TIDMCKN
RNS Number : 3272P
Clarkson PLC
18 August 2014
18 August 2014
CLARKSON PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
2014
Clarkson PLC (Clarksons) is the world's leading shipping
services group. From offices in 18 countries on five continents, we
play a vital intermediary role in the movement of the majority of
commodities around the world.
Summary
-- Strong performance in continued challenging market conditions
-- Revenue increased by 25% to GBP111.7m (2013: GBP89.1m) despite currency headwind
-- Underlying profit before taxation* 46% ahead at GBP15.8m (2013: GBP10.8m)
-- 49% increase in underlying earnings per share* 62.2p (2013: 41.8p)
-- Basic earnings per share** 53.1p (2013: 32.7p) up 62%
-- Interim dividend 21p per share (2013: 19p per share)
-- Strong balance sheet, with GBP74.0m of net funds (31 December 2013: GBP75.0m)
* Before acquisition and exceptional costs
** After acquisition and exceptional costs
Andi Case, Chief executive, commented:
"Clarksons' strong performance in the first half of 2014 once
again underlines the strength of the company's strategy and
business model. Clarksons continues to make positive strides
despite the challenges that remain in shipping markets and the
weakness in the US dollar.
"We have seen some tentative signs of recovery in certain areas
of the market. Our 'best in class' service, unrivalled market
knowledge and the breadth of our offer, ensure that Clarksons will
be at the forefront of the market recovery as and when we see
sustained improvements."
Enquiries:
Clarkson PLC 020 7334 0000
Andi Case, Chief executive
Jeff Woyda, Finance director
Hudson Sandler 020 7796 4133
Andrew Nicolls
Katie Matthews
Chairman's review
Clarksons has delivered another strong performance, in a first
half where the business is now delivering profit in all of our
divisions.
This result is testament to the focus placed by the entire team
on our proven strategy of delivering 'best in class' research,
enhancing geographical reach and increasing the breadth of our
offer to an ever-diversifying customer base. Concentration on
developing our core activities organically, whilst also investing
in new businesses, expanding our training programmes and retaining
our position at the forefront of cutting edge technology in our
industry, means that although the market outlook remains
challenging, we continue to grow market share and optimise the
group's performance.
The Clarksons team has worked hard during the first half of the
year to take advantage of market opportunities and on behalf of the
board, I thank the whole team for their continued commitment.
Bob Benton
Chairman
15 August 2014
Chief executive's review
Clarksons' strong performance in the first half of 2014 once
again underlines the strength of the company's strategy and
business model. We have, for some time, highlighted that the
breadth and depth of our business enables us to ensure that we
benefit from an increase in activity and rates in any area of the
maritime markets. Against a 24% increase in the average ClarkSea
index, underlying profits in the first half were 46% higher than
the same period last year. These results are also 10% ahead of the
second half of 2013 despite an 8% fall in the average ClarkSea
index. Indeed, had it not been for the depreciation in the value of
the dollar, these profit increases would have been even higher.
Shipping markets have been volatile, and indeed remain
challenging, though the supply/demand imbalance has narrowed. Our
focus on the integrated business model established in 2008 and set
out in our 2013 Annual Report, has continued to justify itself with
every division now being in profit. We have continued to invest in
all areas of the business, by both building our teams and making
strategic acquisitions, and as a result not only have we performed
well but we will be better placed when a sustainable recovery does
emerge.
In Broking, the Clarksons team has successfully concentrated on
increasing transactional volume and building market share in each
of our markets. Chartering desks have continued to perform well
across all sectors and the sale and purchase team has seen a marked
increase in results from higher transaction volumes in secondhand
assets. During the first half, we have also commenced dry cargo
broking in New York, sale and purchase in Sweden, specialised
products in Holland and Australia and strengthened the LNG team
with new key hires. The increasing importance of equipping the best
brokers with the best tools for trade, including research, analysis
and technology needed to consult with our clients on their strategy
and execute their instructions globally, has begun to impact the
competitive landscape, where a number of smaller companies are
becoming increasingly challenged, losing their ability to
compete.
In Support, our port and agency team saw impressive growth as
the unique breadth of our product offering in this area has
evolved. Gibb Tools, acquired in the final quarter last year, is
bedding in well and the acquisition of Michael F. Ewings (Shipping)
Ltd, the Belfast-based port agent in Junewill increase the
geographic footprint and complement the strategy particularly in
the offshore and dry cargo markets.
Our Financial division is now also in profit following the
restructuring completed last year. Clarkson Securities Ltd (CSL)
has benefitted from dry cargo volatility in the first quarter and
Clarkson Capital Markets (CCM) is fast becoming a significant name
in the maritime banking sector, having once again increased the
number of transactions completed in the period and the levels of
sales and trading for our clients. Due to the continuing growth
pattern in this business, we have invested in new hires in banking,
sales and equity research.
Our market-leading Research division continued its steady
long-term growth with a 9.5% increase in profits compared to the
first half of 2013. The division remains an authoritative provider
of intelligence in both shipping and offshore, thus providing the
foundation for activity across the whole business.
Current trading
Since the half year, Clarksons has continued to make positive
strides despite the challenges that remain in shipping markets and
the weakness in the US dollar.
Our balance sheet is strong and we continue to look for
opportunities that would enhance our integrated business model in
each division, whilst concentrating on steady organic growth to
ensure that Clarksons remains the market leader.
We have seen some tentative signs of recovery in certain areas
of the market. Our 'best in class' service, unrivalled market
knowledge and the breadth of our offer, ensure that Clarksons will
be at the forefront of the market recovery as and when we see
sustained improvements.
Results
Clarksons increased revenues by 25% to GBP111.7m in the first
six months of 2014 (2013: GBP89.1m) despite the weaker US dollar
against sterling, which averaged US$1.68 (2013: US$1.53).
Administrative expenses increased by 17% to GBP89.3m (2013:
GBP76.1m) predominantly reflecting additional staff costs.
