TIDMBVS
RNS Number : 9192Z
Bovis Homes Group PLC
06 September 2018
6 September 2018
BOVIS HOMES GROUP PLC
Half Year Results for the six months ended 30 June 2018
H1 Highlights
-- Strong H1 performance with a 41% increase in profit before tax, ahead of our expectations
-- Controlled volume growth resulting in another disciplined and orderly period end
-- HBF Customer Satisfaction score continues to trend at well
above 80% (1 Oct 2017 to date) as Group consistently delivers high
levels of customer service
-- Launch of market leading Phoenix housing range giving
customers greater value and driving profitability
-- Progress with balance sheet initiatives including contracts
exchanged for the formation of 50:50 joint venture at Sherford,
Plymouth with Clarion Housing Group
-- Further strengthened balance sheet with a move to an average
net cash position in the period of GBP6m (2017: average net debt
GBP96m) and a period end net cash position of GBP42.8m (2017: net
debt GBP32.4m)
-- Interim dividend increased by 27% to 19 pence per share and
first special dividend of 45 pence per share to be paid with the
interim in November
H1 2018 H1 2017 Change
------------------------- ---------- ----------- -------
Total completions 1,580 1,512 +4%
Private average selling
price GBP334.7k GBP334.7k 0%
Group revenue GBP432.2m GBP427.8m +1%
Gross margin 20.9% 18.1% 280bps
Profit before tax(1) GBP60.2m GBP42.7m +41%
Earnings per share(1) 36.1p 25.7p +40%
Dividend per share 19p 15p +27%
Net cash (debt) GBP42.8m GBP(32.4)m -
------------------------- ---------- ----------- -------
Note: (1) Profit before tax and earnings per share for H1 2017
after one-off costs totalling GBP6.3m including GBP3.5m customer
care provision and GBP2.8m exceptional advisory costs related to
bid approaches
Current trading and FY18 outlook
-- Group focused on price optimisation, controlled volume growth and margin enhancement
-- Strong sales position with 96% of 2018 sales secured
-- Underlying pricing remains firm with some positive momentum
driven by price optimisation initiatives
-- Following robust summer trading and with increased visibility
on margin improvement, the Group now expects profits for FY18 to be
at the top end of the Board's expectations
-- On track to deliver minimum of GBP180m total cash proceeds
from balance sheet optimisation initiatives by end of 2018
Greg Fitzgerald, Chief Executive commented,
"We delivered a strong performance in the half with a more than
40% increase in profits. This reflects the excellent progress made
across all business areas over the past 18 months and a step change
in the quality of the homes we are building and level of service we
are providing our customers. We are confident in the outlook for
the business and are targeting a record year of profits in 2018, at
the top end of the Board's expectations."
There will be a meeting for analysts and investors at 9:00am
today at Numis, The London Stock Exchange Building, 10 Paternoster
Square, London, EC4M 7LT. The presentation will be audiocast live
on the Bovis Homes corporate website, www.bovishomesgroup.co.uk
from 9:00am. A playback facility will be available shortly after
the presentation has finished.
Certain statements in this press release are forward looking
statements. Forward looking statements involve evaluating a number
of risks, uncertainties or assumptions that could cause actual
results to differ materially from those expressed or implied by
those statements. Forward looking statements regarding past trends,
results or activities should not be taken as representation that
such trends, results or activities will continue in the future.
Undue reliance should not be placed on forward looking
statements.
For further information please contact:
Bovis Homes Group PLC
Earl Sibley, Group Finance Director 07921 107717
Susie Bell, Head of Investor Relations 07811 988617
Maitland
Neil Bennett
James McFarlane 020 7379 5151
Chief Executive's review
Half year performance
The Group delivered a strong performance in the first half with
profits ahead of our expectations.
Total completions increased by 4% to 1,580 (2017: 1,512) of
which 1,030 (2017: 1,140) were private units and 550 (2017: 372)
affordable. The higher percentage of completions from affordable
homes, 34.8% (2017: 24.6%), reflects the planned build programme
across our developments in the period. For the full year we expect
this percentage to be c. 30% of total completions, a similar level
to 2017.
Private average selling price was GBP334,700 (2017: GBP334,700),
with underlying prices remaining firm and some positive momentum
from our price optimisation initiative launched in January this
year. This was offset by changes in mix and, in particular, a lower
proportion of completions from higher priced product in the period
as compared to the prior year. Total average selling price
decreased to GBP262,700 (2017: GBP277,400), the decline reflecting
the higher percentage of affordable completions in the period.
The Group's profitability increased significantly in the first
half as we start to see the financial benefits from the changes
implemented across the business over the past 18 months. Gross
margin increased by 280 basis points to 20.9% (2017: 18.1%) driven
by controlled delivery and the underlying margin in our land bank.
Profit before tax increased by 41% to GBP60.2m (2017:
GBP42.7m).
Our balance sheet strengthened further with a move to an average
net cash position in the period of GBP6m (2017: average net debt
GBP96m), and a net cash position as at 30 June 2018 of GBP42.8m
(2017: net debt GBP32.4m). This significant improvement was
delivered through better working capital management in the period
including a further GBP10m reduction in our part exchange balance,
whilst committing the appropriate level of investment in our sites
to ensure the successful delivery of the higher weighting of
private completions in H2.
We are pleased to report we have conditionally exchanged
contracts with Clarion Housing Group for the formation of our
development at Sherford near Plymouth with a total of c. 1,500
plots to be developed, into a 50:50 joint venture ('JV'). Bovis
Homes will build, promote and sell the new homes for the JV for
which it will receive a fee.
Operational update
Strong sales position
We are focused on optimising prices whilst delivering controlled
volume growth. In the first half we introduced a revised sales
specification designed to best meet our customers' needs and drive
profitability.
We have significantly reduced our use of part exchange with 8%
(2017: 28%) of reservations in the period utilising the scheme.
Help to Buy remains at a similar level to the prior year with 36%
(2017: 34%) of reservations using it in the first half.
