RNS No 3074a
FITNESS FIRST Plc
24 June 1999
Part 1
Interim Results for the Half Year Ended 30 April 1999
Placing of 7,192,982 Ordinary Shares
incorporating an Open Offer at 570p per share
to raise approximately #40 million (net of
expenses)
FINANCIAL HIGHLIGHTS
Half Year Ended
30 April 1999:
1998 1999
#'000s #'000s %
Turnover 5,364 11,869 +121
Pre-tax Profit 1,025 2,452 +139
Earnings per share 3.13p 6.47p +107
(EPS)
- Increase in Pre-tax Profit and EPS reflects continuing strong organic
growth in the UK and Germany
- Proceeds of Placing and Open Offer of #40.0 million (net of expenses),
together with new bank facilities of approximately #31.0 million, will
provide #71.0 million to fund the acceleration of the roll-out programme
in the UK and further joint ventures in Continental Europe
- 51 clubs now open, 40 in the UK and 11 in Germany (October 1998: 27
in the UK and 6 in Germany)
- 62 new sites in development pipeline (45 in the UK, 17 in Germany)
- Total membership of approximately 110,000 (90,000 in the UK, 20,000 in
Germany)
- 10 additional clubs expected to open before 31 October 1999 (7 in the UK,
3 in Germany)
- Increase in the UK operating margins from 19.8 per cent. to 22.7 per cent.
PLACING AND OPEN OFFER
- Fitness First announces today a Placing of
7,192,982 New Shares at 570p per
share and an Open Offer of 3,879,515 of those
New Shares on the basis of
1 new Share for every 9 Existing Ordinary Shares.
- The purpose of the Placing and Open Offer is
to allow the Group to fund, in
conjunction with a #30 million increase in
borrowing facilities, the acceleration of
its roll-out programme in the UK and to secure
further joint ventures or acquisitions in
Continental Europe, building on the successful
investment in The Fitness Company in Germany.
- Holders of 256.58 per cent. of the
existing ordinary share capital have
irrevocably undertaken to allow their allocation
of 1,039,303 New Shares under the Open Offer to
be placed firm.
- The Placing and Open Offer has been
underwritten by Investec Henderson
Crosthwaite. It is expected that dealings in
the New Shares will commence on
21 July 1999.
An analysts' meeting is to be held at the
office of Gavin Anderson, 15-17 Eldon Street,
London, EC2M 7LD on Thursday, 24 June at
10.30am.
Michael Balfour, Managing Director of Fitness
First, commented:
"This is an impressive set of results which
reinforces the Company's view that there is
considerable scope for Fitness First's
'Affordable Fitness' concept in both the UK and
Europe. Given the 67% increase in membership
over the past six months and our pipeline of
potential club openings in the pipeline, the
trading outlook remains strong."
"We believe that there is a market in the UK
for at least 150 Fitness First Clubs and for a
considerable number on the Continent. The
Placing and Open Offer, together with our
additional bank facilities, will allow the Group
to accelerate its roll-out programme to meet
this demand."
Enquiries:
Fitness First Plc Today: 0171 457 2345
Michael Balfour, Managing Director 0973 801 411
Christopher Pearce, Chairman 01932 865 065
Investec Henderson 0171 597 5970
Crosthwaite Corporate Finance
Andrew Edwards
Gavin Anderson and Company 0171 457 2345
Richard Barton
Notes to editors:
1. Fitness First was floated on the
Alternative Investment Market in October 1996 at
a price of 80 pence per share. The Company
moved to the Official List in February 1999.
On the basis of the closing share price on 23
June 1999 of 616p the Group has a market
capitalisation of approximately #215.1 million.
2. Founded in 1992, Fitness First was
created with the objective of developing a
chain of health and fitness clubs to focus on
the concept of 'Affordable Fitness', providing
health and fitness club facilities that tend
to be in most demand for a relatively modest
subscription fee of around #31 per month and a
joining fee of typically between #35 and #60.
3. A typical Fitness First health club,
with a fit out costing between #600,000 to
#1.0 million for a leasehold site and on average
#2.0 million for a freehold site, provides
a large gymnasium with a wide variety of
cardiovascular and resistance equipment, a
large air conditioned aerobics studio and
luxury changing facilities leading on to a
health spa consisting of a large sauna, steam
room and whirlpool bath.
