ELTA.L Regulatory News (ELTA)

8 Jun 2006 07:02

Electra Private Equity PLC08 June 2006 EMBARGOED UNTIL 07:00 AM, THURSDAY 8 JUNE 2006 ELECTRA PRIVATE EQUITY PLC (Formerly Electra Investment Trust PLC) Announcement of Interim Results for six months ended 31 March 2006 • Continued growth in net asset value - up 18.4% over 6 months to 1,417p per share at 31 March 2006 - Unaudited net asset value per share at 31 May 2006 of 1,393p • Share price outperformance relative to FTSE All-Share Index - Electra rose by 17.2% versus an Index increase of 11.0% over 6 months • Busy 6 months of investment activity - £60m invested and £176m realised • £109 million invested over 12 months to 31 March 2006 and outstanding commitments to invest of £75m at 31 March 2006. Commenting on the Interim Results, Sir Brian Williamson, Chairman, said: "The strong performance achieved by Electra during the year ended 30 September2005 continued for the six months to 31 March 2006 with significant growth innet asset value and a good share price performance. The Board is finalising a review of Electra's investment strategy and the termsof its management arrangements with Electra Partners. The Board expects to be ina position to present proposals arising from this review to shareholdersshortly. Electra continues to perform well and has had an excellent six months. The Boardbelieves that Electra, with its organisation and position in the marketplace,will be able to continue to deliver an attractive return to shareholders." For further information: Sir Brian Williamson, Chairman, Electra Private Equity PLC 020 7306 3883Hugh Mumford, Chief Executive, Electra Partners Limited 020 7214 4200Nick Miles, M: Communications 020 7153 1535 Net Asset Value Per Share 31 March 2006 30 September 2005 31 May 2006-------------------------------------------- ----------------- -----------Net asset value per share 1,417.42p 1,197.22p* 1,392.88pIncrease since 30 September 2005 18.4% **Increase in FTSE All-Share Index since 30 September 2005 11.0% * As restated for IFRS as explained in the Basis of Accounting.** After payment of special dividend of 20p per share The unaudited net asset value per share at 31 May 2006 was calculated on thebasis of the net asset value at 31 March 2006 adjusted to reflect the purchasesand sales of investments, currency movements and bid values on that day inrespect of listed investments. A copy of the Chairman's Statement, Investment Manager's Review and the InterimAnnouncement are attached. Chairman's Statement The strong performance achieved by Electra during the year ended 30 September2005 continued for the six months to 31 March 2006 with significant growth innet asset value and a good share price performance. Over the six months the netasset value per share has increased by 18.4%, from 1197p to 1417p. In December2005 Electra announced the intention to pay a special dividend of 20p per sharewhich was paid in March 2006. Together with the special dividend, Electraachieved a total return to shareholders of 20.2% for the six months. Over thesame period the share price increased by 17.2% while the FTSE All-Share Indexincreased by 11.0%. The six months was a busy investment period and £60 million was invested. In thetwelve months to 31 March 2006, £109 million was invested and there wereoutstanding commitments to invest of £75 million at 31 March 2006. Realisationsalso continued at a significant level with proceeds from investments amountingto £176 million in the six months and £344 million for the twelve months to 31March 2006. The six months saw new investments in SAV Credit and Bizspace UnitTrust, as well as a further investment in Capital Safety Group. The mostsignificant realisation in the six months was that of Inchcape ShippingServices. Full details of the investment activity for the six months areincluded in the Investment Manager's Review. Change of Name Following approval at the Annual General Meeting in February 2006 Electrachanged its name to Electra Private Equity PLC to emphasise Electra's focus oninvesting in private equity. On-Market Purchases of Shares Under the general authority granted by shareholders, Electra made on-marketpurchases of 2.8 million shares in the six months at an aggregate cost of £36.1million representing an average price of £12.83 per share. International Financial Reporting Standards ("IFRS") Under IFRS the special dividend of 20p per share, paid to shareholders on 10March 2006, has been charged to the Revenue Account in respect of the six monthaccounting period to 31 March 2006 in which the dividend was paid. Anappropriate adjustment has been made to the comparative figures for the yearended 30 September 2005 which had, under the previous accounting standard,included this amount. Further details are given in the Financial Statements. Board of Directors During the last six months the Nomination Committee has continued its search fornew Directors of Electra. We now have a short list of candidates and I hopethese appointments