We are on track to deliver completions in-line with our
expectations for FY18 and are in a strong position, with 96% of
expected 2018 completions now secured.
High levels of customer service
Delivering quality new homes to our customers and a high level
of customer service that meets their expectations throughout their
entire journey with Bovis Homes remains a key strategic priority
for the Group.
We are pleased to report that our HBF Customer Satisfaction
score (1 October 2017 to date) has continued to trend at well above
80%. We continue to invest in customer service including a new
Customer Relationship Management Solution and recent membership of
the Institute of Customer Service.
Step change in build quality
Improving our build standards and delivering these higher
standards consistently across all our developments remains a key
priority, and over the past 18 months we have invested in high
quality construction directors, site managers and site teams. Our
regional management teams have embedded a far greater 'hands on'
approach and best practice is now promoted and shared across our
seven regions.
We have seen our NHBC reportable items decrease by 66% since
December 2016, and they are now slightly lower than the industry
average. We are proud to disclose that our recent NHBC Construction
Quality Review highlighted a significant step up in our build
quality and in 'getting it right first time', with the Group now
aligned to industry standards.
We are very pleased to report that six of our site managers and
site teams have been awarded NHBC Price in the Job Quality Awards
this year, up from two awards in 2017 and in-line with our highest
number since 2004.
Health and safety has also been a key area of focus and
investment and we have brought our health and safety function
in-house. This has facilitated more regular and transparent
reporting which has successfully promoted an improved culture
across the business.
People
We are committed to investing in our people and maintaining a
high quality, skilled workforce.
Most recently we launched our new trainee assistant site manager
programme which will see 12 trainees who have been selected through
our assessment process, receive an 18 month programme covering all
aspects of site management. The trainees will also receive
leadership development as part of our new bespoke Bovis Homes
Leadership Development Framework. We continue with our
apprenticeship scheme and recently recruited 36 new apprentices,
taking our total to over 80 across multidisciplinary areas.
We are delighted that the excellent work of our Training and
Learning and Development Centre has been shortlisted for a
Housebuilder Award.
High quality land supply
The Group has a high quality owned land bank with strong
fundamentals. We build traditional, standard housing in prime
locations on predominantly greenfield sites, with no exposure
within the M25. The average selling price of our owned plots is
GBP294k (2017: GBP276k), with 87% of the plots having a selling
price of less than GBP500k.
More recently, our land acquisition strategy has focused on
developing fewer larger, high value units. This will be reflected
in the average selling price within our owned land bank in the
medium term.
We continue to see good opportunities in the land market and
have been investing in our land teams as we increase our land
acquisition activity. In the first half we secured a total of 828
plots across five developments, of which 167 plots were sourced
from our strategic land bank. Since the start of July, we have
secured 243 plots on two developments and agreed terms on a further
eight developments. The land acquired in the year to date is
expected to deliver a gross margin of at least 26%.
Our strategic land bank remains an important supply of high
quality land for the Group and totalled 21,116 plots as at 30 June
2018 (30 June 2017: 21,297 plots). In the year to date, we have
secured options over 944 plots across six development opportunities
and achieved planning on 678 plots in the strategic land bank.
We have excellent visibility on our land supply which is a key
strength of the Group, with 99% and 78% of plots secured for 2019
and 2020 respectively.
New housing range
The Phoenix Collection, our new market leading housing range,
was launched in April this year. This range will not only deliver
far greater value to our customers, it will allow us to optimise
our pricing, reduce production costs and improve our build
efficiency. It will also allow us to be more competitive in the
land market.
We are replanning 61 of our developments with the new Phoenix
Collection and are making good progress, with a number of sites
already completed. First completions with the Phoenix house types
will be in Spring 2019.
Commercial
The investment in efficient systems and processes, and the
development of our commercial teams is a key priority for 2018. The
Group successfully moved on to the COINS reporting system in April
which allows for more comprehensive and consistent cost reporting
and forecasting. It increases the commercial visibility across our
sites, giving our surveyors a greater ability to pro-actively
manage costs.
Medium term targets
We are making good progress against our medium term targets
which we set 12 months ago to be achieved by 2020. We are on track
to achieve a number of these targets as early as December 2018.
Target Progress to date Timing
4* HBF customer satisfaction HBF year
rating * Trending at 4 star for HBF year 1 Oct 2017 to date to 30 Sept
2018
------------------------------------------------------------------ ------------
4,000 completions p.a. FY20
* Restructuring complete
* Maximising economies of scale from current structure
* Controlled volume growth
------------------------------------------------------------------ ------------
3.5 to 4.0 year owned Dec 2018
land bank * Contracts exchanged to divest Sherford into JV
* On track to divest Wellingborough into JV by end of
2018
------------------------------------------------------------------ ------------
23.5% gross margin with FY20
further opportunity beyond * Significant increase in margin in H1 18
2020 from new land
* Further potential from specific margin initiatives
------------------------------------------------------------------ ------------
5% administrative expense FY18
as a % of revenue * On track to deliver target in FY18
------------------------------------------------------------------ ------------
Min GBP180m net cash from Dec 2018
balance sheet restructuring * On track to deliver min. GBP180m by Dec 2018
* Special dividend of GBP60m to be paid in November
this year
------------------------------------------------------------------ ------------
25% return on capital FY20
employed * 14.5% (12 mths to end of June 2018), up 80 bps
compared to FY17
* Driven by increased profitability and reduced capital
employed
------------------------------------------------------------------ ------------
Margin initiatives
We are also making good progress with our four major margin
initiatives which were announced in March of this year:
1. Price optimisation
- Driving price optimisation across all our products and
developments reflecting priority of controlled volume growth, high
levels of customer satisfaction and increased profitability
- New commission structure introduced for Sales Advisors at
start of 2018 which is aligned to optimising prices
2. Specification review
- New sales specification launched in March 2018 - better
meeting our customer needs whilst driving profitability
- Amendments to our build specification resulting in improved quality at a lower cost
3. Cost reduction
- Costs reduced through getting it right first time, improved
build processes and better quality management
- Targeting c. 1% non-utilisation of contingency
4. New Phoenix housing range
- New housing range will both optimise prices and drive a
reduction in production costs across the Group
- Average c. 3% margin upside on re-planned units
- More competitive in the land market
Balance sheet optimisation
We have made further progress with our programme of balance
sheet optimisation and are on track to deliver a minimum of GBP180m
additional cash into the business from these initiatives by
December 2018.