Also provided are extensive free parking,
creche, lounge area, the majority offering
complimentary soft drink, beauty salon and an
extensive members' video library consisting of
over 600 titles.
4. Clubs open by location as at 24 June 1999:
Belfast, Birmingham, Bournemouth, Brixton,
Bromborough, Bunhill Row, Camberley,
Camden, Chalk Farm, Chatham, Chelmsford,
Coventry, Derby, Dundee, Edinburgh, Fareham,
Glasgow, Halifax, Hartlepool, Holloway,
Huddersfield, Ilford, Ipswich, Kilburn,
Kingsbury, Leeds, Manchester, Northampton,
Nottingham, Preston, Rochdale, Rotherham,
Sheffield, Shrewsbury, Southampton,
Southend, Swindon, Telford, Tottenham, Walworth
Road.
An additional seven clubs, Bristol, Clapham,
Bow Wharf, Berkhamsted, Kingley Street, Harrow
and Lewisham, are expected to open by October 1999.
5. In August 1998, Fitness First became the
first UK health and fitness club operator to
take a significant step into Europe with a 50%
acquisition of tThe Fitness Company
Freizeitanalagen GmbH ("The Fitness Company") in
Germany.
6. The Fitness Company currently operates 11 clubs.
PLACING OF 7,192,982 NEW SHARES AT 570P PER
SHARE AND OPEN OFFER OF 3,879,515 OF THOSE NEW
SHARES TO RAISE #40.0 MILLION NET OF EXPENSES.
ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX
MONTHS TO 30 APRIL 1999
INTRODUCTION
The Board announced today a Placing and Open
Offer to Qualifying Shareholders to raise
approximately #40 million net of expenses
(#41 million before expenses). The
Prospectus and the Application Form are
being sent to Qualifying Shareholders today.
TERMS OF THE PLACING AND OPEN OFFER
The Company proposes to issue 7,192,982 New
Shares by way of a Placing of which
3,879,515 New Shares are the subject of an Open
Offer. The Placing and Open Offer has been
underwritten by Investec Henderson Crosthwaite
(save in respect of 4,204 New Shares which
certain Shareholders have irrevocably agreed to
take up under the terms of the Open Offer). Of
these New Shares, 4,352,770 have been placed
firm, (including 1,039,303 New Shares which
certain existing Shareholders have irrevocably
undertaken not to take up under the Open Offer)
and 2,836,008 New Shares has been placed
subject to recall to satisfy valid applications
by Qualifying Shareholders under the Open
Offer. In order to provide Qualifying
Shareholders with the opportunity to acquire New
Shares at the Issue Price, your Directors
have arranged for Investec Henderson
Crosthwaite to invite applications for New
Shares at 570p per share on the basis of:
One New Share for every 9 Existing Ordinary Shares
held at the close of business on the Record Date
and so in proportion for any greater number of
Existing Ordinary Shares then held. Fractional
entitlements to New Shares will not be
allotted pursuant to the Open Offer (but will
be aggregated and allotted as part of the
Placing) and Qualifying Shareholders'
entitlements will be rounded down accordingly.
Application may be made by a Qualifying
Shareholder for any number of New Shares up to
and including his maximum pro rata
entitlement. Qualifying Shareholders should be
aware that any New Shares not applied for under
the Open Offer will not be sold in the market or
placed for the benefit of Qualifying
Shareholders, but will be taken up by placees
pursuant to the Placing Agreement.
The New Shares will, when issued, rank pari
passu with the Existing Ordinary Shares.
Application may only be made for New Shares on
the enclosed Application Form, which is
personal to the Qualifying Shareholder(s) named
in the Application Form and may not be
assigned, transferred or split except to satisfy
bona fide market claims in relation to
purchases through the market prior to the
Existing Ordinary Shares being marked "ex" the
Open Offer.
The Placing and Open Offer are conditional
on, inter alia, Shareholders' approval at the
EGM and Admission.
Application has been made for the New Shares to
be admitted to the Official List. It is
expected that all the conditions will have been
satisfied and that Admission will take place and
that dealings in the New Shares will commence on
21 July 1999.
The Open Offer will close at 3.00pm on 15 July
1999.
BACKGROUND TO AND REASONS FOR THE PLACING AND
OPEN OFFER
Fitness First floated on AIM in October 1996
with a total of six clubs open and a
commitment to open a further six to eight clubs
per annum over the following three years.
