
Consolidated balance sheets
As at 31 December
+-------------+----------------+----------+----------+----------+
| In | | 2008 | | 2007 |
| thousands | | | | |
| of euros | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| ASSETS | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Property, | | 3,531 | | 2,832 |
| plant and | | | | |
| equipment | | | | |
+-------------+----------------+----------+----------+----------+
| Intangible | | 41,924 | | 30,244 |
| assets | | | | |
+-------------+----------------+----------+----------+----------+
| Investments | | - | | 33 |
| in equity | | | | |
| accounted | | | | |
| investees | | | | |
+-------------+----------------+----------+----------+----------+
| Financial | | 883 | | 5,963 |
| fixed | | | | |
| assets | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 46,338 | | 39,072 |
| non-current | | | | |
| assets | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Inventories | | 3,474 | | 736 |
| and work in | | | | |
| progress | | | | |
+-------------+----------------+----------+----------+----------+
| Current | | 4,603 | | 194 |
| tax | | | | |
| asset | | | | |
+-------------+----------------+----------+----------+----------+
| Trade | | 15,170 | | 22,860 |
| and | | | | |
| other | | | | |
| receivables | | | | |
+-------------+----------------+----------+----------+----------+
| Other | | 5,362 | | - |
| financial | | | | |
| assets | | | | |
+-------------+----------------+----------+----------+----------+
| Cash and | | 59,702 | | 56,203 |
| cash | | | | |
| equivalents | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 88,311 | | 79,993 |
| current | | | | |
| assets | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 134,649 | | 119,065 |
| assets | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| EQUITY | | | | |
+-------------+----------------+----------+----------+----------+
| Share | | 3,148 | | 3,148 |
| capital | | | | |
+-------------+----------------+----------+----------+----------+
| Share | | 50,727 | | 53,468 |
| premium | | | | |
+-------------+----------------+----------+----------+----------+
| Hedging | | (586) | | - |
| reserve | | | | |
+-------------+----------------+----------+----------+----------+
| Retained | | 19,896 | | 22,987 |
| earnings | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 73,185 | | 79,603 |
| equity | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| LIABILITIES | | | | |
+-------------+----------------+----------+----------+----------+
| Loans | | 29,343 | | - |
| and | | | | |
| borrowings | | | | |
+-------------+----------------+----------+----------+----------+
| Cash | | 586 | | |
| flow | | | | |
| hedge | | | | |
+-------------+----------------+----------+----------+----------+
| Provisions | | 10,426 | | 5,827 |
| | | | | |
+-------------+----------------+----------+----------+----------+
| Deferred | | 475 | | 661 |
| tax | | | | |
| liability | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 40,830 | | 6,488 |
| non-current | | | | |
| liabilities | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Loans | | 7,687 | | 257 |
| and | | | | |
| borrowings | | | | |
+-------------+----------------+----------+----------+----------+
| Trade | | 12,947 | | 32,717 |
| and | | | | |
| other | | | | |
| payables | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 20,634 | | 32,974 |
| current | | | | |
| liabilities | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 61,464 | | 39,462 |
| liabilities | | | | |
+-------------+----------------+----------+----------+----------+
| | | | | |
+-------------+----------------+----------+----------+----------+
| Total | | 134,649 | | 119,065 |
| equity | | | | |
| and | | | | |
| liabilities | | | | |
+-------------+----------------+----------+----------+----------+
Consolidated statements of changes in equity
+----------------------+------+---------+---------+---------+----------+---------+
| In thousands of | | Share | Share | Hedging | Retained | Total |
| euros | | capital | premium | reserve | earnings | |
+----------------------+------+---------+---------+---------+----------+---------+
| | | | | | | |
+----------------------+------+---------+---------+---------+----------+---------+
| Balance at 1 January | | 3,148 | 53,468 | - | 22,987 | 79,603 |
| 2008 | | | | | | |
+----------------------+------+---------+---------+---------+----------+---------+
| Result for the | | - | - | - | (3,090) | (3,090) |
| period | | | | | | |
+----------------------+------+---------+---------+---------+----------+---------+
| Dividend | | - | (2,742) | - | - | (2,742) |
+----------------------+------+---------+---------+---------+----------+---------+
| Gain/loss on cash | | - | - | (586) | - | (586) |
| flow hedges | | | | | | |
+----------------------+------+---------+---------+---------+----------+---------+
| | | | | | | |
+----------------------+------+---------+---------+---------+----------+---------+
| Balance at 31 | | 3,148 | 50,726 | (586) | 19,897 | 73,185 |
| December 2008 | | | | | | |
+----------------------+------+---------+---------+---------+----------+---------+
Consolidated statement of cash flows
For the year ended 31 December
+-----------------------------------------------------+--------+----------+----------+----------+
