Yr End Results 31-8-95 - Final


SINGAPORE PRESS HOLDINGS LIMITED

Reg. No. 198402868E

(Incorporated in Singapore)


ANNOUNCEMENT

AUDITED RESULTS FOR THE YEAR ENDED AUGUST 31, 2015

1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year


(i) Results for the Year ended August 31, 2015

Group

2015

2014

Change

S$'000

S$'000

%

Operating revenue

Media

902,506

963,380

(6.3)

Property

230,751

204,985

12.6

Others

43,823

46,819

(6.4)

1,177,080

1,215,184

(3.1)

Other operating income

27,636

15,891

73.9

1,204,716

1,231,075

(2.1)

Materials, production and distribution costs

(176,128)

(199,394)

(11.7)

Staff costs

(371,610)

(374,519)

(0.8)

Premises costs

(67,952)

(64,899)

4.7

Depreciation

(49,582)

(54,332)

(8.7)

Other operating expenses

(152,324)

(153,902)

(1.0)

Finance costs

(33,620)

(35,066)

(4.1)

Operating profit#

353,500

348,963

1.3

Fair value change on investment properties

36,258

109,076

(66.8)

Net income from investments

51,707

48,215

7.2

Share of results of associates and joint ventures


(11,220)


(30,726)


(63.5)

Gain on partial divestment of a joint venture


-


52,863


NM

Profit before taxation

430,245

528,391

(18.6)

Taxation

(59,823)

(57,655)

3.8

Profit after taxation

370,422

470,736

(21.3)

Attributable to:

Shareholders of the Company

321,701

404,286

(20.4)

Non-controlling interests

48,721

66,450

(26.7)

370,422

470,736

(21.3)


# This represents the recurring earnings of the media, property and other businesses. NM: Not meaningful

1(a)(ii) Notes: Profit after taxation is arrived at after accounting for:


Group

2015

2014

Change

S$'000

S$'000

%


Write-back of allowance/(Allowance) for stock obsolescence


1,634


(18)


NM

Share-based compensation expense

(5,940)

(4,976)

19.4

Allowance for impairment of trade receivables

(370)

(3,761)

(90.2)

Bad debts recovery

251

300

(16.3)

Impairment of property, plant and equipment

-

(9,798)

NM

Net loss on disposal of property, plant and equipment


(150)


(618)


(75.7)

Impairment of goodwill

(8,768)

-

NM

Impairment of intangible assets

(301)

-

NM

Amortisation of intangible assets

(11,042)

(9,614)

14.9

Gain on disposal of associates

100

7

NM

Gain on dilution of interest in an associate

1,943

-

NM

Loss on disposal of a joint venture

(459)

-

NM

Write-back of impairment of loan to an associate

-

388

NM

Interest income

7,119

8,550

(16.7)

Net fair value changes on

- Internally-managed assets at fair value through profit or loss


(274)


(76)


NM

- Derivative financial instruments

(37,318) @

3,141

NM

Net foreign exchange differences

9,454

(1,259)

NM

Impairment of investments

(1,419)

(7,282)

(80.5)

Net over-provision of prior years' taxation

319

1,621

(80.3)


@ Relates mainly to fair value loss on U.S. Dollar forward contracts used as economic hedges for portfolio investments. The corresponding gain on underlying investments was recognised in net fair value changes on available-for-sale financial assets in Other comprehensive income.

Group

2015

2014

Change

S$'000

S$'000

%

Profit after taxation

370,422

470,736

(21.3)

Other comprehensive income, net of tax

Items that may be re-classified subsequently to profit or loss

Capital reserve

- share of capital reserves of associates

190

-

NM

Cash flow hedges

- net fair value changes

7,970

(14,317)

NM

- transferred to income statement

5,919

6,597

(10.3)

Net fair value changes on available-for-sale financial assets

- net fair value changes

(12,605)

109,211

NM

- transferred to income statement

(35,330)

(5,353)

NM

Currency translation difference

- arising from consolidation of financial statements of foreign subsidiaries, associates and

joint ventures


(115)


(1,823)


(93.7)

(33,971)