will be completed by the end of the year. Investment Strategy and Investment Management Arrangements The Board is finalising a review of Electra's investment strategy and the termsof its management arrangements with Electra Partners. The Board expects to be ina position to present proposals arising from this review to shareholdersshortly. Outlook Electra continues to perform well and has had an excellent six months. The Boardbelieves that Electra, with its organisation and position in the marketplace,will be able to continue to deliver an attractive return to shareholders. Sir Brian Williamson7 June 2006 Investment Manager's Review Investment Portfolio Analysis Summary of Changes to Investment Portfolio Six months ended 31 March 2006 2005 £'000 £'000------------------ ------------------ ------------------Opening Valuation 353,274 413,088Investments 59,871 33,584Realisations (176,297) (82,201)Change in valuation 106,847 58,562Closing valuation* *343,695 423,033------------------ ------------------ ------------------ * The above investment portfolio at 31 March excludes accrued income (2006:£2,723,000; 2005: £16,106,000) and investments in floating rate notes (2006:£390,086,000, 2005: £165,026,000). In the six months to 31 March 2006, Electra's net asset value per shareincreased from 1197p per share to 1417p per share, an increase of 18.4%. Thisexceptional performance resulted primarily from the high level of realisationsduring the six month period giving rise to substantial realised gains in excessof opening fair value. Realisations from the portfolio amounted to £176 millionin the period and £60 million was invested in new investments and portfoliocompanies. Net realisations from the portfolio thus amounted to £116 millionalthough the reduction of the overall portfolio was largely offset by capitalappreciation of £107 million. The value of the portfolio at 31 March 2006 wasthus only £9 million less than at the start of the period. Geographically 73% of the investment portfolio is in the UK and Europe, 14% inUSA, 11% in Asia and 2% in South America. Current Operations and Outlook With the strong level of realisations achieved in the past eighteen monthsElectra now has substantial funds available for new investment and furtherfunding into portfolio companies. Current dealflow has been encouraging althoughthe market remains very competitive and the search for good value ischallenging. However, with its flexible investment policy, Electra is able tofocus on those sectors where competition is less pronounced. Investment Portfolio Review New Investments In the six month period, investments totalled £60 million compared to £34million in the corresponding period of the previous year. The increase ininvestment rate has resulted from the high level of realisations achieved inrecent periods which has led to a greater level of funds being available forinvestment. New portfolio investments included SAV Credit (£15 million) andBizspace Unit Trust ("BUT") (£5.8 million), a further investment of £18 millionin the refinancing and restructuring of Capital Safety and £17.9 million drawndown under commitments to private equity funds. SAV Credit was a company set up in 2001 to serve the sub-prime or non-standardcredit card market through the 'aqua' card. The company has grown rapidly andElectra's investment was made to fund further growth. Electra's investment mayincrease by a further £10 million to a total of £25 million under certaincircumstances. BUT is a joint venture set up as a provider to small and mediumsized businesses of offices, light industrial space and storage on lettings ofthree to twelve months. Electra committed £15 million to this joint venture, ofwhich £5.8 million has been drawn. During the period Electra reinvested £18 million in the restructuring of CapitalSafety Group as this represented an excellent investment opportunity. The marketplace for new investment remains fully priced and competitive.However, Electra, with its flexible mandate remains well placed to identifyattractive investment opportunities. Realisations Investment proceeds from the portfolio for the six month period amounted to £176million, more than double the level achieved in the corresponding period of theprevious year. This very high level of realisation reflected a marketplace whichcontinued to be favourable for the sale of portfolio companies. By far the most significant realisation was that of Inchcape Shipping Services.This investment was originally purchased in 1999 for £17 million but requiredfurther financing of £10.4 million in 2001 to restructure the group. Since therestructuring, operating profits have grown substantially which enabled Electrato successfully dispose of Inchcape Shipping Services in January 2006. Netproceeds to Electra amounted to £102 million, 163% higher than the carryingvalue at 30 September 2005 which demonstrates the value that can be achieved inthe current marketplace in a well controlled and competitive auction. Over theholding