| In thousands of euros | | 2008 | | 2007 |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Cash flows from operating activities | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Result for the period | | (5,951) | | 14,518 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Adjustments for: | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Depreciation Property, plant and equipment | | 1,241 | | 834 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Depreciation Intangible assets | | 1,825 | | 81 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Proceeds from equity accounted investees | | - | | (91) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Finance income | | (2,768) | | (1,912) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Finance cost | | 2,349 | | 1,273 |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | (3,304) | | 14,703 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Change in inventories | | (2,738) | | 1,310 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Change in trade and other receivables | | 2,328 | | (6,668) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Change in trade and other payables | | (14,542) | | 7,736 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Change in provisions | | 5,367 | | (1,896) |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | (12,889) | | 15,185 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Taxation paid | | (1,735) | | (2,376) |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Net cash from operating activities | | (14,624) | | 12,809 |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Cash flows from investing activities | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Acquisition of subsidiaries, net of cash acquired | | (14,121) | | (14,645) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Purchase of fixed assets | | (1,940) | | (1,292) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Development of websites | | (270) | | (244) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Investments in equity accounted investees | | - | | (33) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Loan to accounted investees | | - | | (150) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Interest received | | 2,768 | | 1,912 |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Net cash used in investing activities | | (13,563) | | (14,452) |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Cash flows from financing activities | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Proceeds from issue of share capital | | - | | 59,215 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Bank borrowing advances | | 36,773 | | (2,183) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Interest paid | | (1,921) | | (251) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Share premium paid | | - | | (12,245) |
+-----------------------------------------------------+--------+----------+----------+----------+
| Dividends paid | | (2,742) | | (943) |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Net cash from (used in) financing activities | | 32,110 | | 43,593 |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Net increase in cash and cash equivalents | | 3,923 | | 41,950 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Cash and cash equivalents at 1 January | | 56,203 | | 15,275 |
+-----------------------------------------------------+--------+----------+----------+----------+
| Net foreign exchange gain/(loss) | | (424) | | (1,022) |
+-----------------------------------------------------+--------+----------+----------+----------+
| | | | | |
+-----------------------------------------------------+--------+----------+----------+----------+
| Cash and cash equivalents at 31 December | | 59,702 | | 56,203 |
+-----------------------------------------------------+--------+----------+----------+----------+
Basis of preparation
The consolidated financial information contained within these preliminary
results is unaudited and does not constitute the statutory accounts of the
Company for the year ended 31 December 2008. It is currently expected that the
annual report will be posted to shareholders on 15 June 2009 and that the
Company's Annual General Meeting will be held on 18 June 2009.
The preparation of the preliminary results requires the use of estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. The significant judgements and estimates
applied by the Group in these preliminary results have been applied on a
consistent basis with the statutory accounts for the year ended 31 December
2007. Although such estimates are based on management's best knowledge of the
amount, event or actions, actual results ultimately may differ from those of
estimates.
The accounting policies applied in these preliminary results are in
accordance with International Financial Reporting Standards, as endorsed by the
European Union ('IFRS') and are in accordance with the IFRS accounting policies
that were applied in the Group's statutory accounts for the year ended 31
December 2007.
In the current year, the Group has applied the following amendments and
interpretations ("new IFRSs") issued by the International Accountancy Standards
Committee as adopted by the European Union which are or have become effective.
IFRS 39 & IFRS 7 (Amendments) Reclassification of Financial Assets
IFRIC 11 HKFRS 2: Group and Treasury Share Transactions
IFRIC 12 Service Concession Arrangements
IFRIC 14 IAS 19- The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interactions
The application of the new IFRS has no material effect on how the results and
financial position for the current or prior accounting periods have been
prepared and presented. Accordingly, no prior period adjustment has been
required.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRGDSUGBGGCL
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