94,315

NM

Total comprehensive income

336,451

565,051

(40.5)


Attributable to:

Shareholders of the Company

284,049

501,206

(43.3)

Non-controlling interests

52,402

63,845

(17.9)

336,451

565,051

(40.5)

1(a)(iii) Statement of Comprehensive Income



1(a)(iv) Comparative Information

During the financial year, the Group had announced a re-organisation of its newspaper divisions including the transfer of media-related subsidiaries and associates (collectively 'entities') to the newspaper business to facilitate the growth of the media adjacencies. To better reflect the segmentation of the Group's businesses, the Newspaper and Magazine segment was renamed Media segment and amounts relating to these entities were re- classified from the Others segment to the Media segment. Comparative amounts in the income statement and segmental information were re-classified for consistency, as set out below.


Group

As

Restated

As Previously Disclosed

2014

2014

S$'000

S$'000

Operating revenue

Media

963,380

931,686

Others

46,819

78,513

Profit before taxation

Media

255,664

246,381

Others

2,911

12,194

1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year


Balance Sheets As At August 31, 2015

Group

Company

Aug 31,

Aug 31,

Aug 31,

Aug 31,

2015

2014

2015

2014

Note

S$'000

S$'000

S$'000

S$'000

CAPITAL EMPLOYED

Share capital

522,809

522,809

522,809

522,809

Treasury shares

(13,408)

(3,046)

(13,408)

(3,046)

Reserves

482,704

526,409

50,167

59,884

Retained profits

2,626,708

2,640,923

792,423

614,378

Shareholders' interests

3,618,813

3,687,095

1,351,991

1,194,025

Non-controlling interests

727,837

709,088

-

-

Total equity

4,346,650

4,396,183

1,351,991

1,194,025


EMPLOYMENT OF CAPITAL

Non-current assets

Property, plant and equipment

249,976

285,562

139,641

166,318

Investment properties

3,940,951

3,860,451

-

-

Investments in subsidiaries

-

-

419,250

411,805

Investments in associates

75,874

78,353

31,160

31,160

Investments in joint ventures

16,295

6,688

-

-

Long-term investments

617,312

603,266

38,001

42,998

Intangible assets

188,595

173,152

32,211

34,219

Trade and other receivables

4,442

3,672

3,675

232,238

Derivative financial instruments

4,631

-

-

-

5,098,076

5,011,144

663,938

918,738


Current assets

Inventories

12,477

23,947

10,785

22,215

Trade and other receivables

192,138

144,443

1,455,812

1,566,378

Short-term investments

474,633

1,028,026

32,055

207,536

Derivative financial instruments

472

899

-

3

Cash and cash equivalents

292,246

442,937

152,929

189,271

(a)

971,966

1,640,252

1,651,581

1,985,403


Total assets


6,070,042


6,651,396


2,315,519


2,904,141


Non-current liabilities

Trade and other payables

48,199

34,875

5,471

-

Deferred income tax liabilities

50,658

46,901

23,208

25,308

Borrowings

(b)

947,271

879,107

-

-

Derivative financial instruments

-

8,757

-

-

1,046,128

969,640

28,679

25,308


Current liabilities

Trade and other payables

271,171

298,046

818,445

819,334

Current income tax liabilities

62,331

60,502

31,404

35,689

Borrowings

(b)

336,681

926,369

85,000

829,482

Derivative financial instruments

7,081

656

-

303

677,264

1,285,573

934,849

1,684,808


Total liabilities


1,723,392


2,255,213


963,528


1,710,116


Net assets


4,346,650


4,396,183


1,351,991


1,194,025

Notes to the Balance Sheets


  1. The movements in the Group's Current Assets arose mainly from the investing and financing activities relating to the redemption of the Company's S$600 million Medium Term Notes on March 2, 2015.


  2. The movements in the Group's borrowings relate to the investing and financing activities of the Group. These include the redemption of the Company's S$600 million Medium Term Notes on March 2, 2015 and short-term borrowings of S$85.0 million taken up by the Company.


