Royal Dutch Shell plc Half-yearly Financial Report 2009
Period
All amounts shown throughout this report are unaudited.
The companies in which
directly and indirectly owns investments are separate entities. In this
document “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used
for convenience where references are made to
subsidiaries in general. Likewise, the words “we”, “us” and “our” are also
used to refer to subsidiaries in general or to those who work for them. These
expressions are also used where no useful purpose is served by identifying
the particular company or companies. “Subsidiaries”, “Shell subsidiaries” and
“Shell companies” as used in this document refer to companies in which
Dutch Shell
majority of the voting rights or the right to exercise a controlling
influence. The companies in which Shell has significant influence but not
control are referred to as “associated companies” or “associates” and
companies in which Shell has joint control are referred to as “jointly
controlled entities”. In this document, associates and jointly controlled
entities are also referred to as “equity-accounted investments”. The term
“Shell interest” is used for convenience to indicate the direct and/or
indirect (for example, through our 34% shareholding in Woodside Petroleum
Ltd.) ownership interest held by Shell in a venture, partnership or company,
after exclusion of all third-party interest.
This document contains forward-looking statements concerning the
financial condition, results of operations and businesses of
Shell
deemed to be, forward-looking statements. Forward-looking statements are
statements of future expectations that are based on management’s current
expectations and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or events to
differ materially from those expressed or implied in these statements.
Forward-looking statements include, among other things, statements concerning
the potential exposure of
expressing management’s expectations, beliefs, estimates, forecasts,
projections and assumptions. These forward-looking statements are identified
by their use of terms and phrases such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “intend”, “may”, “plan”, “objectives”, “outlook”,
“probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should”
and similar terms and phrases. There are a number of factors that could
affect the future operations of
results to differ materially from those expressed in the forward-looking
statements included in this document, including (without limitation): (a)
price fluctuations in crude oil and natural gas; (b) changes in demand for
the Group’s products; (c) currency fluctuations; (d) drilling and production
results; (e) reserve estimates; (f) loss of market share and industry
competition; (g) environmental and physical risks; (h) risks associated with
the identification of suitable potential acquisition properties and targets,
and successful negotiation and completion of such transactions; (i) the risk
of doing business in developing countries and countries subject to
international sanctions; (j) legislative, fiscal and regulatory developments
including potential litigation and regulatory effects arising from
recategorisation of reserves; (k) economic and financial market conditions in
various countries and regions; (l) political risks, including the risks of
expropriation and renegotiation of the terms of contracts with governmental
entities, delays or advancements in the approval of projects and delays in
the reimbursement for shared costs; and (m) changes in trading conditions.
All forward-looking statements contained in this document are expressly
qualified in their entirety by the cautionary statements contained or
referred to in this section. Readers should not place undue reliance on
forward-looking statements. Additional factors that may affect future results
are contained in
ended
http://www.sec.gov). These factors also should be considered by the reader.
Each forward-looking statement speaks only as of the date of this document,
undertake any obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or other information.
In light of these risks, results could differ materially from those stated,
implied or inferred from the forward-looking statements contained in this
document.
The United States Securities and Exchange Commission (SEC) permits oil
and gas companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under existing
economic and operating conditions. We use certain terms in this document that
SEC’s guidelines strictly prohibit us from including in filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in our Form 20-F,
File No 1-32575, available on the SEC website http://www.sec.gov. You can
also obtain these forms from the SEC by calling 1-800-SEC-0330.
Half-yearly financial report 2009
Business Review for the six month period ended June 30, 2009
Presented under IFRS (unaudited)
$ million
Six months
ended June 30
2009 2008
Income for the period 7,419 20,955
Attributable to minority interest 109 316
Income attributable to Royal Dutch Shell plc shareholders 7,310 20,639
Earnings for the first six months of 2009 were
the macro environment impacts on the Exploration & Production and Oil
Products business segments.
Exploration & Production
Segment earnings for the first six months of 2009 were
compared to
first six months of 2009 included a net gain of
from tax credits of
settlement of
offset by a charge of
certain UK gas contracts, a charge of
adjustment for inflation in USA and a charge of
retirement healthcare plan modification in the
period last year included a net gain of
divestments of
related to the mark-to-market valuation of certain UK gas contracts and net
tax charges of
Earnings for the first six months of 2009 mainly reflected lower oil and
gas prices on revenues, lower oil and gas production volumes and higher
exploration expenses and non-cash pension charges, which were partly offset
by lower royalty and tax expenses.