Underlying profit before taxation was GBP15.8m (2013: GBP10.8m),
which after acquisition costs of GBP1.7m and GBPnil exceptional
costs (2013: GBP1.8m after acquisition and exceptional costs),
turned into a reported profit of GBP14.1m (2013: GBP9.0m). Basic
reported earnings per share was 53.1p (2013: 32.7p). Underlying
earnings per share, before acquisition costs and the exceptional
item, was up 49% to 62.2p (2013: 41.8p).
Cash and dividends
Clarksons' balance sheet remains strong with cash balances at 30
June 2014 of GBP75.1m (31 December 2013: GBP96.9m) and a further
GBP25.2m (31 December 2013: GBP25.2m) in short-term investments,
being 95 day notice deposits at UK banks. Net funds, after
deduction of bonus entitlements, but including short-term
investments amount to GBP74.0m (31 December 2013: GBP75.0m).
The board has declared an increased interim dividend of 21p per
share (2013: 19p per share) which will be paid on 26 September 2014
to shareholders on the register at the close of business on 12
September 2014.
Broking
Revenue: GBP84.5m (2013: GBP73.4m)
Result: GBP14.9m (2013: GBP12.4m)
Dry bulk
The year started with all sectors at healthy levels but
unfortunately this did not last. Over the first six months of 2014,
the cape time charter index averaged US$14,031 per day (2013:
US$6,136), panamaxes averaged US$8,447 (2013: US$7,405) and
supramaxes averaged US$9,000 (2013: US$8,776).
The cape market saw, as expected, cargo volume exports increase
from Australia and Brazil and newbuilding deliveries slowing,
although this was in part offset by low levels of scrapping. The
panamax index fell through to the beginning of May, when there was
short rally on the back of the South American grain markets, but an
improvement in Brazilian port congestion and the large influx of
newbuildings held back panamax rates.
In the supramax market the expected level of East Coast South
America activity didn't materialise because too many vessels
ballasted or repositioned from the Far East too early, principally
due to the nickel ore/bauxite ban from Indonesia at the start of
2014. Lower port congestion from the end of March created an
oversupplied market and tough competition.
Historically we have seen improved rates in the second half
especially in the cape market which has helped drag up the smaller
sizes due to cargo splitting on coal and stronger sentiment. Market
improvement has generally in the past been due to higher exports
from Brazil and China building its iron ore inventories before the
end of the year. In 2014, there is growing optimism with the
slowing down of production from Chinese mines due to increased
salaries and the requirement by steel mills for better quality iron
ore.
The volume of fixing increased in nearly every office, improving
market share. We also opened a new office in New York during the
period.
Containers
The markets remain challenging with flat earnings and continued
oversupply of tonnage. The 'seasonal cycle' is back, and it is
accepted that after the peak season in the autumn, demand will
soften and activity and rates will ease back. The idle fleet has
been whittled down from close to 5% 2 years ago, to around 1.5%
going in to this summer, which allows most serviceable vessels at
least to remain employed, albeit still at unsustainable rates.
The panamax containership fleet has seen a small boost with
rates rising around 15-20% largely based on a recognition that they
can be used in differing trades including West Africa, but this is
a seasonal shift, rather than a recovery, which in turn is putting
increased pressure on earnings for smaller 2,000-3,500 TEU
sub-panamax containerships. Post-panamax rates are generally in a
reasonable place as we would expect given the cargo volume
levels.
With earnings for existing ships persistently remaining at
unsustainable levels, there is a gap between 'bid' and 'ask' prices
for secondhand tonnage. For new modern ECO-designed ships, with
improved energy efficiency for operators, charter interest and
rates have been stronger, supporting firmer values.
We expect to see renewed interest from buyers and shipyards
alike to enter into new contracts for fuel efficient containership
designs, including dual fuel types for trading in low emission
zones, on the back of better earnings and available shipyard
capacity as contracting activity for conventional ship-types slows
down.
Overall, the team has continued to develop business across the
board with major clients turning to Clarksons to assist with
chartering, newbuildings, secondhand sales, equity investments,
financing and projects.
Deep sea
The Middle East, Africa and Ukraine remain unsettled with no
sign of conflict and disruption easing in the near future.
Consequently, the geo-political landscape is uncertain and
disruption to supply continues to be a concern which can cause
volatility in the oil markets.
The VLCC market for first half of 2014 showed a 136% increase in
earnings compared to the same period in 2013. However owners of
VLCCs are still in the midst of an incredibly difficult trading
environment as earnings for first half of 2013 were extremely low.
The increase has still only returned owners an income in the region
of US$21,500 per day, a considerable way short of the returns
owners of modern tonnage need to break even.
Earnings in the freight market for suezmax and aframax vessels
grew by 77% and 73% respectively, relative to the same period in
2013, but were both still higher than those for VLCCs. Suezmaxes
earned around US$23,500 per day whilst aframaxes averaged US$22,000
per day. The suezmax market remains more balanced as cargoes are
being transported greater distances and have seen a significant
increase in the cargo flow from West to East on the fleet. Aframax
vessels have benefited from a number of factors, including greater
cross trading opportunities into long haul fuel oil movements,
congestion in United States Gulf ports and generally greater
utilisation of the fleet.
The clean petroleum products (CPP) market has been challenged in
2014 with rates for the medium range (MR) vessels sliding by 38% to
marginally above US$9,500 per day. MR tankers have been the
workhorses of the North West Europe to the United States trade.
However with US domestic crude production becoming a significant
factor the market has seen further extensive growth of the export
of CPP from the United States Gulf back to North West Europe.
The recent restructuring of our approach to the VLCC market
globally is already successful and we expect strong growth in the
second half of the year. We have also relocated personnel to
Houston to take advantage of the expected changes to the pattern of
CPP cargo flows.
Specialised
As we entered 2014, solid inter and intra-regional foundations
across the team had been laid for further market consolidation and
were well placed to benefit from the previously anticipated
positive shifts in underlying supply and demand fundamentals during
the first half of 2014.
Whilst earnings on many arterial trade routes linger well below
historical highs, fleet growth for the last six months has been
almost non-existent and a number of encouraging demand fundamentals
have come to the fore. Geo-political shifts during the period,
allied to a strong link between macroeconomic performance and
specialised products seaborne demand, has seen a degree of
uncertainty filter into our markets. That being said cargo volume
growth continues and a number of encouraging regional drivers have
reassured market participants.