    1(b)(ii) Aggregate amount of the group's borrow ings a nd debt se c uritie s


    Group Borrowings


    Amount repayable in one year


    As at August 31, 2015

    As at August 31, 2014

    Secured

    S$'000

    Unsecured

    S$'000

    Secured

    S$'000

    Unsecured

    S$'000

    249,330

    87,351

    93,882

    832,487


    Amount repayable after one year


    As at August 31, 2015

    As at August 31, 2014

    Secured

    S$'000

    Unsecured

    S$'000

    Secured

    S$'000

    Unsecured

    S$'000

    894,740

    52,531

    843,125

    35,982


    Details of collateral


    The secured bank loan facilities as at August 31, 2015 comprised the term loan facilities of S$975.0 million (August 31, 2014: S$975.0 million) and S$300.0 million (August 31, 2014: S$138.0 million) undertaken by the subsidiaries, SPH REIT and The Seletar Mall Pte Ltd ('TSMPL') respectively. As at the balance sheet date, the amounts drawn down were S$850.0 million (August 31, 2014: S$850.0 million) for SPH REIT and S$300.0 million (August 31, 2014: S$94.1 million) for TSMPL.

    The Group had refinanced the S$230.0 million unsecured term loan facility of the Company and the S$138.0 million secured term loan facility of TSMPL with a S$300.0 million secured term loan facility wholly undertaken by TSMPL.

    The term loan taken up by SPH REIT is secured by way of a first legal mortgage on SPH REIT's investment property - Paragon, first legal charge over the tenancy account and sales proceeds account for Paragon, and an assignment of certain insurances taken in relation to Paragon.

    The term loan taken up by TSMPL is secured by way of a first legal mortgage on TSMPL's investment property - The Seletar Mall, first legal charge over the tenancy account and sales proceeds account for The Seletar Mall, and an assignment of certain insurances taken in relation to The Seletar Mall.

    The total balance of S$1,144.1 million as at August 31, 2015 (August 31, 2014: S$937.0 million) represented the secured borrowings stated at amortised cost.

    1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year


    Consolidated Statement of Cash Flows for the Year ended August 31, 2015


    2015

    2014

    S$'000

    S$'000

    CASH FLOWS FROM OPERATING ACTIVITIES

    Profit before taxation

    430,245

    528,391

    Adjustments for:

    Depreciation

    49,582

    54,332

    Impairment of property, plant and equipment

    -

    9,798

    Net loss on disposal of property, plant and equipment


    150


    618

    Fair value change on investment properties

    (36,258)

    (109,076)

    Share of results of associates and joint ventures

    11,220

    30,726

    Gain on disposal of associates

    (100)

    (7)

    Gain on dilution of interest in an associate

    (1,943)

    -

    Gain on partial divestment of a joint venture

    -

    (52,863)

    Loss on disposal of a joint venture

    459

    -

    Write-back of impairment of loan to an associate

    -

    (388)

    Net income from investments

    (51,707)

    (48,215)

    Amortisation of intangible assets

    11,042

    9,614

    Impairment of goodwill

    8,768

    -

    Impairment of intangible assets

    301

    -

    Finance costs

    33,620

    35,066

    Share-based compensation expense

    5,940

    4,976

    Other non-cash items

    2,106

    3,079

    Operating cash flow before working capital changes

    463,425

    466,051

    Changes in operating assets and liabilities, net of effects from acquisition and disposal of subsidiaries and business:

    Inventories

    11,470

    (57)

    Trade and other receivables, current

    5,078

    2,777

    Trade and other payables, current

    (13,574)

    1,391

    Trade and other receivables, non-current

    (770)

    (685)

    Trade and other payables, non-current

    13,324

    849

    Currency translation difference

    (143)

    (498)

    478,810

    469,828

    Income tax paid

    (58,332)

    (65,925)

    Dividends paid

    (339,348)

    (355,444)

    Dividends paid (net) by subsidiaries to non-controlling interests


    (41,277)


    (34,528)

    Net cash from operating activities

    39,853

    13,931

    Consolidated Statement of Cash Flows for the Year ended August 31, 2015 (cont'd)


    2015

    2014

    S$'000

    S$'000

    CASH FLOWS FROM INVESTING ACTIVITIES

    Purchase of property, plant and equipment

    (13,552)