This strategy has been successfully implemented
and our original targets have been considerably
exceeded. In August 1998 the Company acquired 50
per cent. of The Fitness Company, one of
Germany's second largest health club operators,
establishing a foothold in the Continental
European market. By February 1999 the Group had
45 clubs open, of which 36 were in the UK and
nine in Germany.
Since 1996, pre-tax profits have increased
nearly fourfold from #727,000 to #2,753,000 for
the years ended 31 October 1996 and 1998
respectively and there has been a corresponding
increase in earnings per share from 2.55p to
8.04p. Membership over the same period grew from
10,000 to 65,000. In February 1999, with
membership standing at 78,000, Fitness First
moved to the Official List of the London Stock
Exchange.
Fitness First has pioneered, and is now the
market leader, both by number of clubs and
number of members, in the provision of,
Affordable Fitness. The Directors believe
that the UK is undergoing a lifestyle change
with more people recognising the benefits of
belonging to a health and fitness club from both
a health and social perspective and this
is highlighted by the significant increase
in membership numbers. The Directors
recognise the importance of quickly rolling-
out the concept throughout the UK and
Continental Europe to satisfy the strong
demand. The Group already has the
infrastructure in place to identify, design and
construct new clubs and to accelerate the
number of new club openings for the foreseeable
future.
To accelerate the expansion of the Group, the
Directors believe that it is now appropriate to
raise further funds. The Placing and Open Offer
will raise #40 million (net of expenses), and
additional banking facilities of #30 million
have been secured. The additional bank funding
is conditional, inter alia, upon the
completion of the Placing and Open Offer.
This funding will allow the Group to accelerate
the roll-out programme to take advantage of
current and future demand for Affordable Fitness
in the UK. In addition up to 20 per cent. of
the aggregate of the proceeds and additional
bank funding, may be used to establish further
joint ventures or acquisitions in Continental
Europe along the lines of the successful
investment made in The Fitness Company in
Germany.
In order to minimise the Company's interest
cost, part of the proceeds of the Placing and
Open Offer will be used to repay the Company's
existing bank loans and overdraft of
approximately #24.0 million currently attracting
interest at 1 per cent. over base rate. The
new bank facilities, totallling #55.0 million
will be drawn down as required. Following the
Placing and Open Offer and the drawdown of the
new bank facilities the Company will have
approximately #71.0 million in aggregate to
fund the expansion of the Group. The
Directors envisage that the new funding will be
invested over the next two years. The
Company's target is a total portfolio of at
least 90 clubs in the UK by the end of this
period.
The Directors believe that there is a market
in the UK for at least 150 Fitness First
clubs and for a considerable number in
Continental Europe. Fitness First is focused
on becoming the leading operator of
Affordable Fitness clubs in Europe.
FITNESS FIRST'S EXPANSION PROGRAMME - UK
Fitness First floated with six clubs open by
October 1996. A further eight
clubs were added during the 1997 financial
year, 13 in 1998 and 13 to date, with a
further seven clubs projected to be opened in
the financial year ending 31 October 1999.
In the UK, the Group has 10 clubs currently
under construction at Bristol, Clapham,
Wednesbury, Bow Wharf, York, Liverpool,
Berkhamsted, Kingley Street, Harrow and
Lewisham. Seven of these clubs are expected to
be open before the end of this current
financial year. In addition the Group has 20
sites either awaiting planning permission or
contracts to be finalised and a further 15
sites being negotiated. Therefore, the Group
currently has 45 sites in the pipeline, which
demonstrates the accelerating growth of the
business.
FITNESS FIRST'S EXPANSION PROGRAMME - CONTINENTAL EUROPE
The Directors believe that The Fitness
Company is a major player in an immature
German health club market and has a strong
local management team. Like many other
Continental European countries the Directors
believe that this market has features similar
to those seen in the UK approximately three to
four years ago. Fitness First is discussing
other possible joint ventures with experienced
local European partners.
Initially, growth in Continental Europe will be
focused on The Fitness Company in Germany.
During the last nine months that company has
grown from six to eleven clubs and currently
has a further five clubs under construction and
a further eight12 sites being negotiated.
The Fitness Company already has resources in
place to finance this expansion plan without
further recourse to its shareholders. These
clubs will be similar in style and formula
of operation to the Group's UK clubs which is
proving to be popular in Germany. Membership
has already grown from 11,000 to approximately
20,000 in Germany.