The specialised products asset market continues to resonate with
the investment community. Consequently, we have seen a number of
new orders reported, together with an escalation in secondhand deal
volume, predominantly in the sophisticated vessel sector. A
relative scarcity of yard capacity and shipbuilding expertise does
exist in this area. In spite of this general activity, distress in
the owning markets is still evident.
The majority of specialised products cargo is procured under
contracts of affreightment (CoAs), and seasonality is therefore
less prevalent than some other sectors. An encouraging start to the
year was noted on the time charter markets, with signs of a
slow-down experienced in the second quarter, which has consequently
had an impact on the number of period deals being reported. The
creation of a dedicated projects team within Clarksons specialised
products has strengthened our reputation and level of activity
within this important sector.
The medium-long term outlook for the specialised products market
continues to be healthy. Despite a number of orders placed, overall
chemical tanker fleet growth is expected to be limited. The
anticipated export growth of the key production regions of the US
and the Middle East Gulf, allied to continued import demand growth
from the world's largest chemical consumer, China, is set to
generate new supply chain dynamics and arbitrage opportunities
which should have a positive impact on tonne-day demand. At the
same time, cost pressures for the industry as a whole look set to
grow, as a raft of new environmental legislation enters into force
from the beginning of 2015.
Gas
LPG
VLGCs have taken centre stage in the LPG market this year. We
expected 2014 to be fairly buoyant but volatile for the bigger
ships and the first quarter proved rather more muted than we
anticipated. However by April there was a dramatic turn-around
leading to unprecedented rate levels which have been sustained
through the second quarter. Consequently, broking the VLGC sector
has been extremely positive for spot but also term business which
has been much more active than normal.
The smaller LGC, MGC and handy-size sectors have not
disappointed. Whilst the ammonia market remains fairly tight, the
demand for these ships in LPG trades has increased to the point
where employment is near 100% and rate levels are very firm by
historical standards. Again we have benefitted from activity in
both spot markets and a number of term developments.
LPG commodity brokerage has continued at a steady pace, making
progress across all areas, and our asset brokerage business has
seen a surge in general enquiry levels, resulting in a number of
secondhand and newbuilding contract negotiations.
We have maintained our position as the go-to gas shipping,
commodity and asset broker, increasing our presence in London,
Singapore, Houston and Oslo. During the remainder of 2014 we
anticipate increased export volumes from the US. Further ahead
there are significant changes in the structure of the gas (LPG/NH3)
markets with export capacity growing by around 8.5mt between end
2014 and end 2015 and the fleet growing by around 23% over the same
period. We plan to be ready to embrace the opportunities which will
arise as a result of these changes and as markets adjust to shifts
in the supply/demand balance.
LNG
The first half of 2014 saw a reduction in hire rates for spot
market voyage charters for the modern LNG vessels of which the vast
majority are duel fuel/diesel electric (DFDE) units. Although the
decrease in earnings from US$107,000 per day down to US$75,000 is
significant, it was less severe than that suffered by owners of the
old steam propulsion units where rates fell by close to 50% to
compete with the better speed and consumption figures the modern
LNG carrier can offer.
Hire rates also fell for longer term charters by 9% for modern
tonnage. The smaller reduction for longer term business is the most
interesting part of the LNG story, because although the next 18
months looks challenging for owners, 2016 and beyond gives cause
for optimism. Owners' reluctance to fix cheaply for long-term
business appears well founded as far greater supply of cargo will
come to the market in 2016. The US Gulf export market is on track
to become a major source of supply in first quarter 2016, and many
other substantial production areas will follow in the years ahead
such as Australia and East Africa. The demand for LNG as a cleaner
fuel alternative is strong and the need for more vessels from 2016
into 2017 is compelling.
With this positive outlook on the market we made two very
important personnel hires from a major competitor, to ensure we
extract maximum value and income from what we anticipate being a
very strong freight market once the short term dip in freight rates
has passed.
PCG and small LPG
The European petrochemical market continues to undergo a period
of transition with cracker and plant rationalisation taking place
as a consequence of the US shale gas revolution and expansions in
the Middle East. However, in the European market, a recent
announcement from one of the largest petrochemical producers
indicates they will import ethane from the US into Europe from 2015
onwards. Market rumours and the expansion of the larger
ethane/ethylene fleet suggest further announcements may be
forthcoming.
Europe's strength in ethylene during the first half of this year
coincided with operating issues in the Middle East resulting in
imports to Asia which has helped to underpin the shipping market
though this has started to slow. Owners of vessels smaller than
handy-gas have experienced challenging times. With freights under
pressure and a large order book, combined with the anticipated
contraction in seaborne petrochemicals this year, we do not
envisage the market strengthening in the near term.
The coaster market also has struggled this year as a result of
the weaker petrochemical and refining markets which was not been
helped by the mild winter. Additionally, the political situation in
the Black Sea has reduced export opportunities from the region. An
oversupply of pressure tonnage in Europe has resulted in softer
freight levels for both spot and time charter.
Sale and purchase
Secondhand
The positive momentum and optimism gained towards the end of
2013 spilled over into the first quarter of 2014 allowing us to
conclude a significant number of transactions both on the
secondhand and newbuilding desks as buyers looked to secure vessels
that could offer prompt charter-free delivery at increasingly firm
values.
During the second quarter the momentum in freight markets
stalled, and an upturn in vessel earnings is not now expected until
September at the earliest. This has essentially put a brake on sale
and purchase activity across the board. Consequently, for the time
being the bid/offer spread for most tonnage types remains too wide
for meaningful business to be concluded on a straight charter-free
basis. Nevertheless, it is at times like these that the quality of
our projects desk gains added significance as we look to replace
spot activities with more complex sale and charter-back
transactions. We are currently working a number of such deals which
we hope to conclude during the second half of the year.
Offshore
Whilst newbuilding activity in rigs slowed in the first half,
there has been an upturn in sale and purchase activity where we
have concluded a number of transactions. The Asian market remains
relatively firm for offshore supply vessels (OSV), and we have
consequently concluded a significant number of both newbuilding and
long-term chartering deals.