Global liquid realisations were 53% lower than a year ago, compared to a
decrease in Brent of 53% and WTI of 54%. Outside the
decreased by 21% whereas in the
compared to a decrease in Henry Hub of 58%.
Oil and gas production (excluding oil sands bitumen production) was 3,100
thousand barrels of oil equivalent per day (boe/d), a decrease of 4% compared
to 3,246 thousand boe/d for the same period last year.
Production in the first six months of 2009 compared to the same period
last year was mainly impacted by field decline, OPEC restrictions, lower
natural gas demand,
production sharing contracts pricing effects, new fields start-ups and
continued ramp-up of fields started up over the last 12 months.
In
consequence, the Shell Petroleum Development Company of Nigeria Ltd’s onshore
and shallow water oil and gas production declined from some 220 thousand
boe/d (Shell share) in the first half of 2008 to approximately 130 thousand
boe/d (Shell share) in the first six months of 2009.
Gas & Power
Segment earnings for the first six months of 2009 were
compared to
charges of
plan modification in the
mark-to-market valuation of certain gas contracts. In the first six months of
2008 earnings included a charge of
the estimated fair value accounting of commodity derivatives relating to
operational activities of
the mark-to-market valuation of certain gas contracts.
Excluding these items earnings compared to the same period last year
reflecting lower oil prices on revenues, lower LNG sales volumes and reduced
dividends received from an LNG joint venture.
In the first six months of 2009, LNG sales volumes of 5.95 million tonnes
were 10% lower compared to the same period last year, mainly as a consequence
of lower contributions from Nigeria LNG due to continued natural gas supply
disruptions, which were partly offset by the ramp-up in sales volumes from
Train 5, at the North West Shelf project, and the Sakhalin II LNG project.
Oil Sands
Segment earnings for the first six months of 2009 were
compared to
six months of 2008, earnings mainly reflected the impact of significantly
lower oil prices on revenues and higher operating costs.
Bitumen production was 76 thousand barrels per day (b/d) compared to 78
thousand b/d in the same period last year. Upgrader availability was 92%
compared to 94% for the same period last year.
Oil Products
Segment earnings for the first six months of 2009 were
compared to
months of 2009 earnings benefited from the impact of increasing crude prices
on inventory by
same period last year. Earnings included charges of
non-cash charges related to the estimated fair value accounting of commodity
derivatives relating to operational activities of
adjustment for inflation in the
million
related to a retirement healthcare plan modification in the
six months of 2008 earnings included a net charge of
non-cash charges related to fair value accounting of commodity derivatives of
million
After taking into account the impact of rising crude prices on our
inventory, earnings reflected significantly lower refining earnings, which
were partly offset by higher marketing contributions.
Industry refining margins declined worldwide compared to the same period
a year ago. Refinery availability increased to 93% compared to 92% in the
same period last year, mainly due to lower planned and unplanned maintenance
activities.
Significantly lower refining earnings mainly reflected lower worldwide
realised refining margins and reduced demand for refined products.
Marketing earnings increased from a year ago, reflecting higher retail,
B2B and lubricant earnings and improved trading contributions.
Oil Products (marketing and trading) sales volumes declined by 9%
compared to the same period last year. Marketing sales volumes were 5% lower
than in the same period last year and, excluding the impact of divestments,
3% lower, mainly because of lower commercial fuels sales.
Chemicals
Segment results for the first six months of 2009 were a loss of
million
Results in the first six months of 2009 included charges of
reflecting an impairment charge of
adjustment for inflation in the
plan modification in the
included a net charge of
provisions of
In the first six months of 2009 earnings benefited from the effect of
increasing feedstock prices on inventory by
impact of change in feedstock prices, the loss was
earnings of
realised margins and non-cash pension charges, which were partly offset by
higher income from equity-accounted investments and lower operating costs.
Sales volumes decreased by 19% compared to the first six months of 2008,
mainly as a result of reduced global demand.