We have optimised our land bank to deliver in line with our
medium term strategic plan of a 3.5 to 4.0 years owned land bank.
We are pleased to have conditionally exchanged contracts for the
disposal of our development at Sherford totalling c. 1,500 plots
into a joint venture, and expect to also dispose of a few remaining
developments that are out of our core geographic area in the second
half.
We have agreed heads of terms on a joint venture for our
development at Wellingborough which will further reduce both our
land bank and work-in-progress balances at the year-end.
Enhanced returns to shareholders
The Board is committed to maximising sustainable ordinary
dividends to shareholders. For the half year, the interim dividend
payable will be 19 pence per share, an increase of 27%. For FY18,
the Board expects to increase the total ordinary dividend by 20% to
c. 57 pence per share, reflecting the expected improvement in
profitability and strong outlook.
In addition, the Board has announced its intention to return
surplus cash to shareholders totalling GBP180m or c.134 pence per
share in the three years to 2020. The first 45 pence per share
totalling GBP60m will be paid to shareholders as a special dividend
along with the interim dividend in November 2018.
The Group will continue to be strongly cash generative and given
the balance sheet position, the Board is committed to reviewing
capacity for further returns to shareholders over time.
Market
The market fundamentals remain strong and we continue to see
good levels of demand for new homes across all our regions with
underlying pricing firm. Interest rates continue to be at historic
lows with good competition in the mortgage lending market. The
Government remains committed to increasing the supply of new homes
in the UK reflected in its policy on housing and planning and
commitment to Help to Buy.
Current trading and outlook
We expect to deliver another controlled and disciplined year end
for 2018, maintaining high levels of customer satisfaction and are
confident of delivering completions in line with our
expectations.
Following robust summer trading and with increased visibility on
margin improvement, the Group is targeting profits for FY18 to be
at a record level and at the top end of the Board's
expectations.
We are on track to deliver a minimum of GBP180 million of net
cash from our balance sheet optimisation initiatives by December
2018. Combined with increased profits, we expect to see a step up
in the Group's return on capital employed going forwards as we move
towards our FY20 target of 25%.
Financial review
Revenue
The Group generated first half total revenue of GBP432.2m (H1
2017: GBP427.8m), an increase of 1% on the prior year. Housing
revenue from legal completions was GBP415.0m (H1 2017: GBP419.4m)
with a GBP7.9m release of deferred revenue from the first disposal
of properties within our PRS JV's and other revenue of GBP3.0m (H1
2017: GBP1.5m). Land sales revenue of GBP6.3m (H1 2017: GBP6.9m)
arose from one sale completed in the period.
H1 2018 H1 2017
------------------------------- ------- -------
Units
Private legal completions 1,030 1,140
Affordable legal completions 550 372
------------------------------- ------- -------
Total legal completions 1,580 1,512
------------------------------- ------- -------
Revenue (GBPm)
Private legal completions 344.7 381.5
Affordable legal completions 70.3 37.9
------------------------------- ------- -------
Revenue from legal completions 415.0 419.4
Other revenue 3.0 1.5
Release of deferred JV revenue 7.9 -
------------------------------- ------- -------
Total housing revenue 425.9 420.9
------------------------------- ------- -------
Land sales revenue 6.3 6.9
------------------------------- ------- -------
Total revenue 432.2 427.8
------------------------------- ------- -------
The Group delivered a total of 1,580 legal completions (H1 2017:
1,512) of which 1,030 (H1 2017: 1,140) were private completions.
Affordable units totalled 550 (H1 2017: 372) and represented 34.8%
(H1 2017: 24.6%) of total completions reflecting the planned build
programme across our developments in the first half. We expect this
percentage to be c. 30% for the full year, a similar level to
FY17.The private average selling price in the period was GBP334,700
(H1 2017: GBP334,700), with underlying prices remaining firm and
some positive movement from our price optimisation initiative
launched in January, offset by changes in mix with a lower
proportion of high-end product compared to the prior year.
The total average selling price was GBP262,700 (H1 2017:
GBP277,400), reflecting the higher contribution from affordable
homes in the period.
Operating profit
Housing gross profit increased to GBP90.4m (H1 2017: GBP77.2m)
with a housing gross margin of 21.2% (H1 2017: 18.3%) reflecting
the improving operational performance of the business, our margin
initiatives and improving underlying margin in the landbank.
Construction cost increased by 6.6% to GBP146 (H1 2017: GBP137) per
square foot in the first half of which we estimate an increase of
approximately 4% from labour and material cost inflation.
The land sale completed in the period related to our development
in Barming, releasing capital back into the business. Further land
sales are expected in the second half of FY18 focused on optimising
our land bank and capital returns, including the first land sale at
our Wellingborough site which completed during July.
Administrative expenses totalled GBP27.3m (H1 2017: GBP28.8m
pre-exceptionals) representing 6.3% (H1 2017: 6.7%) of Group
revenue. This reduced level of administrative costs reflects a
stable business and the restructuring in the second half of 2017 to
reduce from 8 operating regions to 7.
The Group operating profit in the first half was GBP63.1m (H1
2017: GBP48.6m pre-exceptionals) with an operating profit margin of
14.6% (H1 2017: 11.4% pre-exceptionals).
Financing
Net finance costs for the period were GBP2.9m (H1 2017:
GBP3.2m). This reduction was driven by a significant reduction in
the Group's borrowings in the period reflecting our balance sheet
optimisation initiatives, offset by the removal of imputed interest
income following disposal of the Group's shared equity portfolio in
2017.