The proceeds of the Placing and Open Offer will,
inter alia, allow the Company to accelerate its
development into Europe with similar joint
ventures.
CURRENT TRADING AND FUTURE PROSPECTS
Today the Company announced its unaudited
interim results for the six months ended 30
April, 1999 the full text of which is attached.
Turnover in the period increased 121 per cent.
to #11.87 million (1998: #5.36 million) with
profit on ordinary activities before interest up
179 per cent. at #3.00 million (1998: #1.08
million). Pre-tax profits rose 1398 per cent. to
#2.45 million (1998: #1.03 million).
Earnings per share more than doubled to 6.47p
(1998: 3.13p), an increase of 107 per cent..
In the Chairman's Statement included in the
1998 Annual Report and Accounts, the Chairman
stated that the Directors expected that at least
45 clubs would be open in the UK by 31
October 1999. The Directors are confident that
this target will be met. It is also expected
that The Fitness Company (Germany) will have
14 clubs open by 31 October 1999, and that the
Group will continue to expand in Germany at the
rate of six to eight clubs per annum.
There are now 40 clubs in operation in the UK
and 11 clubs in Germany, with a combined total
membership of 110,000 members. Fitness First is
now one of the largest health club operators in
Europe.
As a result of the 67 per cent. increase in
membership over the past six months and the
pipeline of potential club openings in the
pipeline, the trading and financial prospects
of the Group remain strong for the foreseeable
future.
EXTRAORDINARY GENERAL MEETING
At the EGM, to be held at 10.30 am on 19 July
1999 at the offices of Ashurst Morris Crisp,
Broadwalk House, 5 Appold Street, London EC2A
2HA, resolutions
will be proposed to:
- authorise the Directors to allot the New Shares;
- disapply Shareholders' statutory pre-
emption rights in relation to the Placing
and Open Offer. The New Shares for which
disapplication has been applied represent 20.6
per cent. of the total current issued share
capital of the Company;
- subject to the Placing and Open Offer
having taken place, increase the authorised
share capital of the Company from #11,900,000 to
#15,000,000 (an increase of 26.1 per cent.) by
the creation of 12,400,000 Ordinary Shares and
grant the Directors a general authority
pursuant to section 80 of the Act to allot such
shares; and
- subject to the Placing and Open Offer
having taken place, disapply the statutory pre-
emption provisions of section 89 of the Act so
as to empower the Directors to issue Ordinary
Shares for cash otherwise than pro rata to
existing Shareholders' entitlements in certain
limited circumstances up to a maximum nominal
amount of #526,357.75.
Following the Placing and Open Offer and
assuming the passing of all of the above
resolutions, 16,826,375 Ordinary Shares
(disregarding those shares reserved for
issue on the exercise of options outstanding
under the Option Scheme) will remain
authorised but unissued, representing
approximately 29.8 per cent. of the enlarged
authorised ordinary share capital of the
Company.
IRREVOCABLE UNDERTAKINGS
Irrevocable undertakings have been received from
Shareholders (including Nigel Cartwright,
Walter Goldsmith and Stephen Bamford, who are
Directors) holding in aggregate 37,853
Existing Ordinary Shares, representing 0.1 per
cent. of the existing issued ordinary share
capital, to take up their allocation of 4,204
New Shares under the Open Offer. In addition,
1,112 New Shares have been placed firm with
Walter Goldsmith under the Placing.
Irrevocable undertakings have been received
from Shareholders (including Christopher
Pearce and Michael Balfour, who are
Directors) holding in aggregate 9,353,750
Existing Ordinary Shares, representing 26.8 per
cent. of the existing issued ordinary share
capital, to allow their allocation of
1,039,303 New Shares under the Open Offer to be
placed firm.
YEAR 2000 COMPLIANCE
The Group, like most other companies, is faced
with the Year 2000 issue, which is the result
of computer programmes and microchip processors
being designed with two digits rather than
four to define the applicable year. This could
result in miscalculations or a system failure
on 1 January 2000, which, in turn, could
disrupt a company's operations or render it
unable to process its business transactions
(together the "Year 2000 Issue").