Chemicals manufacturing plant availability was 90%, 5% points lower than
in the first six months of 2008. The reduced global demand for chemical
products has significantly impacted the chemicals manufacturing plant
utilisation rate, which dropped to 66% from 85% in the first six months of
2008.
Corporate
Segment earnings for the first six months of 2009 were
compared to
six months of 2009 included a net gain of
credits of
healthcare plan modification in the
Compared to the first six months of 2008, earnings mainly reflected
higher currency exchange gains combined with lower net interest income and
increased tax credits.
Portfolio Developments
Exploration & Production
In
gas production from the Lunskoye A platform and also commenced LNG exports.
The Sakhalin II project is expected to deliver 395 thousand boe/d of peak
production (100% basis) after full ramp-up.
In the
Tonga project (Shell share 22.4%), with estimated peak production of 40
thousand boe/d (100% basis).
Also in the
in Lease Sale 208 in the
In
license covering an area of some 47 thousand km2.
In
Company (ADNOC) to extend the GASCO Joint Venture for a further twenty years.
GASCO’s operations are mainly focused on gas processing and natural gas
liquid (NGL) extraction.
During the first half of 2009, Shell made 6 notable discoveries in the US
Gulf of Mexico,
overall acreage position through acquisitions of new exploration licences in
In
Parque das Conchas (BC-10) project (Shell share 50%). Production wells, which
are some 2 kilometres deep, are linked to a Floating Production, Storage and
Offloading (FPSO) vessel with a capacity to process 100 thousand barrels of
oil and 50 million cubic feet of natural gas a day (100% basis).
Gas & Power
In
was lifted from the Sakhalin II project (Shell share 27.5%), which will have
an LNG capacity of 9.6 million tonnes per annum (100% basis) after full
ramp-up.
Liquidity and Capital Resources
Net cash from operating activities in the first six month of 2009 was
first six months of 2009 the net cash from operating activities was impacted
by cash contributions to pension funds of over
equivalents amounted to
billion
Total short and long-term debt increased to
2009
2009, Shell issued
from 2012 through 2018. All debt was issued by Shell International Finance
B.V. and guaranteed by
Capital investment in the first six month 2009 was
Oil Products and
equity-accounted investments of
segment. Capital investment in the same period of 2008 was
which
billion
Gross proceeds from divestments in the first six months of 2009 were
billion
Principal Risk and Uncertainties
The principal risks and uncertainties affecting Shell are described in
the Risk Factors section of the Annual Report and Form 20-F for the year
ended
no material changes in those Risk Factors with the exception that the
Nigerian government is contemplating new legislation to govern the petroleum
industry which, if passed into law, would likely have an impact on Shell’s
existing and future activities in that country.
A summary of the Risk Factors described in the Annual Report and Form
20-F for the year ended
- Shell's operating results and financial condition are exposed to
fluctuating prices for oil, natural gas, oil products and chemicals.
- Shell's future hydrocarbon production depends on the delivery of
capital projects, some of them large and complex, as well as the
ability to replace oil and gas and oil sands reserves.
- Shell's ability to achieve its strategic objectives depends on our
reaction to competitive forces.
- An erosion of Shell's business reputation would adversely impact our
licence to operate, our brand, our ability to secure new resources and
our financial performance.
- Rising climate change concerns could lead to additional regulatory
measures that may result in project delays and higher cost.
- The nature of Shell's operations exposes us to a wide range of
significant health, safety, security and environment (HSSE) risks.
- Shell operates in more than 100 countries, with differing degrees of
political stability. This exposes us to a wide range of political
developments and resulting changes to laws and regulations.
- Our investment in joint ventures and associated companies may reduce
our degree of control as well as our ability to identify and manage
risks.
- Reliable information technology (IT) systems are a critical enabler of
our operations.
- Shell's future performance depends on successful development and
deployment of new technologies.
- Skilled employees are essential to the successful delivery of Shell's
strategy.
- Shell is subject to many legal regimes, with different fiscal and
regulatory systems, as well as to changes in legislation.
- Economic and financial market conditions affect our profitability.
- The estimation of reserves is not an exact calculation and involves
subjective judgements based on available information.
- Shell's Articles of Association determine the jurisdiction for
shareholder disputes. This might limit shareholder remedies.