Profit before tax and earnings per share
Profit before tax of GBP60.2m (H1 2017: GBP42.7m) comprised
operating profit of GBP63.1m (H1 2017: GBP45.8m), net financing
charge of GBP2.9m (H1 2017: GBP3.2m) with no profit from the
Group's share of joint ventures (H1 2017: GBP0.1m).
Taxation
The tax charge was GBP11.5m (H1 2017: GBP8.2m) representing an
effective tax rate of 19% (H1 2017: 19%), in line with the
underlying corporation tax rate.
Dividends
An interim dividend of 19.0 pence per share (H1 2017: 15.0p) has
been declared along with a special dividend of GBP60m (45 pence per
share). Both dividends will be paid on 23 November 2018 to holders
of ordinary shares on the register at the close of business on 28
September 2018. The dividend reinvestment plan, introduced in 2012,
gives shareholders the opportunity to reinvest their dividend.
Land
H1 2018 H1 2017
--------------------------------------- ---------- ----------
Consented plots added 505 2,337
Sites added 4 9
Sites owned at period end 107 123
Plots in consented land bank at period
end 16,107 19,341
--------------------------------------- ---------- ----------
Average consented land plot ASP GBP294,000 GBP276,000
Average consented land plot cost GBP51,000 GBP52,000
--------------------------------------- ---------- ----------
We continue to have good visibility on our land supply with 505
plots on four sites added to our consented land bank in the first
half with a further 323 plots on one site secured at the period
end.
The estimated embedded gross margin in the consented land bank
as at 30 June 2018, based on prevailing sales prices and build
costs is 23.6% (31 December 2017: 23.2%).
Our strategic landbank remains a valuable source of land. In the
first half we gained planning consent on a total of 678 plots and
we entered into five new options with a further new option now
secured.
Net assets
Net assets per share as at 30 June 2018 were 787p as compared to
756p at 30 June 2017.
GBPm 2018 2017
----------------------------------------- ------- -------
Net assets at 1 January 1,056.6 1,015.9
Profit after tax for the six months 48.7 34.5
Share capital issued 0.8 0.1
Purchase of own shares 0.0 (2.6)
Net actuarial movement on pension scheme
through reserves (1.9) 6.1
Adjustment to reserves for share-based
payments 0.7 0.2
Shared equity reserve movement 0.0 0.2
Dividends paid (43.6) (40.3)
----------------------------------------- ------- -------
Net assets at 30 June 1,061.3 1,014.1
----------------------------------------- ------- -------
As at 30 June 2018, net assets were GBP4.7m higher than at the
start of the year. Inventories decreased during the six months by
GBP17.0m to GBP1,305.0m, with the value of the land bank decreasing
by GBP81.5m to GBP831.9m partially offset by work in progress
increasing by GBP64.5m to GBP473.1m driven by continued investment
at Wellingborough and investment to deliver the higher weighting of
completions in H2. Trade and other receivables increased by
GBP21.3m to GBP98.9m due to increases in land sale debtors, monies
owed by Housing Associations, and other debtors.
Investments reduced by GBP1.6m to GBP7.1m following two bulk
disposals within our PRS Joint Ventures as we pursue our strategy
to exit these two ventures.
Trade and other payables totalled GBP382.8m (31 December 2017:
GBP478.2m). Land creditors represented GBP195.6m (31 December 2017:
GBP246.7m), with GBP107.7m being payable in the next 12 months (31
December 2017: GBP168.3m).
Trade and other creditors were GBP187.2m (31 December 2017:
GBP231.5m), reflecting the timing of payments to the Group's supply
chain partners.
Pensions
The Group closed its defined benefit pension scheme to new
accrual on 28 February 2018. It has an IAS 19 pension scheme
surplus of GBP4.8m as at 30 June 2018 (31 December 2017: GBP2.1m
surplus). Scheme assets grew over the six months to GBP127.7m from
GBP126.4m. Scheme liabilities decreased to GBP122.9m from
GBP124.3m. The movement on the scheme in the six months primarily
relates to a GBP5.5m special contribution agreed along with the
closure of the scheme.
Cash
The Group had net cash as at 30 June 2018 of GBP42.8m (30 June
2017: GBP32.4m net debt). In the first six months the Group
generated an operating cash inflow before land expenditure of
GBP41.5m (H1 2017: GBP100.4m) reflecting a GBP58.9m reduction in
housing receipts largely due to the timing of cash received from
our affordable completions. Net payments in H1 2018 associated with
land purchases less cash recoveries on land sales were GBP80.7m (H1
2017: GBP120.1m). With a cash outflow from non-trading activities
totalling GBP62.9m (H1 2017: GBP51.3m) including the dividend
payment of GBP43.6m (H1 2017: GBP40.3m), the overall net cash
outflow for the six months ended 30 June 2018 was GBP102.1m (H1
2017: GBP71.0m).
Principal risks and uncertainties
The Group is subject to a number of risks and uncertainties as
part of its activities. The Board regularly considers these and
seeks to ensure that appropriate processes are in place to manage,
monitor and mitigate these risks. The directors consider that the
principal risks and uncertainties facing the Group remain those
that are outlined on pages 30 to 33 of the Annual Report and
Accounts 2017, including the ongoing negotiations regarding a final
Brexit deal, which is available from www.bovishomesgroup.co.uk. The
Group has in place processes to monitor and mitigate these
risks.