    (18,924)

    Purchase of intangible assets

    (155)

    -

    Proceeds from disposal of property, plant and equipment

    95

    228

    Additions to investment properties

    (46,763)

    (66,247)

    Acquisition of subsidiaries (net of cash acquired)

    (29,561)

    -

    Acquisition of additional interest in a subsidiary

    -

    (200)

    Acquisition of businesses by subsidiaries

    -

    (10,531)

    Acquisition of interests in associates

    -

    (21,275)

    Acquisition of interests in joint ventures

    (14,327)

    -

    Additional consideration paid on interest in an associate

    (271)

    -

    Additional consideration paid on interest in a joint venture

    (10,512)

    -

    Proceeds from partial divestment of interest in a subsidiary

    4,012

    -

    Dividends received from associates

    6,951

    2,873

    Proceeds from capital distribution of an associate

    -

    92

    Proceeds from disposal of associates

    -

    31,903

    Proceeds from partial divestment of interest in a joint venture


    -


    16,856

    Decrease in amounts owing by associates/joint ventures

    168

    1,063

    (Decrease)/Increase in amounts owing to joint ventures

    (7,738)

    21,000

    Purchase of long-term investments

    (83,127)

    (48,583)

    Purchase of short-term investments

    (137,230)

    (772,333)

    Proceeds from capital distribution/disposal of long-term investments


    4,111


    13,605

    Proceeds from redemption/disposal of short-term investments


    702,015


    751,991

    Dividends received

    30,413

    33,284

    Interest received

    6,338

    8,169

    Other investment income

    (19,688)

    643

    Net cash from/(used in) investing activities

    391,179

    (56,386)

    CASH FLOWS FROM FINANCING ACTIVITIES

    Proceeds from bank loans (net of transaction costs)

    500,900

    62,427

    Repayment of bank loans

    (441,252)

    (800)

    Repayment of loans from non-controlling interests

    (225)

    (351)

    Interest paid

    (39,967)

    (37,890)

    Proceeds from issuance of shares by the Company

    -

    610

    Repayment of fixed rate notes

    (600,000)

    -

    Share buy-back

    (17,979)

    (4,002)

    Loan from a non-controlling interest

    16,800

    -

    Net cash (used in)/from financing activities

    (581,723)

    19,994

    Net decrease in cash and cash equivalents

    (150,691)

    (22,461)

    Cash and cash equivalents at beginning of financial year

    442,937

    465,398

    Cash and cash equivalents at end of financial year

    292,246

    442,937



    1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year


    Statements of Changes in Total Equity for the Year ended August 31, 2015
  3. Group


  4. Attributable to Shareholders of the Company


    Non- controlling Interests


    Total Equity


    Share Capital


    Treasury Shares


    Capital Reserve

    Share-based Compensation Reserve


    Hedging Reserve

    Fair Value Reserve

    Currency Translation Reserve


    Retained Profits


    Total

    S$'000

    S$'000

    S$'000

    S$'000

    S$'000

    S$'000

    S$'000

    S$'000

    S$'000

    S$'000

    S$'000


    Balance as at September 1, 2014

    522,809

    (3,046)

    (10,675)

    19,144

    (6,386)

    525,824

    (1,498)

    2,640,923

    3,687,095

    709,088

    4,396,183

    Total comprehensive income for the year

    -

    -

    190

    -

    9,798

    (47,935)

    295

    321,701

    284,049

    52,402

    336,451

    Transactions with owners,

    recognised directly in equity

    Contributions by and distributions

    to owners

    Share-based compensation


    - -


    - 5,967


    - - - -


    5,967


    - 5,967

    Treasury shares re-issued Share buy-back - held as

    - 7,617

    - (5,786)

    - - - (1,543)

    288

    - 288

    treasury shares - (17,979) - - - - - - (17,979) - (17,979)

    Lapse of share options

    - - - (5,201)

    - - - 5,201

    -

    -

    -

    Dividends

    - - - -

    - - - (339,348)

    (339,348)

    (41,277)

    (380,625)