Although rates have generally remained healthy for the first
half of 2014, utilisation has started to suffer from slowing demand
growth as offshore projects are being delayed. OSV fleet
utilisation has started to slide in most regions due to the large
number of newbuildings being delivered in 2014 and 2015. However,
rates for larger more modern OSVs have in the main remained
healthy.
Our long-term demand outlook remains optimistic from an owner
perspective, as we still believe many delayed offshore projects
will go forward, but the next 12-18 months is likely to be 'bumpy'
as the market still has a significant amount of tonnage to
absorb.
Newbuilding
The first half of 2014 saw 795 newbuilding orders for tankers,
dry bulk vessels, chemicals, containers and gas carriers; this is
slightly down on the 830 units contracted during the equivalent
period last year. Some of the capital markets backed investors are
starting to show signs of saturation, having invested heavily in
newbuildings to this point, but this has also made way for
investment from private owners and industrial end users. On the
supply side shipyards are showing fuller orderbooks and there is
now less immediate pressure to drive the competitive pricing needed
to create more enticing opportunities.
Having maintained our market share, we remain the leading
newbuilding broker. We are not reliant or dependent on any one
individual asset class or market and our breadth of services
throughout the group enables us to adapt to the shifting and
challenging environment for newbuildings.
Financial
Revenue: GBP8.4m (2013: GBP3.9m)
Result: GBP0.3m profit (2013: GBP2.8m loss)
Futures broking
The first three months of 2014 saw improved rates in the dry
sector, which coupled with reasonable volumes allowed our futures
broking business to perform well, albeit that this increase tailed
off in the second quarter when rates started to fall. Overall, the
result from dry swaps has led to a significant improvement on the
same period last year whilst market volatility has enabled our
options team to establish a very significant position in the
market.
In iron ore, we have balanced a reduction of staff in London
with an increase in Singapore where most activity is now centred.
We have increased volumes in this market which continues to grow at
an impressive speed; in the first half of 2014, 226m tons of
combined swaps and futures were arranged compared with 109m tons in
the same period last year.
Whilst we have encountered mixed market conditions for the first
six months of the year, the forward pricing for the remainder of
the year is a sharp contango reflecting the continued optimism that
the year will end on a stronger note.
Financial services
The latest Dealogic numbers show that there has been an increase
of circa US$21bn in shipping sector loan volumes in comparison to
the first half of 2013. Whilst some of these are re-financings,
encouragingly there is also new money entering the sector with loan
periods lengthening, leverage increasing and margins decreasing,
although only to the upper credit quality transactions. Looking
forward, in October the European Banking Authority announces the
results of EU-wide stress testing and after much deliberation an
announcement is expected on the proposed lease accounting changes;
we are watching these developments closely in order to assist and
advise our clients accordingly.
The emergence of non-financial institutions in the ship finance
arena is providing substantial liquidity to the financing market.
We have good relationships with these entities and will seek to
utilise this liquidity in project type business. During the first
half of 2014, we closed a well publicised long-term lease deal
between an oil major and owner.
Investment services
The first half of 2014 started strongly with continued interest
in both private and public capital raises for nearly all sectors of
shipping. A strong charter market across the wet and dry bulk
sectors along with gas sectors in the winter fed through to
significant investment activity in the sector in both newbuildings
and secondhand vessels. As the period progressed and charter rates
declined in the bulk sectors, deal activity reduced as investors
appeared no longer willing to push asset prices higher without
stronger support from charter markets. However, the same cannot be
said for the gas sectors where activity in LPG and LNG shipping
remained high, underpinned by record high spot rates in the case of
the former and attractive long-term charters packaged into
yield-oriented investment vehicles such as MLPs in the case of the
latter.
Clarkson Capital Markets participated in this trend acting as a
joint bookrunner in the Dorian LPG initial public offering in May
on the New York Stock Exchange. In addition, sales and trading
enjoyed strong growth with a tripling of revenues versus the first
half of 2013 while surpassing the revenues for the full year 2013
in just the first half of 2014. In total, we closed 11 investment
banking transactions in the first half totalling over US$3.3bn
encompassing both private and public equity raises, convertible and
high yield bonds, and mezzanine debt.
Support
Revenue: GBP14.1m (2013: GBP7.2m)
Result: GBP2.5m (2013: GBP1.6m)
Port services
The first half of 2014 has been another period of growth and
expansion for Port Services with the acquisition of the
Belfast-based port agent Michael F. Ewings (Shipping) Ltd (Ewings).
This acquisition has enabled us to extend our geographical coverage
and increase the scope of services we are able to offer the
existing customer base of both companies.
In our agency business, our southern offices have enjoyed a good
start to the year, despite the poor 2013 grain harvest. Coal and
biomass volumes continue to increase. The northern offices had a
slow first quarter, attributed to the decrease in the level of
activity of our major offshore oil and gas customers in the North
Sea, however, in May and June we saw this activity increase to more
normal levels.
Both Gibb Tools and Opex have had an extremely good start to
2014, regularly returning monthly sales results above expectations.
The newly opened Great Yarmouth branch of Opex has built its
customer base and subsequent sales figures faster than
expected.
For the first half of the year stevedoring volumes have remained
low. We have continued to minimise the effect of the poor 2013
grain export season by turning to new operations such as rice
cleaning and seed import, whilst keeping overheads under
control.
With support from major offshore oilrig operators our forwarding
operation in Great Yarmouth continues to expand. We aim to knit
together our existing forwarding operations in Great Yarmouth and
Aberdeen with our newly acquired forwarding business in Belfast in
order to optimise revenues from our geographical presence.
Property services
As the lease on our head office expires in December 2015, we are
pleased to have signed a 15 year lease for a new flagship head
office at Commodity Quay, St Katharine Docks, London, commencing
from the last quarter of 2014. Inevitably, it will take up to a
year to fit this property out such that we have a state of the art
home, properly equipped for the next stage of our growth. The deal
negotiated with our new landlord means that there is a significant
rent-free period and in cash terms, there is no period of double
rent. However, under accounting rules, this rent-free period is
spread over the 15 year lease term to create a composite rate
chargeable to profit from lease commencement, and thus there will
be an exceptional additional quarterly non-cash charge for double
rent of GBP1m per quarter from the final quarter 2014 to the end of
2015.