Group income statement
Six months ended Six months Year ended
ended
===================================================
30 June 2018 30 June 2017 31 Dec
2017
===================================================
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
=================================================== ================ ================== ==============
Revenue 432,223 427,791 1,028,223
=================================================== ================ ================== ==============
Cost of sales (341,826) (350,362) (843,572)
=================================================== ================ ================== ==============
Gross profit 90,397 77,429 184,651
=================================================== ================ ================== ==============
Administrative expenses before exceptional
items (27,276) (28,854) (56,619)
=================================================== ================ ================== ==============
Exceptional administrative expenses
(1) - (2,800) (6,812)
=================================================== ================ ================== ==============
Administrative expenses (27,276) (31,654) (63,431)
=================================================== ================ ================== ==============
Operating profit before exceptional
items 63,121 48,575 128,032
=================================================== ================ ================== ==============
Exceptional items - (2,800) (6,812)
=================================================== ================ ================== ==============
Operating profit 63,121 45,775 121,220
=================================================== ================ ================== ==============
Financial income 301 1,218 1,337
=================================================== ================ ================== ==============
Financial expenses (3,225) (4,409) (8,536)
=================================================== ================ ================== ==============
Net financing costs (2,924) (3,191) (7,199)
=================================================== ================ ================== ==============
Share of profit of Joint Ventures - 131 (20)
=================================================== ================ ================== ==============
Profit before tax 60,197 42,715 114,001
=================================================== ================ ================== ==============
Income tax expense (11,523) (8,209) (22,706)
=================================================== ================ ================== ==============
Profit for the period attributable to
equity holders of the parent 48,674 34,506 91,295
=================================================== ================ ================== ==============
Earnings per share
=================================================== ================ ================== ==============
Basic 36.1p 25.7p 68.0p
=================================================== ================ ================== ==============
Diluted 36.0p 25.7p 67.8p
=================================================== ================ ================== ==============
(1) Exceptional administrative items of GBP6,812,000 were
incurred during the period to 31 December 2017 (six months ended 30
June 2017:
GBP2,800,000). These costs related to the advisory fees
resulting from the approaches from Redrow Plc and Galliford Try Plc
and costs related to the strategic restructuring of the business.
Further details can be found on page 122 of the Group's Annual
Report and Accounts 2017. There were no exceptional administrative
items for the period to 30 June 2018.
Group statement of comprehensive income
Six months Six months Year ended
ended ended
30 June 2018 30 June 2017 31 Dec
2017
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
=============================================== ============ ================= ==================
Profit for the period 48,674 34,506 91,295
=============================================== ============ ================= ==================
Other comprehensive income
=============================================== ============ ================= ==================
Items that will not be reclassified to the
income statement
=============================================== ============ ================= ==================
Remeasurements on defined benefit pension
scheme (2,358) 7,361 9,286
=============================================== ============ ================= ==================
Deferred tax on actuarial remeasurements
on defined benefit pension scheme 456 (1,263) (1,630)
=============================================== ============ ================= ==================
Items reclassified to the income statement
=============================================== ============ ================= ==================
Available for sale reserve movement - 227 1,696
=============================================== ============ ================= ==================
Deferred tax on available for sale reserve
movement - (38) (288)
=============================================== ============ ================= ==================
Total comprehensive income for the period
attributable to equity holders of the parent 46,772 40,793 100,359
=============================================== ============ ================= ==================
30 June 2018 30 June 31 Dec
2017 2017
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
===================================== ============ ============= ================
Assets
===================================== ============ ============= ================
Property, plant and equipment 4,758 10,505 2,603
===================================== ============ ============= ================
Investments 7,135 8,931 8,717
===================================== ============ ============= ================
Restricted cash 1,412 1,444 1,414
===================================== ============ ============= ================
Trade and other receivables 1,426 5,675 832
===================================== ============ ============= ================
Retirement benefit asset 4,783 451 2,111
===================================== ============ ============= ================
Total non-current assets 19,514 27,006 15,677
===================================== ============ ============= ================
Inventories 1,305,014 1,492,206 1,321,952
===================================== ============ ============= ================
Trade and other receivables 97,420 84,522 76,686
===================================== ============ ============= ================
Available for sale financial assets - 23,821 -
===================================== ============ ============= ================
Cash and cash equivalents 78,598 52,566 170,062
===================================== ============ ============= ================
Total current assets 1,481,032 1,653,115 1,568,700
===================================== ============ ============= ================
Total assets 1,500,546 1,680,121 1,584,377
===================================== ============ ============= ================
Equity
===================================== ============ ============= ================
Issued capital 67,388 67,273 67,330
===================================== ============ ============= ================
Share premium 216,769 215,164 215,991
===================================== ============ ============= ================
Retained earnings 777,114 731,670 773,255
===================================== ============ ============= ================
Total equity attributable to equity
holders of the parent 1,061,271 1,014,107 1,056,576
===================================== ============ ============= ================
Liabilities
===================================== ============ ============= ================
Bank and other loans 35,807 - 25,209
===================================== ============ ============= ================
Deferred tax liability 1,023 1,584 570
===================================== ============ ============= ================
Trade and other payables 105,233 141,080 93,089
===================================== ============ ============= ================
Provisions - 812 812
===================================== ============ ============= ================
Total non-current liabilities 142,063 143,476 119,680
===================================== ============ ============= ================
Bank loans - 84,949 -
===================================== ============ ============= ================
Trade and other payables 277,618 420,653 385,079
===================================== ============ ============= ================
Provisions 5,563 6,316 6,187
===================================== ============ ============= ================
Current tax liabilities 14,031 10,620 16,855
===================================== ============ ============= ================
Total current liabilities 297,212 522,538 408,121
===================================== ============ ============= ================
Total liabilities 439,275 666,014 527,801
===================================== ============ ============= ================
Total equity and liabilities 1,500,546 1,680,121 1,584,377
===================================== ============ ============= ================
These condensed consolidated interim financial statements were
approved by the Board of directors on 6 September 2018.