    Fair value gain on interest-free loans

    - - - -

    - - - -

    -

    882

    882

    Changes in ownership interests

    in subsidiaries without a change in control

    Acquisition of additional interests


    in subsidiaries

    - - - - - - - (509)

    (509)

    509

    -

    Dilution of interests in subsidiaries

    - - 27 - 12 - - 283

    322

    3,690

    4,012

    Changes in ownership interests in subsidiaries

    Acquisition of subsidiaries with non-

    controlling interests - - (1,072) - - - - - (1,072) 2,543 1,471


    Balance as at August 31, 2015 522,809 (13,408) (11,530) 14,124 3,424 477,889 (1,203) 2,626,708 3,618,813 727,837 4,346,650




    Statements of Changes in Total Equity for the Year ended August 31, 2015 (cont'd)


    1. Group (cont'd)


      Attributable to Shareholders of the Company


      Non- controlling Interests


      Total Equity


      Share Capital


      Treasury Shares


      Capital Reserve

      Share-based Compensation Reserve


      Hedging Reserve

      Fair Value Reserve

      Currency Translation Reserve


      Retained Profits


      Total

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000


      Balance as at September 1, 2013

      522,114

      (6,269)

      (13,858)

      21,544

      (1,289)

      421,966

      343

      2,591,929

      3,536,480

      679,226

      4,215,706

      Total comprehensive income for the year


      Transactions with owners,

      -

      -

      -

      -

      (5,097)

      103,858

      (1,841)

      404,286

      501,206

      63,845

      565,051

      recognised directly in equity

      Contributions by and distributions to owners

      -

      -

      -

      5,011

      - - - -

      5,011

      -

      5,011

      695

      -

      -

      (85)

      - - - -

      610

      -

      610

      -

      -

      3,183

      -

      - - - -

      3,183

      589

      3,772

      -

      7,225

      -

      (6,548)

      - - - (420)

      257

      -

      257

      -

      (4,002)

      -

      -

      - - - -

      (4,002)

      -

      (4,002)

      -

      -

      -

      (778)

      - - - 778

      -

      -

      -

      -

      -

      -

      -

      - - - (355,444)

      (355,444)

      (34,528)

      (389,972)

      Share-based compensation

      Issue of shares

      Reversal of listing expenses of a subsidiary

      Treasury shares re-issued Share buy-back - held as

      treasury shares Lapse of share options Dividends

      Changes in ownership interests

      in subsidiaries without a change in control

      Acquisition of additional interests


      in subsidiaries

      - - - - - - - 67

      67

      (317)

      (250)

      Dilution of interests in a subsidiary

      - - - - - - - (273)

      (273)

      273

      -

      Balance as at August 31, 2014 522,809 (3,046) (10,675) 19,144 (6,386) 525,824 (1,498) 2,640,923 3,687,095 709,088 4,396,183



      Statements of Changes in Total Equity for the Year ended August 31, 2015 (cont'd)
    2. Company



      Share Capital


      Treasury Shares

      Share-based Compensation Reserve


      Hedging Reserve

      Fair Value Reserve


      Retained Profits


      Total Equity

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000

      S$'000


      Balance as at September 1, 2014

      522,809

      (3,046)

      19,098

      (251)

      41,037

      614,378

      1,194,025

      Total comprehensive income for the year


      -


      -


      -


      251


      (4,994)


      513,735


      508,992

      Transactions with owners, recognised directly in equity

      Contributions by and distributions to owners

      Share-based compensation

      -

      -

      6,013

      -

      -

      -

      6,013

      Treasury share re-issued

      -

      7,617

      (5,786)

      -

      -

      (1,543)

      288

      Share buy-back - held as treasury share


      -


      (17,979)


      -


      -


      -


      -


      (17,979)

      Lapse of share options

      -

      -

      (5,201)

      -

      -

      5,201

      -

      Dividends

      -

      -

      -

      -

      -

      (339,348)

      (339,348)

      Balance as at August 31, 2015

      522,809

      (13,408)

      14,124

      -

      36,043

      792,423

      1,351,991


      Balance as at September 1, 2013


      522,114


      (6,269)


      21,544


      (309)