Research
Revenue: GBP4.7m (2013: GBP4.6m)
Result: GBP1.4m (2013: GBP1.3m)
Clarkson Research grew underlying sales by 10% during the first
half, supported by robust growth in offshore related data and
product sales, continued demand for our market leading shipping
products and excellent growth in our service contract and valuation
business.
Shipping Intelligence Network (SIN), our flagship commercial
database, continues to perform strongly while product enhancements
to World Fleet Register (WFR), our leading on line vessel register,
have also helped overall digital sales in shipping research grow by
8% in the first half of the year. An upgrade to our long standing
and popular Shipping Intelligence Weekly during the first half has
been particularly well received by our clients. Sales across our
offshore and energy offering grew by 20% in the first half, with a
particularly strong performance from data sales. Our offshore and
energy offering continues to expand providing our clients with
comprehensive access to market intelligence on oil and gas
projects, vessels, companies, offshore fields, global Geographical
Information System (GIS) coverage and wide ranging commercial data.
Clarkson Research continues to expand its provision of customer
service contracts to a range of large corporate and institutional
clients in both the shipping and offshore industries, with sales up
16% in the first half of the year. Clarkson Valuations Ltd (CVL)
has also performed strongly and remains the lead provider of
valuation services to the industry.
Clarkson Research is respected worldwide as a leading provider
of information on both shipping and trade and offshore and energy.
The majority of Clarkson Research sales are derived from annuity
revenue and we continue to invest heavily in personnel, our
proprietary database and our product offering, with a number of
upgrades and new reports scheduled for the second half.
Andi Case
Chief executive
15 August 2014
Statement of directors' responsibilities
The directors confirm that to the best of their knowledge:
-- the condensed set of financial statements (unaudited), which
has been prepared in accordance with IAS 34, 'Interim Financial
Reporting' as adopted by the European Union, gives a true and fair
view of the assets, liabilities, financial position and profit of
the undertakings included in the consolidation as a whole as
required by DTR 4.2.4; and
-- the Interim Management Report includes a fair review of the information required by:
(a) DTR 4.2.7, being an indication of important events that have
occurred during the first six months of the financial year ending
31 December 2014, 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
(b) DTR 4.2.8, being related party transactions that have taken
place in the first six months of the financial year ending 31
December 2014 and that have materially affected the financial
position or the performance of the group during that period; and
any changes in the related party transactions described in the 2013
Annual Report that could do so.
The directors of Clarkson PLC are listed in the 2013 Annual
Report, with the exception of the following change: Philip Green
resigned as chairman on 6 March 2014 and as director on 9 May
2014.
The directors are responsible for the maintenance and integrity
of the Interim Report on the website in accordance with UK
legislation governing the preparation and dissemination of
financial statements. Access to the website is available from
outside the UK, where comparable legislation may be different.
On behalf of the board
Bob Benton
Chairman
15 August 2014
Independent review report to Clarkson PLC
Report on the condensed consolidated interim financial
statements
Our conclusion
We have reviewed the condensed consolidated interim financial
statements, defined below, in the Interim Report of Clarkson PLC
for the six months ended 30 June 2014. Based on our review, nothing
has come to our attention that causes us to believe that the
condensed consolidated interim financial statements are not
prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European
Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
This conclusion is to be read in the context of what we say in
the remainder of this report.
What we have reviewed
The condensed consolidated interim financial statements, which
are prepared by Clarkson PLC, comprise:
-- the consolidated balance sheet as at 30 June 2014;
-- the consolidated income statement and consolidated statement
of comprehensive income for the period then ended;
-- the consolidated statement of cash flows for the period then ended;
-- the consolidated statement of changes in equity for the period then ended; and
-- the explanatory notes to the condensed consolidated interim financial statements.
As disclosed in note 2, 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.
The condensed consolidated interim financial statements included
in the Interim Report have been prepared in accordance with
International Accounting Standard 34, 'Interim Financial
Reporting', as adopted by the European Union and the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority.
What a review of condensed consolidated 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
Ireland) 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 Interim
Report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed consolidated interim financial statements.
Responsibilities for the condensed consolidated interim
financial statements and the review
Our responsibilities and those of the directors
The Interim Report, including the condensed consolidated interim
financial statements, is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the Interim Report in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct
Authority.
Our responsibility is to express to the company a conclusion on
the condensed consolidated interim financial statements in the
Interim 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 and Transparency Rules of
the 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.