Total
retained Issued Share
earnings capital premium Total
============================
GBP000 GBP000 GBP000 GBP000
============================ ====================================== =============== ================ =============
Balance at 1 January 2018 773,255 67,330 215,991 1,056,576
============================ ====================================== =============== ================ =============
Total comprehensive income
and
expense 46,772 - - 46,772
============================ ====================================== =============== ================ =============
Issue of share capital - 58 778 836
============================ ====================================== =============== ================ =============
Share based payments 707 - - 707
============================ ====================================== =============== ================ =============
Deferred tax on share based
payments 25 - - 25
============================ ====================================== =============== ================ =============
Dividends paid to
shareholders (43,645) - - (43,645)
============================ ====================================== =============== ================ =============
Balance at 30 June 2018
(unaudited) 777,114 67,388 216,769 1,061,271
============================ ====================================== =============== ================ =============
Balance at 1 January 2017 733,609 67,261 215,057 1,015,927
============================ ====================================== =============== ================ =============
Total comprehensive income
and
expense 40,793 - - 40,793
============================ ====================================== =============== ================ =============
Issue of share capital - 12 107 119
============================ ====================================== =============== ================ =============
Purchase of own shares (2,575) - - (2,575)
============================ ====================================== =============== ================ =============
Share based payments 127 - - 127
============================ ====================================== =============== ================ =============
Deferred tax on share based
payments 16 - - 16
============================ ====================================== =============== ================ =============
Dividends paid to
shareholders (40,300) - - (40,300)
============================ ====================================== =============== ================ =============
Balance at 30 June 2017
(unaudited) 731,670 67,273 215,164 1,014,107
============================ ====================================== =============== ================ =============
Balance at 1 January 2017 733,609 67,261 215,057 1,015,927
============================ ====================================== =============== ================ =============
Total comprehensive income
and
expense 100,359 - - 100,359
============================ ====================================== =============== ================ =============
Issue of share capital - 69 934 1,003
============================ ====================================== =============== ================ =============
Purchase of own shares (2,575) - - (2,575)
============================ ====================================== =============== ================ =============
Share based payments 2,243 - - 2,243
============================ ====================================== =============== ================ =============
Deferred tax on share based
payments 49 - - 49
============================ ====================================== =============== ================ =============
Dividends paid to
shareholders (60,430) - - (60,430)
============================ ====================================== =============== ================ =============
Balance at 31 December 2017
(audited) 773,255 67,330 215,991 1,056,576
============================ ====================================== =============== ================ =============
Six months Six months Year ended
ended ended 31 Dec
2017
==============================================
30 June 2018 30 June GBP000
2017
==============================================
GBP000 GBP000 (audited)
============================================== ============ ==================== ===============
Cash flows from operating activities
============================================== ============ ==================== ===============
Profit for the period 48,674 34,506 91,295
============================================== ============ ==================== ===============
Depreciation 241 761 1,514
============================================== ============ ==================== ===============
Revaluation of available for sale assets - 1,355 1,355
============================================== ============ ==================== ===============
Available for sale reserve reclassified
on disposal - 227 1,696
============================================== ============ ==================== ===============
Financial income (301) (1,218) (1,337)
============================================== ============ ==================== ===============
Financial expense 3,225 4,409 8,536
============================================== ============ ==================== ===============
Loss/(profit) on sale of property, plant
and equipment 68 (1,057) (4,117)
============================================== ============ ==================== ===============
Equity-settled share-based payment expense 685 127 2,243
============================================== ============ ==================== ===============
Income tax expense 11,523 8,209 22,706
============================================== ============ ==================== ===============
Share of results of Joint Venture - (131) 20
============================================== ============ ==================== ===============
Decrease in available for sale financial
assets - - 27,577
============================================== ============ ==================== ===============
(Increase)/decrease in trade and other
receivables (21,638) 4,309 13,232
============================================== ============ ==================== ===============
Decrease/(increase) in inventories 15,197 (45,845) 122,097
============================================== ============ ==================== ===============
(Decrease) in trade and other payables (95,989) (21,098) (104,664)
============================================== ============ ==================== ===============
(Decrease) in provisions and employee
benefits (6,410) (3,731) (3,685)
============================================== ============ ==================== ===============
Net cash (used in)/generated from operations (44,725) (19,177) 178,468
============================================== ============ ==================== ===============
Interest paid (1,306) (1,540) (3,250)
============================================== ============ ==================== ===============
Income taxes paid (13,437) (9,215) (19,074)
============================================== ============ ==================== ===============
Net cash (used in)/generated from operating
activities (59,468) (29,932) 156,144
============================================== ============ ==================== ===============
Cash flows from investing activities
============================================== ============ ==================== ===============
Interest received 221 92 142
============================================== ============ ==================== ===============
Acquisition of property, plant and equipment (2,452) (589) (1,371)
============================================== ============ ==================== ===============
Proceeds from sale of plant and equipment - 2,250 13,237
============================================== ============ ==================== ===============
Movement in loans with Joint Ventures 1,895 - -
============================================== ============ ==================== ===============
Movement of investment in Joint Ventures 528 - 32
============================================== ============ ==================== ===============
Dividends received from Joint Ventures - - 119
============================================== ============ ==================== ===============
Net cash generated from investing activities 192 1,753 12,159
============================================== ============ ==================== ===============
Cash flows from financing activities
============================================== ============ ==================== ===============
Dividends paid (43,645) (40,300) (60,430)
============================================== ============ ==================== ===============
Proceeds from the issue of share capital 859 119 1,003
============================================== ============ ==================== ===============
Purchase of own shares - (2,575) (2,575)
============================================== ============ ==================== ===============
Drawdown of borrowings 10,598 84,949 25,209
============================================== ============ ==================== ===============
Net cash (used in)/generated from financing
activities (32,188) 42,193 (36,793)
============================================== ============ ==================== ===============
Net (decrease)/increase in cash and
cash equivalents (91,464) 14,014 131,510
============================================== ============ ==================== ===============
Cash and cash equivalents at start of
period 170,062 38,552 38,552
============================================== ============ ==================== ===============
Cash and cash equivalents at end of
period 78,598 52,566 170,062
============================================== ============ ==================== ===============
1 Basis of preparation
Bovis Homes Group PLC ('the Company') is a company domiciled in
the United Kingdom. The condensed consolidated interim financial
statements of the Company for the six months ended 30 June 2018
comprise the Company and its subsidiaries (together referred to as
'the Group') and the Group's interest in joint ventures.
The condensed consolidated interim financial statements were
authorised for issue by the directors on 6 September 2018. The
financial statements are unaudited but have been reviewed by
PricewaterhouseCoopers LLP the Company's auditors.
The condensed consolidated interim financial statements do not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006.