- Violations of antitrust and competition law pose a financial risk for
Shell and expose Shell or our employees to criminal sanctions.
- An erosion of the business and operating environment in Nigeria could
adversely impact our earnings and financial position.
- Shell has investments in Iran and Syria, countries against which the US
government imposed sanctions. We could be subject to sanctions or other
penalties in connection with these activities.
- Shell faces property and liability risks and does not insure against
all potential losses.
- Shell's business model involves trading, treasury and foreign exchange
risks.
- Shell has substantial pension commitments, whose funding is subject to
capital market risks.
- Shell companies face the risk of litigation and disputes worldwide.
- Shell is currently under investigation by the United States Securities
and Exchange Commission and the United States Department of Justice for
violations of the US Foreign Corrupt Practices Act.
Unaudited Condensed Consolidated Interim Financial Statements
Condensed Consolidated Statement of Income
$ million
Six months ended June 30
2009 2008
Revenue[A] 122,104 245,721
Cost of sales 104,660 206,041
Gross profit 17,444 39,680
Selling, distribution and administrative expenses 7,646 8,413
Exploration 1,102 733
Share of profit of equity-accounted investments 2,463 5,096
Net finance costs and other (income)/expense (418) (193)
Income before taxation 11,577 35,823
Taxation 4,158 14,868
Income for the period 7,419 20,955
Income attributable to minority interest 109 316
Income attributable to Royal Dutch Shell plc
shareholders 7,310 20,639
$ million
Six months ended June 30
2009 2008
Basic earnings per share (see Note 3) 1.19 3.34
Diluted earnings per share (see Note 3) 1.19 3.33
[A] Revenue is stated after deducting sales taxes, excise duties and
similar levies of
Condensed Consolidated Statement of Comprehensive Income
$ million
Six months ended June 30
2009 2008
Income for the period 7,419 20,955
Other comprehensive income, net of tax:
Currency translation differences 3,583 1,963
Unrealised gains/(losses) on securities 105 (249)
Unrealised gains/(losses) on cash flow hedges 140 21
Share of other comprehensive income of equity-
accounted investments 57 8
Other comprehensive income 3,885 1,743
Comprehensive income 11,304 22,698
Comprehensive income attributable to minority
interest (112) (206)
Comprehensive income attributable to
Royal Dutch Shell plc shareholders 11,192 22,492
The Notes found near the end of this release are an integral part of
these Condensed Consolidated Interim Financial Statements.
Condensed Consolidated Balance Sheet
$ million
June 30, 2009 Dec 31, 2008
ASSETS
Non-current assets
Intangible assets 5,197 5,021
Property, plant and equipment 121,708 112,038
Investments:
equity-accounted investments 29,986 28,327
financial assets 4,130 4,065
Deferred tax 4,144 3,418
Pre-paid pension costs 9,640 6,198
Other 8,886 6,764
183,691 165,831
Current assets
Inventories 24,921 19,342
Accounts receivable 72,529 82,040
Cash and cash equivalents 10,596 15,188
108,046 116,570
Total assets 291,737 282,401
LIABILITIES
Non-current liabilities
Debt 25,469 13,772
Deferred tax 13,726 12,518
Retirement benefit obligations 5,787 5,469
Other provisions 13,259 12,570
Other 4,619 3,677
62,860 48,006
Current liabilities
Debt 4,621 9,497
Accounts payable and accrued liabilities 76,298 85,091
Taxes payable 10,205 8,107
Retirement benefit obligations 410 383
Other provisions 2,221 2,451
93,755 105,529
Total liabilities 156,615 153,535
EQUITY
Equity attributable to Royal Dutch Shell plc 133,509 127,285
shareholders
Minority interest 1,613 1,581
Total equity 135,122 128,866
Total liabilities and equity 291,737 282,401
The Notes found near the end of this release are an integral part of
these Condensed Consolidated Interim Financial Statements.