period of seven years, Electra achieved an IRR of 25% on thisinvestment. The refinancing and restructuring of Capital Safety Group resulted in proceedsto Electra of £57 million. As mentioned previously, Electra acquired asignificant stake in the successor company. Other realisations included £5.4million from the redemption of loan notes by Esporta and £13.8 million fromlimited partner interests in private equity funds. Of the proceeds from privateequity funds, £9.4 million came from funds based in South America. Performance During the six month period, the investment portfolio achieved net capitalappreciation of £107 million, a 30.2% increase. This very substantial increaseresulted primarily from gains achieved on the realisation of investments whichamounted to £67 million thus accounting for 63% of the total increase.Investments with a listed price also performed well and added £21 million to thevalue of the portfolio, accounting for a further 20% of the portfolio increase.The most significant performer amongst companies with a listing was of Dinamiawhich specialises in private equity investment in Spain. The value of Electra'sinvestment in Dinamia rose by 87% during the six month period. Unrealised increases in value recognised in the period added £27 million ofvalue to the portfolio offset by £8 million of provisions. Net unrealisedappreciation thus accounted for only 17% of the overall net capitalappreciation. These increases arose primarily from the reinstatement of avaluation on investments which had previously been written off. Consolidated Income Statement (unaudited)-------------------- ------- ------- ------- ------- ------- -------For the six monthsended 31 March Revenue Capital 2006 Revenue Capital *Restated £'000 £'000 Total £'000 £'000 2005 £'000 Total £'000-------------------- ------- ------- ------- ------- ------- ------- Gains on investments:Realised - 67,479 67,479 - 16,880 16,880Unrealised - 33,099 33,099 - 41,071 41,071(Losses)/Profits onrevaluation of foreign currencies: Realised - (58) (58) - (2) (2)Unrealised - (3,063) (3,063) - 4,587 4,587-------------------- ------- ------- ------- ------- ------- ------- - 97,457 97,457 - 62,536 62,536Total Income + 13,417 - 13,417 9,948 - 9,948Priority profitshare paid togeneral (5,310) - (5,310) (4,353) - (4,353)PartnersOther expenses (768) - (768) (233) - (233)-------------------- ------- ------- ------- ------- ------- -------Net Profit beforeFinance Costs and Taxation 7,339 97,457 104,796 5,362 62,536 67,898 Finance costs (3,611) - (3,611) (2,772) - (2,772)Profit on OrdinaryActivities before Taxation 3,728 97,457 101,185 2,590 62,536 65,126 Taxation Expenses (2,449) - (2,449) (750) - (750)-------------------- ------- ------- ------- ------- ------- -------Profit afterTaxation 1,279 97,457 98,736 1,840 62,536 64,376-------------------- ------- ------- ------- ------- ------- -------Basic and DilutedEarnings per Ordinary Share 2.96p 225.92 228.88 4.00p 136.11p 140.11p-------------------- ------- ------- ------- ------- ------- -------Dividends Paid Total paid (£000) 8,592 -Per share 20p - -------------------- ------- ------- ------- ------- ------- ------- The Total column of this statement represents the Group's Income Statementprepared in accordance with IFRS and Companies Act. The supplementary Revenueand Capital columns are both prepared under guidance published by theAssociation of Investment Trust Companies. The amounts dealt with in the Consolidated Income Statement are all derived fromcontinuing activities. 2006 2005Number of Ordinary Shares in issue at 31 March 40,722,687 44,507,687---------------------------- ---------------- ----------- * As restated for the adoption of IFRS, as explained within the Basis ofAccounting. + Total Income includes Income of the Investment Trust of £12,910,000 (2005:£9,378,000) and Net Income of Subsidiary Undertakings of £507,000 (2005:£570,000). Consolidated Statement of Changes in Equity (unaudited)----------------------- --------------- ---------------For the six months ended 31 March 2006 2005 £'000 £'000----------------------- --------------- ---------------Total equity at 1 October * 520,883 426,723Adoption of IAS 39 ** 1,239 -Profit after Taxation 98,736 64,376Exchange differences arising on consolidation 1,026 (2,567)Ordinary dividend + (8,592) -Repurchase of own shares (36,080) (19,455)----------------------- --------------- ---------------Total Equity at 31 March 577,212 469,077----------------------- --------------- --------------- * As restated for the adoption of IFRS, explained within the Basis ofAccounting. ** Opening balance at 1 October 2005 has been restated for IAS 39 such thatlisted investments have been valued at bid rather than mid price andmarketability discounts have not been applied. + Ordinary dividend paid of 20p per share after share buy-back of 550,000ordinary shares on 6 February 2006. Consolidated Balance Sheet (unaudited) *Restated *Restated As at 31 March As at 30 Sept As at 31 March 2006 2005 2005 £'000 £'000 £'000 £'000 £'000 £'000------------------ ------- ------- ------- ------- ------- -------Fixed AssetsInvestments held at fair value:Unlisted and liste 343,695 353,274 423,033Floating rate notes 390,086 265,026 165,026------------------ ------- ------- ------- ------- ------- ------- 733,781 618,300 588,059------------------ ------- ------- ------- ------- ------- -------Current AssetsDebtors 8,344 30,440 24,633Cash at bank and in hand 19,735 62,610 28,863------------------ ------- ------- ------- ------- ------- ------- 28,079 93,050 53,496------------------ ------- ------- ------- ------- ------- -------Current LiabilitiesCreditors: amountsfalling due within one year 10,795 15,556 4,522 ------------------ ------- ------- ------- ------- ------- -------Net Current Assets 17,284 77,494 48,974Total Assets less Current Liabilities 751,065 695,794 637,033 ------------------ ------- ------- ------- ------- ------- -------Creditors: amountsfalling due after more than one year 160,311 157,248 150,447 ---------------- ------- ------- ------- ------- ------- ------- 590,754 538,546 486,586Provision forliabilities and charges 13,542 17,663 17,509------------------ ------- ------- ------- ------- ------- -------Net Assets 577,212 520,883 469,077------------------ ------- ------- ------- ------- ------- -------Capital and Reserves Called-up share capital 10,181 10,877 11,127Share premium 24,147 24,147 24,147Capital redemption reserve 33,094 32,398 32,148Translation reserve 2,016 990 (2,567)Realised capital profits 623,742 583,728 531,400Unrealised capital losses (131,828) (154,430) (123,298)Revenue reserves 15,860 23,173 (3,880)------------------ ------- ------- ------- ------- ------- ------- 567,031 510,006 457,950------------------ ------- ------- ------- ------- ------- -------Total EquityShareholders' Funds 577,212 520,883 469,077 ------------------ ------- ------- ------- ------- ------- -------Net asset value perordinary share of 25p 1417.42p 1197.22p 1053.92p ------------------ ------- ------- ------- ------- ------- ------- * As restated for the adoption of IFRS, as explained within the Basis ofAccounting. Consolidated Cash Flow Statement (unaudited)----------------------- -------- -------- -------- --------For the six months ended 31 March £'000 2006 £'000 *Restated £'000 2005 £'000----------------------- -------- -------- -------- --------Operating ActivitiesPurchases of investments (216,100) (158,614)Sales of investments 206,400 205,827Dividend income 8,110 1,339Other investment income 12,832 7,609Interest income 1,428 501Other income 882 148Expenses (6,093) (5,332)----------------------- -------- -------- -------- --------Net Cash Inflow from Operating Activities 7,459 51,478----------------------- -------- -------- -------- -------- Financing Activities Bank loans drawn 56,680 17,000 Bank loans repaid (56,680) (22,000)Repurchase of own shares (36,080) (28,626) Loans (advanced)/received (1,993) 1,019Interest paid (3,611) (2,886) Dividend paid (8,592) ------------------------ -------- -------- -------- --------Net Cash Outflow from Financing Activities (50,276) (35,493)----------------------- -------- -------- -------- -------- Changes in cash and cash equivalents (42,817) 15,985Cash and cash equivalents at 1 October 62,610 12,880Translation difference (58) (2)----------------------- -------- -------- -------- --------Cash and cash equivalents at 31 March 19,735 28,863----------------------- -------- -------- -------- -------- * As restated for the adoption of IFRS, as explained within the Basis ofAccounting. Basis of Accounting The Accounts for the six months ended 31 March 2006 have been prepared using theaccounting policies expected to be used in the Group's annual Accounts to 30September 2006. These accounting policies will be based on InternationalFinancial Reporting Standards ("IFRS") issued by the International AccountingStandards Board ("IASB") that will be applicable and adopted for use in theEuropean Union for the Group's year ending 30 September 2006, except as notedbelow. The Directors have followed the guidance contained in the UK Statement ofRecommended Practice "Financial Statements of Investment Trust Companies" 2003,revised in 2005 ("the SORP"), to the extent that it is not inconsistent with therequirements of IFRS. The Accounts have been prepared on the historical cost basis of accounting,modified to include the revaluation of certain assets. First Time Adoption of International Financial Reporting Standards ("IFRS 1") The date of transition to IFRS for the Group is 1 October 2004. The IFRSaccounting policies detailed herein have been applied retrospectively to theopening balance sheet as at 1 October 2004 and all subsequent periods, except asdescribed below. As permitted by IFRS 1, the UK GAAP accounting policies in respect of financialinstruments as applied at 30 September 2005 have continued to be used for thecomparative financial information presented in this report. The effect ofadopting IAS 32 