The figures for the half years ended 30 June 2018 and 30 June
2017 are unaudited. The comparative figures for the financial year
ended 31 December 2017 are an extract from the Group's statutory
accounts for that financial year. Those accounts have been reported
on by the
Company's auditors and delivered to the Registrar of Companies.
The report of the auditors was (i) unqualified, (ii) did not
include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under Section 498 (2) or (3) of
the Companies Act 2006.
The preparation of a condensed set of financial statements
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amount of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
Judgements made by management in the application of adopted
International Financial Reporting Standards (IFRSs) that have a
significant effect on the financial statements and estimates with a
significant risk of material adjustment in following years have
been reviewed by
the directors and, other than the estimated half year income tax
expense, remain those published in the Company's consolidated
financial statements for the year ended
31 December 2017.
The condensed consolidated interim financial statements have
been prepared in accordance with IAS34 'Interim Financial
Reporting' as endorsed by the EU. As required by the Disclosure and
Transparency Rules of the Financial Conduct Authority, and with the
exception of the changes in accounting policies outlined below, the
condensed consolidated interim financial statements have been
prepared by applying the accounting policies and presentation that
were applied in the preparation of the Company's published
consolidated financial statements for the year ended 31 December
2017, which were prepared in accordance with IFRSs as adopted by
the EU.
As set out on page 121 in the Group's 2017 Annual Report and
Accounts, the following standards became effective for the first
time for the period beginning 1 January 2018 without material
impact on the Group's reported results:
-- IFRS9 'Financial instruments' replaces IAS39 'Financial
Instruments: Recognition and Measurement': the Group has reviewed
its receivables and is comfortable that no further credit loss
provision is required as a result of the new standard.
-- IFRS 15, 'Revenue from contracts with customers' replaces IAS
18 'Revenue' and IAS 11 'Construction contracts', setting out new
revenue recognition criteria particularly with regard to
performance obligations: the Group has reviewed its revenue from
contracts, particularly those with housing associations, during the
period and the new standard has not had a significant impact on
reported revenue.
-- Amendment to IFRS 2 'Share-based payments'
-- Amendment to IFRS 4 'Insurance Contracts' regarding the
implementation of IFRS 9 'Financial Instruments'
-- Amendment to IAS 40 'Investment Property'
-- Annual Improvements 2014-2016
As also set out in the Group's 2017 Annual Report and Accounts,
IFRS16 'Leases' replaces IAS17 'Leases' and is effective from 1
January 2019. The new standard requires all assets held by the
Group under lease agreements of greater than 12 months in duration
to be recognised as assets within the Balance Sheet, unless they
are considered to be of low value. Similarly, the present value of
future payments to be made under those lease agreements must be
recognised as a liability. It is expected that the implementation
of the standard will increase both the assets and liabilities of
the Group but will not have a material impact on its net assets.
The Group will continue to work on preparing for the implementation
of the new standard and further disclosure will be made in the 2018
Annual Report and Accounts.
Exceptional items are those which, in the opinion of the Board,
are material by size and non-recurring in nature and therefore
require separate disclosure within the income statement in order to
assist the users of the financial statements in understanding the
underlying business performance of the Group.
The directors are satisfied that the Group has sufficient
resources to continue in operation for the foreseeable future, a
period of not less than 12 months from the date of this report.
Accordingly they continue to adopt the going concern basis in
preparing the condensed consolidated interim financial
statements.
2 Seasonality
In common with the rest of the UK housebuilding industry,
activity occurs year round, but there are two principal selling
seasons: spring and autumn. As these fall into two separate half
years, the seasonality of the business is not pronounced, although
it is biased towards the second half of the year under normal
trading conditions.
3 Segmental reporting
All revenue and profits disclosed relate to continuing
activities of the Group and are derived from activities performed
in the United Kingdom.
The Chief Operating Decision Maker, which is the Board, notes
that the Group's main operation is that of a housebuilder and it
operates entirely within the United Kingdom. There are no separate
segments, either business or geographic to disclose, having taken
into account the aggregation criteria of IFRS8.
4 Earnings per share
Six months ended Six months Year ended
ended
============================
30 June 2018 30 June 2017 31 Dec
2017
============================
Pence Pence Pence
(unaudited) (unaudited) (audited)
============================ ================ ============ ==========
Basic earnings per share 36.1 25.7 68.0
============================ ================ ============ ==========
Diluted earnings per share 36.0 25.7 67.8
============================ ================ ============ ==========
Basic earnings per share
Basic earnings per ordinary share for the six months ended 30
June 2018 is calculated on a profit after tax of GBP48,674,000 (six
months ended 30 June 2017: profit after tax of GBP34,506,000; year
ended 31 December 2017: profit after tax of GBP91,295,000) over the
weighted average of 134,856,833 (six months ended 30 June 2017:
134,202,914; year ended 31 December 2017: 134,246,134) ordinary
shares in issue during the period.
Diluted earnings per share
The calculation of diluted earnings per share at 30 June 2018
was based on the profit attributable to ordinary shareholders of
GBP48,674,000 (six months ended 30 June 2017: profit after tax of
GBP34,506,000; year ended 31 December 2017: profit after tax of
GBP91,295,000).
The Group's diluted weighted average ordinary shares potentially
in issue during the six months ended 30 June 2018 was 135,102,116
(six months ended 30 June 2017: 134,337,216 year ended 31 December
2017: 134,566,722).
5 Dividends
The following dividends per qualifying ordinary share were
settled by the Group.
Six months Six months Year ended
ended ended 31 Dec
2017
===================================
30 June 2018 30 June GBP000
2017
===================================
GBP000 GBP000 (audited)
=================================== ============ ==================== ==============
May 2018: 32.5p (May 2017: 30.0p) 43,645 40,300 40,300
=================================== ============ ==================== ==============
November 2017: 15.0p - - 20,130
=================================== ============ ==================== ==============
43,645 40,300 60,430
=================================== ============ ==================== ==============
The Board determined on 6 September 2018 that an interim
dividend of 19.0p for 2018 be paid, along with a special dividend
of 45.0p]. Both dividends will be settled on 23 November 2018 to
shareholders on the register at the close of business on 28
September 2018. These dividends have not been recognised as a
liability at the balance sheet date.