Condensed Consolidated Statement of Changes in Equity
$ million
Equity attributable to Royal Dutch Shell plc shareholders
Ordinary
share Treasury Other Retained
capital shares reserves[A] earnings
At January 1, 2009 527 (1,867) 3,178 125,447
Comprehensive income - - 3,882 7,310
Capital contributions
from minority
shareholders and other
changes in minority
interest - - - 3
Dividends paid - - - (5,257)
Treasury shares: net
sales/(purchases) and
dividends received - 234 - -
Repurchases of shares - - - -
Share-based compensation - - (175) 227
At June 30, 2009 527 (1,633) 6,885 127,730
At January 1, 2008 536 (2,392) 14,148 111,668
Comprehensive income - - 1,853 20,639
Capital contributions
from minority
shareholders and other
changes in minority
interest - - - 59
Dividends paid - - - (4,818)
Treasury shares:
net sales/(purchases)
and dividends received - 442 - -
Repurchases of shares (5) - 5 (2,237)
Share-based compensation - - (107) 18
At June 30, 2008 531 (1,950) 15,899 125,329
[A] See Note 2.
Condensed Consolidated Statement of Changes in Equity (cont.)
$ million
Equity attributable to Royal Dutch Shell plc shareholders
Minority Total
Total interest equity
At January 1, 2009 127,285 1,581 128,866
Comprehensive income 11,192 112 11,304
Capital contributions from minority
shareholders and other changes in minority
interest 3 19 22
Dividends paid (5,257) (99) (5,356)
Treasury shares: net sales/(purchases)
and dividends received 234 - 234
Repurchases of shares - - -
Share-based compensation 52 - 52
At June 30, 2009 133,509 1,613 135,122
At January 1, 2008 123,960 2,008 125,968
Comprehensive income 22,492 206 22,698
Capital contributions from minority
shareholders and other changes in minority
interest 59 52 111
Dividends paid (4,818) (166) (4,984)
Treasury shares: net sales/(purchases)
and dividends received 442 - 442
Repurchases of shares (2,237) - (2,237)
Share-based compensation (89) - (89)
At June 30, 2008 139,809 2,100 141,909
The Notes found near the end of this release are an integral part of
these Condensed Consolidated Interim Financial Statements.
Condensed Consolidated Statement of Cash Flows
$ million
Six months ended June 30,
2009 2008
Cash flow from operating activities:
Income for the period 7,419 20,955
Adjustment for:
Current taxation 4,211 15,106
Interest (income)/expense 700 447
Depreciation, depletion and amortisation 6,369 6,585
(Gains)/losses on sale of assets (285) (1,038)
Decrease/(increase) in net working capital (3,200) (8,967)
Share of profit of equity-accounted investments (2,463) (5,096)
Dividends received from equity-accounted
investments 2,219 4,199
Deferred taxation and other provisions (586) 170
Other (1,790) 104
Net cash from operating activities (pre-tax) 12,594 32,465
Taxation paid (4,116) (11,435)
Net cash from operating activities 8,478 21,030
Cash flow from investing activities:
Capital expenditure (12,791) (14,781)
Investments in equity-accounted investments (1,854) (1,137)
Proceeds from sale of assets 478 2,471
Proceeds from sale of equity-accounted investments 220 333
Proceeds from sale of/(additions to) financial
assets (52) 285
Interest received 170 554
Net cash used in investing activities (13,829) (12,275)
Cash flow from financing activities:
Net Increase/(decrease) in debt with maturity
period within three months (5,634) (24)
Other debt:
New borrowings 13,928 316
Repayments (1,816) (2,143)
Interest paid (524) (667)
Change in minority interest 19 27
Dividends paid to:
Royal Dutch Shell plc shareholders (5,257) (4,818)
Minority interest (99) (166)
Repurchases of shares - (2,423)
Treasury shares: net sales/(purchases) and
dividends received 87 442
Net cash from/(used in) financing activities 704 (9,456)
Currency translation differences relating to
cash and cash equivalents 55 35
Increase/(decrease) in cash and cash equivalents (4,592) (666)
Cash and cash equivalents at January 1 15,188 9,656
Cash and cash equivalents at June 30 10,596 8,990
The Notes found near the end of this release are an integral part of
these Condensed Consolidated Interim Financial Statements.
Notes to the Condensed Consolidated Interim Financial Statements
1. Basis of preparation
These Condensed Consolidated Interim Financial Statements of
Shell
group”) are prepared on the same accounting principles as, and should be read
in conjunction with, the Annual Report on Form 20-F for the year ended
1 “Presentation of Financial Statements” with effect from
Revised IAS 1 requires the presentation of a statement of comprehensive
income and minor changes to the statement of changes in equity; there is no
impact on Shell’s reported income or equity.