PricewaterhouseCoopers LLP
Chartered Accountants
London
15 August 2014
Consolidated income statement
For the half year to 30 June
2014 2013
Before After
exceptional exceptional
Before Acquisition After item and Exceptional Acquisition item and
acquisition costs acquisition acquisition item costs acquisition
costs (note 5) costs costs (note 4) (note 5) costs
Notes GBPm* GBPm* GBPm* GBPm* GBPm* GBPm* GBPm*
Revenue 3 111.7 - 111.7 89.1 - - 89.1
Cost of sales (6.8) - (6.8) (2.4) - - (2.4)
============ ============ ============ ------------ ------------ ------------ ------------
Trading profit 104.9 - 104.9 86.7 - - 86.7
Administrative
expenses (89.3) (1.7) (91.0) (76.1) (1.0) (0.8) (77.9)
============ ============ ============ ------------ ------------ ------------ ------------
Operating
profit 3 15.6 (1.7) 13.9 10.6 (1.0) (0.8) 8.8
Finance revenue 0.3 - 0.3 0.4 - - 0.4
Other finance
costs -
pensions (0.1) - (0.1) (0.2) - - (0.2)
============ ============ ============ ------------ ------------ ------------ ------------
Profit before
taxation 15.8 (1.7) 14.1 10.8 (1.0) (0.8) 9.0
Taxation 6 (4.3) - (4.3) (3.0) - 0.1 (2.9)
============ ============ ============ ------------ ------------ ------------ ------------
Profit for the
period 11.5 (1.7) 9.8 7.8 (1.0) (0.7) 6.1
============ ============ ============ ------------ ------------ ------------ ------------
Attributable
to:
Equity holders
of the parent 11.5 (1.7) 9.8 7.8 (1.0) (0.7) 6.1
============ ============ ============ ------------ ------------ ------------ ------------
Earnings per
share
Basic 7 62.2p 53.1p 41.8p 32.7p
============ ============ ------------ ------------
Diluted 7 60.6p 51.8p 41.2p 32.2p
============ ============ ------------ ------------
* Unaudited
Consolidated statement of comprehensive income
For the half year to 30 June
2014 2013
GBPm* GBPm*
Profit for the period 9.8 6.1
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Actuarial (loss)/gain on employee benefit schemes - net of tax (3.0) 4.5
Items that may be reclassified subsequently to profit or loss:
Foreign exchange differences on retranslation of foreign operations (1.3) 2.2
Foreign currency hedge - net of tax 0.1 (1.3)
======= -------
Total comprehensive income for the period 5.6 11.5
======= -------
Attributable to:
Equity holders of the parent 5.6 11.5
======= -------
* Unaudited
Consolidated balance sheet
As at 30 June
Notes
2014 2013 31 December 2013
GBPm* GBPm* GBPm+
Non-current assets
Property, plant and equipment 8.3 7.7 8.5
Investment property 0.3 0.4 0.4
Intangible assets 40.5 39.5 40.2
Trade and other receivables 0.6 0.5 0.5
Investments 1.8 1.9 1.8
Deferred tax asset 11.6 13.5 12.5
======== -------- -----------------
63.1 63.5 63.9
======== -------- -----------------
Current assets
Inventories 1.2 - 0.9
Trade and other receivables 50.4 37.2 45.2
Income tax receivable 3.7 2.0 2.6
Investments 9 25.2 25.1 25.2
Cash and cash equivalents 10 75.1 69.2 96.9
======== -------- -----------------
155.6 133.5 170.8
======== -------- -----------------
Current liabilities
Trade and other payables (66.1) (52.8) (85.5)
Income tax payable (1.3) (2.0) (3.9)
(67.4) (54.8) (89.4)
======== -------- -----------------
Net current assets 88.2 78.7 81.4
======== -------- -----------------
Non-current liabilities
Trade and other payables (2.3) (2.0) (1.3)
Provisions (2.2) (1.9) (2.0)
Employee benefits 11 (4.9) (2.7) (1.8)
Deferred tax liability (2.5) (1.7) (2.5)
======== -------- -----------------
(11.9) (8.3) (7.6)
======== -------- -----------------
Net assets 139.4 133.9 137.7
======== -------- -----------------
Capital and reserves
Share capital 12 4.7 4.7 4.7
Other reserves 35.4 38.4 35.7
Retained earnings 99.3 90.8 97.3
Total equity 139.4 133.9 137.7
======== -------- -----------------
* Unaudited
+ Audited
Consolidated statement of changes in equity
Attributable to equity holders of the parent
Notes Share capital Other reserves Retained earnings Total
GBPm* GBPm* GBPm* equity
GBPm*
Balance at 1 January 2014 4.7 35.7 97.3 137.7
============== =============== ================== ========
Profit for the period - - 9.8 9.8
Other comprehensive income:
Actuarial loss on employee benefit schemes -
net of tax - - (3.0) (3.0)
Foreign exchange differences on
retranslation of foreign operations - (1.3) - (1.3)
Foreign currency hedge - net of tax - 0.1 - 0.1
============== =============== ================== ========
Total comprehensive income for the period - (1.2) 6.8 5.6
============== =============== ================== ========
Transactions with owners:
Gain on ESOP shares - - 0.8 0.8
Net ESOP shares utilised - 0.6 - 0.6
Share-based payments - 0.3 - 0.3
Tax on other employee benefits - - 1.2 1.2
Tax on other items in equity - - 0.1 0.1
Dividend paid 8 - - (6.9) (6.9)
============== =============== ================== ========
- 0.9 (4.8) (3.9)
============== =============== ================== ========
Balance at 30 June 2014 4.7 35.4 99.3 139.4
============== =============== ================== ========
Attributable to equity holders of the parent
Notes Share capital Other reserves Retained earnings Total
GBPm* GBPm* GBPm* equity
GBPm*
Balance at 1 January 2013 4.7 37.5 83.8 126.0
-------------- --------------- ------------------ --------
Profit for the period - - 6.1 6.1
Other comprehensive income:
Actuarial gain on employee benefit schemes -
net of tax - - 4.5 4.5
Foreign exchange differences on
retranslation of foreign operations - 2.2 - 2.2
Foreign currency hedge - net of tax - (1.3) - (1.3)
-------------- --------------- ------------------ --------
Total comprehensive income for the period - 0.9 10.6 11.5
-------------- --------------- ------------------ --------
Transactions with owners:
Gain on ESOP shares - - 0.2 0.2
Net ESOP shares acquired - (0.7) - (0.7)
Share-based payments - 0.7 - 0.7
Tax on other employee benefits - - 2.4 2.4
Dividend paid 8 - - (6.2) (6.2)
-------------- --------------- ------------------ --------
- - (3.6) (3.6)
-------------- --------------- ------------------ --------
Balance at 30 June 2013 4.7 38.4 90.8 133.9
-------------- --------------- ------------------ --------
* Unaudited
Consolidated cash flow statement
For the half year to 30 June
Notes 2014 2013
GBPm* GBPm*
Cash flows from operating activities
Profit before taxation 14.1 9.0
Adjustments for:
Foreign exchange differences (0.5) (0.9)
Depreciation of property, plant and equipment 1.1 1.0
Share-based payment expense 0.8 0.7
Amortisation of intangibles 0.1 0.3
Difference between pension contributions paid
and amount recognised in the income statement (1.0) (1.1)
Finance revenue (0.3) (0.4)
Other finance costs - pensions 0.1 0.2
Increase in inventories (0.2) -
Increase in trade and other receivables (2.8) (3.5)
Decrease in bonus accrual (19.9) (17.0)
Increase/(decrease) in trade and other payables 2.0 (1.7)
Increase in provisions 0.1 0.1
======= -------
Cash utilised from operations (6.4) (13.3)
Income tax paid (5.0) (3.0)
Net cash outflow from operating activities (11.4) (16.3)
======= -------
Cash flows from investing activities
Interest received 0.2 0.3
Purchase of property, plant and equipment (0.5) (0.8)
Proceeds from sale of property, plant and equipment 0.1 -
Transfer from current investments - 0.1
Acquisition of subsidiaries, including deferred consideration (2.3) -
Cash acquired on acquisitions 0.5 -
Dividends received from investments 0.1 0.1
Net cash outflow from investing activities (1.9) (0.3)
======= -------
Cash flows from financing activities
Dividend paid 8 (6.9) (6.2)
Net cash outflow from financing activities (6.9) (6.2)
======= -------
Net decrease in cash and cash equivalents (20.2) (22.8)
Cash and cash equivalents at 1 January 10 96.9 89.4
Net foreign exchange differences (1.6) 2.6
======= -------
Cash and cash equivalents at 30 June 10 75.1 69.2
======= -------
* Unaudited
Notes to the interim financial statements
1 Corporate information
The interim consolidated financial statements of the group for
the period ended 30 June 2014 were authorised for issue in
accordance with a resolution of the directors on 15 August 2014.