      51,718


      384,821


      973,619

      Total comprehensive income for the year


      -


      -


      -


      58


      (10,681)


      584,643


      574,020

      Transactions with owners, recognised directly in equity

      Contributions by and distributions to owners

      Share-based compensation

      -

      -

      4,965

      -

      -

      -

      4,965

      Issue of shares

      695

      -

      (85)

      -

      -

      -

      610

      Treasury shares re-issued

      -

      7,225

      (6,548)

      -

      -

      (420)

      257

      Share buy-back - held as treasury share


      -


      (4,002)


      -


      -


      -


      -


      (4,002)

      Lapse of share options

      -

      -

      (778)

      -

      -

      778

      -

      Dividends

      -

      -

      -

      -

      -

      (355,444)

      (355,444)

      Balance as at August 31, 2014

      522,809

      (3,046)

      19,098

      (251)

      41,037

      614,378

      1,194,025

      1(d)(ii) Detail s of a n y c hange s in the c ompany' s s har e c a pital a ris ing from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year


      Share Options


    3. During the financial year, the Company did not issue any ordinary shares under the Singapore Press Holdings Group (1999) Share Option Scheme (the '1999 Scheme').


    4. As at August 31, 2015, the number of outstanding options to subscribe for ordinary shares under the 1999 Scheme was 8,574,350 (August 31, 2014: 19,117,725). Movements in the number of the unissued shares of the Company under the 1999 Scheme during the financial year are as follows:


    5. Outstanding as at 01.09.14


      Lapsed

      Outstanding as at 31.08.15

      ('000)

      ('000)

      ('000)

      19,118

      (10,544)

      8,574


      Performance Shares

      1. At the extraordinary general meeting of the Company held on December 5, 2006, the Company's shareholders approved the adoption of the SPH Performance Share Plan and the 1999 Scheme was terminated with regard to the grant of further options. However, options granted and outstanding prior to such termination will continue to be valid and be subject to the terms and conditions of the 1999 Scheme.

      2. As at August 31, 2015, the number of shares granted and outstanding (being contingent award) under the SPH Performance Share Plan was 5,263,312 (August 31, 2014: 5,812,930). Movements in the number of performance shares during the financial year are summarised below:



      Outstanding as at 01.09.14


      Adjusted#


      Granted


      Vested


      Lapsed

      Outstanding and unvested as at 31.08.15

      ('000)

      ('000)

      ('000)

      ('000)

      ('000)

      ('000)

      5,813

      (379)

      1,825

      (1,844)

      (152)

      5,263


      # Adjusted at end of the performance period based on the level of achievement of pre-set performance conditions.

      Share Buy Back


      Under the Share Buy Back Mandate (first approved by the Shareholders on July 16, 1999 and last renewed at the Annual General Meeting on December 2, 2014), the Company bought back 4,385,600 ordinary shares during the current financial year. These shares are held as treasury shares, until released from time to time for the fulfillment of the awards under the SPH Performance Share Plan. The amount paid, including brokerage fees, totalled S$18.0 million and was deducted against shareholders' equity.


      Share Capital and Treasury Shares


      As at August 31, 2015, the Company had 1,597,342,951 ordinary shares, 16,361,769 management shares and 3,306,170 treasury shares (August 31, 2014:

      1,599,884,299 ordinary shares, 16,361,769 management shares and 764,822 treasury shares).


      1(d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.


      As at August 31, 2015, the Company had 1,597,342,951 ordinary shares and 16,361,769 management shares (August 31, 2014: 1,599,884,299 ordinary shares and 16,361,769 management shares).


      1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.


      During the financial year, the Company transferred 1,844,252 treasury shares for the fulfillment of share awards vested under the SPH Performance Share Plan. The total value of the treasury shares transferred was S$7.6 million.


      1. Whether the figures have been audited or reviewed, and in accordance with which auditing standard or practice


        The figures for the financial year have been audited. The auditors' report on the financial statements of the Group was not subject to any modification.


      2. W her e the figures have bee n a udited or re view e d, the a uditors' re port (including any qualifications or emphasis of a matter)


      Please refer to the attached auditors' report.

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