The six-month period ended
Financial Statements of
prepared in accordance with International Accounting Standard 34 “Interim
Financial Reporting”.
In accordance with DTR 4.2.9(2) of the UK Disclosure and Transparency
Rules (DTRs), it is confirmed that this publication has not been audited or
reviewed by auditors pursuant to the Auditing Practices Board guidance on
Review of Interim Financial Information.
The Condensed Consolidated Interim Financial Statements do not comprise
statutory accounts. Statutory accounts for the year ended
were approved by the Board of Directors on
the Registrar of Companies. The report of the auditors on those accounts was
unqualified, did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying the report, and did not
contain any statement under sections 237(2) or (3) of the Companies Act 1985.
2. Other reserves
$ million
Capital
Merger redemption Share premium
reserve[A] reserve reserve
At January 1, 2009 3,444 57 154
Other comprehensive income
attributable to Royal Dutch
Shell plc shareholders - - -
Repurchases of shares - - -
Share-based compensation - - -
At June 30, 2009 3,444 57 154
At January 1, 2008 3,444 48 154
Other comprehensive income
attributable to Royal Dutch
Shell plc shareholders - - -
Repurchases of shares - 5 -
Share-based compensation - - -
At June 30, 2008 3,444 53 154
[A] The merger reserve was established in 2005, when
Petroleum Company (“Royal Dutch”) and of The Shell Transport and Trading
Company Limited (previously known as The “Shell” Transport and Trading
Company, p.l.c.) (“Shell Transport”) the two former public parent companies
of the Group. It relates primarily to the difference between the nominal
value of
2. Other reserves (cont.)
$ million
Accumulated
Share other
plan comprehensive
reserve income Total
At January 1, 2009 1,192 (1,669) 3,178
Other comprehensive income
attributable to Royal Dutch
Shell plc shareholders - 3,882 3,882
Repurchases of shares - - -
Share-based compensation (175) - (175)
At June 30, 2009 1,017 2,213 6,885
At January 1, 2008 1,122 9,380 14,148
Other comprehensive income
attributable to Royal Dutch
Shell plc shareholders - 1,853 1,853
Repurchases of shares - - 5
Share-based compensation (107) - (107)
At June 30, 2008 1,015 11,233 15,899
3. Earnings per share
Six months ended June 30,
2009 2008
Income attributable to Royal
Dutch Shell plc shareholders
($ million) 7,310 20,639
Basic weighted average number
of ordinary shares 6,124,153,494 6,182,927,817
Diluted weighted average
number of ordinary shares 6,126,901,303 6,199,685,973
4. Information by business segment
Six months ended June 30, 2009
$ million
Exploration & Gas & Oil Oil
Production Power Sands Products Chemicals Corporate Total
Revenue
Third party 4,892 9,163 7 98,059 9,944 39 122,104
Inter-segment 12,661 292 870 806 1,339 -
Segment
earnings 3,031 1,219 8 2,559 (79) 681 7,419
Six months ended June 30, 2008
$ million
Exploration & Gas & Oil Oil
Production Power Sands Products Chemicals Corporate Total
Revenue
Third party 10,654 11,979 614 197,442 25,013 19 245,721
Inter-segment 25,184 726 1,621 2,255 3,236 -
Segment
earnings 11,024 1,573 600 6,906 505 347 20,955
5. Ordinary share capital
$ million
June 30, 2009 June 30, 2008
Allotted, called up and fully paid
Class A ordinary shares 300 300
Class B ordinary shares 227 231
Sterling deferred [A] [A]
527 531
[A] Less than $1 million.
Responsibility statement
It is confirmed that to the best of our knowledge: (a) the condensed set
of financial statements has been prepared in accordance with IAS 34 ‘Interim
Financial Reporting’; (b) the interim management report includes a fair
review of the information required by DTR 4.2.7R (indication of important
events during the first six months of the financial year and description of
principal risks and uncertainties for the remaining six months of the
financial year); and (c) the interim management report includes a fair review
of the information required by DTR 4.2.8R (disclosure of related parties
transactions and changes thereto).
The Directors of
and Form 20-F for the year ended
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SOURCE