Clarkson PLC is a Public Limited Company listed on the London Stock
Exchange, registered in England and Wales and domiciled in the
UK.
The interim consolidated financial statements do not comprise
statutory accounts within the meaning of Section 434 of the
Companies Act 2006, and should be read in conjunction with the 2013
annual financial statements. The statutory audited accounts for the
year ended 31 December 2013 have been delivered to the Registrar of
Companies in England and Wales. The Auditors' report on those
accounts was unqualified and did not contain statements under
Section 498 of the Companies Act 2006.
Copies of the interim financial statements will be circulated to
all shareholders and will also be available from the registered
office of the company at St. Magnus House, 3 Lower Thames Street,
London EC3R 6HE and also on www.clarksons.com.
2 Statement of accounting policies
2.1 Basis of preparation
The interim consolidated financial statements of the group for
the period ended 30 June 2014 have been prepared in accordance with
the Disclosure and Transparency Rules of the Financial Conduct
Authority and with IAS 34 Interim Financial Reporting as adopted by
the European Union.
The interim consolidated financial statements do not include all
the information and disclosures required in the annual financial
statements, and should be read in conjunction with the group's
annual financial statements for the year ended 31 December 2013,
which were prepared in accordance with IFRSs as adopted by the
European Union.
The directors are satisfied that, at the time of approving the
consolidated interim financial information, it is appropriate to
continue to adopt a going concern basis of accounting.
The interim consolidated income statement is shown in columnar
format to assist with understanding the group's results by
presenting profit for the period before acquisition costs (2013:
before exceptional item and acquisition costs). The column
'acquisition costs' includes the amortisation of intangible assets
and the expensing of the cash and share-based elements of
consideration linked to ongoing employment obligations on previous
acquisitions. Items which are non-recurring in nature and
considered to be material in size are shown as 'exceptional
items'.
2.2 Accounting policies
The accounting policies adopted in the preparation of the
interim consolidated financial statements are consistent with those
followed in the preparation of the group's annual financial
statements for the year ended 31 December 2013, except as described
below:
-- Taxes on income in the interim period are accrued using the
tax rate that would be applicable to expected total annual profit
or loss; and
-- The following new standards and amendments to standards which
are mandatory for the financial period ending 31 December 2014.
These have been adopted in this interim report although there has
been no significant impact on the group as a result of adopting
these new standards and amendments to standards.
-- IFRS 10, 'Consolidated Financial Statements';
-- IFRS 12, 'Disclosures of Interests in Other Entities';
-- Amendments to IFRS 10, 11, and 12 on transition guidance;
-- IAS 27 (revised 2011), 'Separate Financial Statements';
-- IAS 28 (revised 2011), 'Associates and Joint Ventures';
-- Amendments to IAS 32, 'Financial Instruments: Presentation'
on offsetting financial assets and financial liabilities;
-- Amendments to IFRS 10, 'Consolidated financial statements',
IFRS 12 and IAS 27 for investment entities;
-- Amendments to IAS 36, 'Impairment of assets'; and
-- Amendments to IAS 39, 'Financial instruments: Recognition and measurement'.
Exceptional items are disclosed and described separately in the
financial statements where it is necessary to do so to provide
further understanding of the financial performance of the group.
They are material items of income or expense that have been shown
separately due to the significance of their nature or amount.
There were no new IFRIC interpretations that had to be
implemented during the year that affect these interim financial
statements.
As at the date of authorisation of these interim financial
statements, the following key standards and interpretations were in
issue but not yet effective (and in some cases had not yet been
adopted by the EU). The group has not applied these standards and
interpretations in the preparation of these financial
statements.
-- Amendments to IAS 19 regarding defined benefit plans;
-- Annual improvements 2012;
-- Annual improvements 2013;
-- Amendments to IAS 16, 'Property, plant and equipment' and IAS
38, 'Intangible assets' on depreciation and amortisation;
-- IFRS 15, 'Revenue from contracts with customers';
-- IFRS 9, 'Financial Instruments' - classification and measurements;
-- Amendments to IFRS 9, 'Financial Instruments' regarding general hedge accounting.
The impact on the group's financial statements of the future
adoption of these and other new standards and interpretations is
still under review, but the group does not expect any of these
changes to have a material effect on the results or net assets of
the group.
2.3 Seasonality
The group's activities are not subject to significant seasonal
variation.
3 Segmental information
For the half year to 30 June
Revenue Results
------ -------- ------ --------
2014 2013 2014 2013
GBPm GBPm GBPm GBPm
Broking 84.5 73.4 14.9 12.4
Financial 8.4 3.9 0.3 (2.8)
Support 15.7 8.8 2.5 1.6
Research 4.7 4.6 1.4 1.3
====== -------- ====== --------
113.3 90.7
Less property services revenue arising within the group, included under Support (1.6) (1.6)
====== --------
Segment revenue/results 111.7 89.1 19.1 12.5
====== --------
Head office costs (3.5) (1.9)
====== --------
Operating profit before the exceptional item and acquisition costs 15.6 10.6
Exceptional item - (1.0)
Acquisition costs (1.7) (0.8)
====== --------
Operating profit after the exceptional item and acquisition costs 13.9 8.8
Finance revenue 0.3 0.4
Other finance costs - pensions (0.1) (0.2)
====== --------
Profit before taxation 14.1 9.0
Taxation (4.3) (2.9)
====== --------
Profit for the period 9.8 6.1
====== --------
4 Exceptional item
In 2013, the decision was made to restructure the cost base of
Clarkson Capital Markets which included the closure of the Dubai
operation. This led to an exceptional charge of GBP1.0m.