Financial Instruments: disclosure and presentation, and IAS 39Financial Instruments: recognition and measurement, for the comparative periodswould not have been significant. Under IFRS 1 cumulative translation differences on the consolidation ofsubsidiaries are being accumulated from the date of transition to IFRS anddisclosed in a separate Translation Reserve and not from the originalacquisition date. Basis of Consolidation The consolidated Accounts include in full the Company and its subsidiaryundertakings. Where subsidiaries are acquired or sold during the year theirresults are included in the consolidated accounts from the date of acquisitionand up to the date of disposal respectively. A subsidiary is an entity where theCompany has the power to govern the financial and operating policies so as toobtain benefit from its activities. The structures through which Electra'sinvestments are made mean that for the purposes of consolidation, Electra isdeemed not to have significant influence over the operating and financialdecisions of the investee companies. Consequently, limited partnerships and anysignificant investment holdings are not consolidated. Control in all cases vestswith parties outside the Electra Group. Investments Purchases and sales of listed investments and floating rate notes are recognisedon the trade date where a contract exists whose terms require delivery within atimeframe determined by the relevant market. Purchases and sales of unlistedinvestments are recognised when the contract for acquisition or sale becomesunconditional. Investments are designated at fair value through profit and lossand are subsequently measured at reporting dates at fair value. Changes in thefair value of investments are recognised in the income statement through thecapital column.Limited Partnership Funds Significant investments made by the Company in limited partnership funds managedby Electra Partners, are accounted for as listed or unlisted investments,dependent on the underlying nature of the investments held within the limitedpartnership funds. Investments in other limited partnership funds are treated asunlisted investments and disclosed separately. Listed Investments The listed investment portfolio is held within a limited partnership fundmanaged by Electra Partners. Listed investments are stated at the last tradedbid price on the balance sheet date without discount. Investments in overseascompanies listed both abroad and on The London Stock Exchange are classified asinvestments listed overseas. Unlisted Investments Unlisted investments are held at fair value as fixed asset investments. The fairvalue is calculated in accordance with International Private Equity and VentureCapital Valuation Guidelines issued in March 2005 following the methodologyoutlined in the Principles of Valuations of Unlisted Equity Investments. Floating Rate Notes Floating rate notes are held at fair value which equates to the issue price.Cash and cash equivalents Cash comprises cash at bank and short term deposits with an original maturity ofless then three months. Dividends Dividend distributions to shareholders are recognised as a liability in theperiod in which they are paid or approved. Foreign currencies The Group's presentational currency is pounds sterling ("sterling").Transactions in currencies other than sterling are recorded at the rates ofexchange prevailing on the dates of the transactions. At each balance sheet dateassets and liabilities of foreign operations are translated into sterling at therates prevailing on the balance sheet date. Foreign exchange differences arisingon retranslation of the equity and reserves of subsidiaries with functionalcurrencies other than sterling are recognised directly in the TranslationReserve in equity. Foreign exchange differences arising on the retranslation ofnon-monetary items carried at fair value are included in the income statementfor the period. Income Dividends receivable from equity shares are brought into account on theex-dividend date or, where no ex-dividend date is quoted, are brought intoaccount when the Company's right to receive payment is established. Fixedreturns on non-equity shares and debt securities are recognised on a timeapportionment basis so as to reflect the effective yield on the shares and debtsecurities. Deep discounts on debt securities are recognised on an effectiveyield basis. Where there is a reasonable doubt that a return, which falls withinthe accounting period, will actually be received by the Company, the recognitionof the return is deferred until the reasonable doubt has been removed. Whereincome accruals previously recognised, but not received, are no longerconsidered to be reasonably expected to be received, either through investeecompany restructuring or doubt over receipt, then these amounts are reversedthrough expenses. Expenses All expenses are accounted for on an accruals basis. Expenses are chargedthrough the revenue account except for expenses in connection with the