6 Available for sale assets
Available for sale financial assets - shared equity
As detailed on pages 125 and 126 of the Group's 2017 Annual
Report and Accounts, the entire available for sale portfolio of
assets was disposed during the year ended 31 December 2017.
7 Related party transactions
Transactions between fellow subsidiaries, which are related
parties, during the first half of 2018 have been eliminated on
consolidation, as have transactions between the Company and its
subsidiaries during this period. The Group's joint ventures are
disclosed in the Group's Annual Report and Accounts 2017.
Transactions between the Group and key management personnel in
the first half of 2018 were limited to those relating to
remuneration, previously disclosed as part of the Group's Report on
directors' remuneration published with the Group's Annual Report
and Accounts 2017.
Mr Greg Fitzgerald, appointed Group Chief Executive on 18 April
2017, is non-executive Chairman of Ardent Hire Solutions
("Ardent"). The Group hires forklift trucks from Ardent and also
undertook a sale of forklift trucks to Ardent during the year ended
31 December 2017 as part of its balance sheet optimisation
initiatives.
The total net value of transactions with Ardent were as
follows:
Six months ended Six months Year ended
ended
======================================
30 June 2018 30 June 2017 31 Dec
2017
======================================
GBP000 GBP000 GBP000
(unaudited) (unaudited) (audited)
====================================== ================ ============ =============
Rental expenses paid to Ardent 875 704 1,413
====================================== ================ ============ =============
Income received from Ardent for sale
of forklifts - 2,250 2,287
====================================== ================ ============ =============
The balance of income receivable from Ardent at 30 June 2018 is
GBPnil (30 June 2017: GBP2,000,000; 31 December 2017: GBPnil). The
balance of rental expenses payable to Ardent at 30 June 2018 was
GBP4,000 (30 June 2017: GBP127,000; 31 December 2017:
GBP160,000).
There have been no other related party transactions in the first
six months of the current financial year which have materially
affected the financial performance or position of the Group, and
which have not been disclosed.
Transactions with Joint Ventures
Bovis Homes Limited is contracted to provide property and
letting management services to Bovis Peer LLP. Fees charged in the
period, inclusive
of VAT, were GBP65,771 (six months ended 30 June 2017:
GBP80,000; year ended 31 December 2017: GBP169,000). None of these
fees are outstanding at 30 June 2018 (30 June 2017: nil; 31
December 2017: nil).
Bovis Homes Limited is part of a Joint Venture, IIH Oak
Investors LLP, to invest in private rental homes. As at 30 June
2018 loans of GBP1,668,414 (30 June 2017: GBP3,503,504; 31 December
2017: GBP3,714,314) were in place with IIH Oak Investors LLP at an
interest rate of 6%. Interest charges made in respect of the loans
were GBP67,000 (six months ended 30 June 2017: GBP106,000; year
ended 31 December 2017: GBP214,000).
8 Reconciliation of net cash flow to net cash
Six months Six months Year ended
ended ended 31 Dec
2017
=====================================
30 June 30 June GBP000
=====================================
2018 2017 (audited)
===================================== ========== ================== ================
Net (decrease)/increase in cash and
cash equivalents (91,464) 14,014 131,510
===================================== ========== ================== ================
Drawdown of borrowings (10,598) (84,949) (25,209)
===================================== ========== ================== ================
Net cash at start of period 144,853 38,552 38,552
===================================== ========== ================== ================
Net cash/(debt) at end of period 42,791 (32,383) 144,853
===================================== ========== ================== ================
Analysis of net cash:
===================================== ========== ================== ================
Cash 78,598 52,566 170,062
===================================== ========== ================== ================
Bank and other loans (35,807) (84,949) (25,209)
===================================== ========== ================== ================
Net cash/(debt) 42,791 (32,383) 144,853
===================================== ========== ================== ================
9 Further information
Further information on Bovis Homes Group PLC can be found on the
Group's corporate website www.bovishomesgroup.co.uk, including the
analyst presentation document which will be presented at the
Group's results meeting on 6 September 2018.
Statement of directors' responsibilities
The directors' confirm that these condensed interim financial
statements have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
The directors of Bovis Homes Group PLC are listed in the Bovis
Homes Group PLC Annual Report for 31 December 2017, with the
exception of the following change in the period: Alastair Lyons
retired from the Board at the Company's AGM on 23 May 2018. A list
of current directors is maintained on the Bovis Homes Group PLC
website: www.bovishomesgroup.co.uk.
For and on behalf of the Board,
Greg Fitzgerald Earl Sibley
Chief Executive Group Finance Director
6 September 2018
Report on the condensed consolidated interim financial
statements
Our conclusion
We have reviewed Bovis Homes Group PLC's condensed consolidated
interim financial statements (the "interim financial statements")
in the Half Year report of Bovis Homes Group PLC for the six month
period ended 30 June 2018. Based on our review, nothing has come to
our attention that causes us to believe that the interim financial
statements are not prepared, in all material respects, in
accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
What we have reviewed
The interim financial statements comprise:
-- the Group balance sheet as at 30 June 2018;
-- the Group income statement and Group statement of
comprehensive income for the period then ended;
-- the Group statement of cash flows for the period then ended;
-- the Group statement of changes in equity for the period then ended; and
-- the explanatory notes to the interim financial statements.
The interim financial statements included in the Half Year
report have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
As disclosed in Note 1 to the interim financial statements, the
financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Group is
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the directors
The Half Year report, including the interim financial
statements, is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the Half
Year results in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Our responsibility is to express a conclusion on the interim
financial statements in the Half Year results report based on our
review. This report, including the conclusion, has been prepared
for and only for the company for the purpose of complying with the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Half Year
results and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
PricewaterhouseCoopers LLP Chartered Accountants
London-
6 September 2018
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SSUFAIFASEFU
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