5 Acquisitions
Included in acquisition costs are cash and share-based payment
charges of GBP1.5m (2013: GBP0.5m) relating to acquisitions. These
are contingent on employees remaining in service and are therefore
spread over the service period. Also included is GBP0.1m (2013:
GBPnil) of legal and professional fees relating to the 2014
acquisition and GBP0.1m (2013: GBP0.3m) relating to amortisation of
intangibles acquired as part of the 2011 acquisitions.
On 11 June 2014, Clarkson Port Services acquired 100% of the
share capital of Michael F. Ewings (Shipping) Ltd. On the
acquisition date, net assets of GBP1.2m were acquired for an
initial cash payment of GBP1.1m. Additional cash sums up to GBP1.6m
are also payable within three years. The elements which are subject
to performance and service conditions will be charged to the
consolidated income statement over the service period. The
resulting goodwill amounts to GBP0.4m.
6 Taxation
Income tax expense is recognised based on management's best
estimate of the weighted average annual income tax rate expected
for the full financial year. The estimated average annual tax rate,
excluding the exceptional item and acquisition costs, for the year
to 31 December 2014 is 27.0% (the estimated tax rate used for the
six months ended 30 June 2013 was 28.0%).
7 Earnings per share
Basic earnings per share amounts are calculated by dividing net
profit for the period attributable to ordinary equity holders of
the parent by the weighted average number of ordinary shares in
issue during the period.
Diluted earnings per share amounts are calculated by dividing
the net profit attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares in issue
during the period, plus the weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive
potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the
basic and diluted earnings per share computations:
Half year to 30 June
Half year to 30 June 2014 2013
GBPm GBPm
Earnings 9.8 6.1
========================== ---------------------
2014 2013
Million Million
Weighted average number of ordinary shares 18.6 18.6
Dilutive effect of share options and acquisition-related share
awards 0.4 0.3
========================== ---------------------
Diluted weighted average number of ordinary shares 19.0 18.9
========================== ---------------------
8 Dividends
For the half year to 30 June
2014 2013
GBPm GBPm
Declared and paid during the period:
Final dividend for 2013 of 37p per share (2012: 33p per share) 6.9 6.2
Payable (not recognised as a liability at period end):
Interim dividend for 2014 of 21p per share (2013: 19p per share) 4.0 3.6
====== ------
9 Investments
At 30 June 2014, the group had GBP25.2m in deposits with a
maturity of 95 days (31 December 2013: GBP25.2m with a maturity of
100 days). These deposits are held with an A-rated financial
institution.
10 Cash and cash equivalents
30 June 30 June
2014 2013 31 December 2013
GBPm GBPm GBPm
Cash at bank and in hand 73.7 68.5 95.4
Short-term deposits 1.4 0.7 1.5
======== -------- -----------------
75.1 69.2 96.9
======== -------- -----------------
Net funds, after deduction of accrued bonus entitlements, but
including short-term investments amount to GBP74.0m (31 December
2013: GBP75.0m).
11 Employee benefits
The group operates two defined benefit pension schemes being the
Clarkson PLC scheme and the Plowrights scheme.
As at 30 June 2014 the combined schemes had a deficit of GBP4.1m
(31 December 2013: GBP0.9m). This amount is included in full on the
balance sheet as a non-current liability; the company has
recognised deferred tax on this deficit amounting to GBP0.8m (31
December 2013: GBP0.2m). The market value of the assets was
GBP153.0m (31 December 2013: GBP152.7m) and independent actuaries
have assessed the present value of funded obligations at GBP157.1m
(31 December 2013: GBP153.6m).
Triennial valuations for both schemes were prepared based on the
position as at 31 March 2013. There is a minimum funding
requirement on the Plowrights scheme. The excess of the minimum
funding requirement over the deficit of GBP0.8m (31 December 2013:
GBP0.9m) has been recognised as a non-current liability on the
balance sheet. Deferred tax of GBP0.2m (31 December 2013: GBP0.2m)
has been recognised on this liability.
12 Share capital
30 June 2014 30 June 2013 31 December 2013 30 June 2014 30 June 2013 31 December 2013
Million Million Million GBPm GBPm GBPm
Ordinary shares of
25p each:
At start and end of
period 19.0 19.0 19.0 4.7 4.7 4.7
============= ------------- ----------------- ============= ------------- -----------------
13 Contingencies
From time to time the group may be engaged in litigation in the
ordinary course of business. The group carries professional
indemnity insurance. There are currently no liabilities expected to
have a material adverse financial impact on the group's
consolidated results or net assets.
14 Principal risks and uncertainties
The directors consider that the nature of the principal risks
and uncertainties which may have a material effect on the group's
performance in the second half of the year is unchanged from those
identified in the risk management section of the 2013 Annual Report
on page 29. These include credit risk, in the form of non-payment
of invoices; liquidity risk arising from funding requirements;
foreign exchange risk from fluctuations in the US dollar to
sterling exchange rate; exposures to interest rate movements;
reputational risk; and operational risk giving rise to losses from
people, systems, external influences or failed processes.
15 Related party disclosures
The group's significant related parties are as disclosed in the
2013 Annual Report. There were no material differences in related
parties or related party transactions in the period ended 30 June
2014.
16 Financial instruments
Fair value measurements apply to the foreign currency contracts
of GBP4.4m asset at 30 June 2014 (GBP4.3m asset at 31 December
2013). These are classified as level 2. The method for determining
the hierarchy and fair value is consistent with that used at the
year-end, as disclosed on page 94 of the 2013 Annual Report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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