disposalof fixed asset investments, which are deducted from the disposal proceeds of theinvestment. Priority Profit Share The majority of the investments are made by the Company in limited partnershipfunds managed by Electra Partners. Under the terms of the limited partnershipagreements the general partner is entitled to appropriate, as a first charge onthe net income or net capital gains of the limited partnership funds an amountequivalent to its priority profit share. In periods in which the limitedpartnership funds have not yet earned sufficient net income or net capital gainto satisfy this priority profit share the entitlement is carried forward to thefollowing period. In all instances the cash amount paid to the general partnerin each period is equivalent to the priority profit share. In order to reflect the substance of these transactions, revenue and/or capitalis included in the Group and Company Accounts to reflect the type of returnappropriated by the general partners in satisfaction of their priority profitshares, and expenses or interest free loans are included to reflect theproportion of the Company's net income and/or net capital gain in the limitedpartnership funds that has been paid to the general partners by way of priorityprofit shares. The priority profit share is charged wholly to the revenue account. Taxation The tax effect of different items of income/gain and expense/loss is allocatedbetween capital and revenue on the same basis as the particular item to which itrelates, using the Company's effective rate of tax for the accounting period.Deferred tax is the tax expected to be payable or recoverable on differencesbetween the carrying amounts of assets and liabilities in the financialstatements and the corresponding tax basis used in the computation of taxableprofit, and is accounted for using the balance sheet liability method. Deferredtax liabilities are recognised for all temporary differences and deferred taxassets are recognised to the extent that it is probable that taxable profitswill be available against which deductible temporary differences can beutilised. Revenue and Capital Reserves The Capital Profit component of Total Income is taken to the Non-distributableRealised Capital Profit Reserve within the Consolidated Statement of Changes inEquity. The Revenue Profit component of Total Income is taken to the RevenueReserve from which dividend distributions are made. Change of Accounting Policy The impact of the movement from UK GAAP to IFRS to the Profit After Taxation,Total Equity Shareholders' Funds and the change in cash and cash equivalents asper the Cash Flow Statement is detailed below. As explained in the Basis ofAccounting, the UK GAAP accounting policies in respect of financial instrumentsas applied at 30 September 2005 have continued to be used for the comparativefinancial information, as permitted under IFRS 1. Year to Six months to 30 September 2005 31 March 2005 unaudited unaudited £'000 £'000------------------- ------------- ------------- ------------Transfer to Reserves for theperiod under UK GAAP 114,145 64,376Ordinary dividends * 8,702 -------------------- ------------- ------------- ------------Profit After Taxation Under IFRS ** 122,847 64,376------------------- ------------- ------------- ------------ 30 September 2005 31 March 2005 1 October 2004 unaudited unaudited unaudited £'000 £'000 £'000------------------- ------------- ------------- ------------Total equity shareholders' funds under UK GAAP 512,181 469,077 426,723Ordinary dividends * 8,702 - -------------------- ------------- ------------- ------------Total equity shareholders' funds under IFRS 520,883 469,077 426,723------------------- ------------- ------------- ------------ Six months to 31 March 2005 unaudited £'000------------------- ------------- ------------- ------------Change in cash under UK GAAP 8,578Short term deposits *** 7,407------------------- ------------- ------------- ------------Change in cash and cashequivalents under IFRS 15,985------------------------------ ------------- ------------ * Under IFRS dividends declared after the balance sheet date are not recognisedas a liability at the Balance Sheet date.** There is no change in Profit After Taxation in the 31 March comparativeperiod under IFRS from UK GAAP. The exchange difference arising onconsolidation, which was previously included in the Consolidated Statement ofTotal Return, is not detailed in the Income Statement under IFRS but is includedin the Translation Reserve on the Balance Sheet. Under IFRS 1 the TranslationReserve has been accumulated from the date of transition to IFRS and not fromthe original acquisition date.*** For the purposes of the Cash Flow Statement, short term deposits areclassified as cash equivalents under IFRS, whilst they were included as liquidresources under UK GAAP. IFRS has not significantly changed any of the cashflows of the Group. END This information is provided by RNS The company news service from the London Stock Exchange