The Directors have recognised the potential
risks arising from the Year 2000 Issue and, in
relation to the Group's operational activities
have assessed the likely impact on its clubs'
systems including air conditioning, water
heating, security alarm and the functioning
of gym/cardiovascular equipment. The
Directors believe that the temporary failure in
any of these areas should not threaten the
continued viability of an individual club or
the Group as a whole. With regard to
financial systems, the Directors have assessed
the likely impact on both the Group's systems,
which include membership collection and
trading, accounting software, hardware
platforms and supplier payments, and also
those of its suppliers. The Directors have
completed an internal audit of all hardware
and software and believe that there will be no
material disruptions as a result of the Year
2000 Issue. Furthermore, the Directors have
received written confirmation from the Group's
hardware and software suppliers that its
systems will not be materially affected by the
Year 2000 Issue, and a successful BACS
transmission test has been carried out using
dummy Year 2000 data. Whilest there can be no
absolute guarantee that some or all of the
Group's systems will not be impaired or affected
by the Year 2000 Issue, the Directors believe
that the area of greatest risk to the Group
would be an external failure of one or more
of the UK clearing bank's payment systems,
insofar as membership income from direct debit
arrangements might not be received.
The Directors are in the process of obtaining
confirmation from the Group's suppliers that
they will remain viable. No specific estimate
of costs have been made, however, the
Directors do not anticipate any abnormal costs
in connection with the Year 2000 issue.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS 1999
Record date for the Open Offer Friday 11 June
Latest time and date for splitting 3.00 pm on Tuesday 13 July
Application Forms (to satisfy bona
fide market claims only)
Latest time and date for receipt 3.00 pm on Thursday 15 July
of completed Application Forms and
payment in full under the Open Offer
Latest time and date for receipt 10.30 am on Saturday 17 July
of forms of proxy for use at the
Extraordinary General Meeting
Extraordinary General Meeting 10.30 am on Monday 19 July
CREST accounts to be credited by Wednesday 21 July
Dealings in the New Shares to 8.30 am on Wednesday 21 July
commence
Share certificates for the New Tuesday 27 July
Shares to be despatched by
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 1999
CHAIRMAN'S STATEMENT
FINANCIAL RESULTS
I am pleased to report that the Group has
continued to make substantial progress
during the six months to 30 April 1999. A
further nine clubs were opened in the
period - Leeds, Belfast, Rochdale,
Tottenham, Holloway, Manchester, Nottingham,
Preston and Sheffield. All the new clubs are
now profitable.
Turnover in the period increased 121 per cent.
to #11.87 million (1998: #5.36 million) with
operating profit (after the deduction of
costs of #79,000 relating to the move to the
Official List) up 179 per cent. at #3.00
million (1998: #1.08 million). Pre-tax profits
rose 139 per cent. to #2.45 million 1998:
#1.03 million).
I am very pleased with the increase in margins,
particularly operating margin which has
increased to 22.7 per cent. (1998: 19.8 per
cent.). This increase is an indication that
the opening losses of new clubs are now having
a lesser effect on the total business as the
number of established clubs increase. In
Germany, the opening losses, that virtually all
clubs incur during the first few months, will
have a greater effect on this year's
contribution as the rate
of new openings is more than doubling the size
of The Fitness Company. As the German chain
grows, and the number of new clubs reduce as a
percentage of mature clubs, we expect the
operating margin to improve on a similar basis
to the UK.
Central costs are being tightly controlled and
this has also contributed to the increased
operating profit percentage. Central costs for
the past six months were 4.3 per cent. of
sales as against 5.7 per cent. for the financial
year ending 31 October 1998.
Another key strength of the business is the
amount of income Fitness First receives each
month in membership fees by Direct Debit. In May
1999 the amount totalled #1.65m, 67 per cent.
of total revenue, and represents a very stable
revenue base.
Earnings per share more than doubled to 6.47p
(1998: 3.13p), an increase of 107 per cent..
OPERATIONS
The demand for Fitness First facilities
continues to be very strong in the
increasingly buoyant health and fitness market.
During the six months to 30 April 1999
membership in the UK rose from approximately
52,000 to 87,000, an increase of 67 per cent..
DEVELOPMENTS
Fitness First's concept of Affordable Fitness,
providing quality health and fitness clubs at
a relatively modest level of membership charge,
has proved increasingly popular. The Group is
now the market leader in the provision of
Affordable Fitness in the UK. The Directors
believe that the UK is undergoing a lifestyle
change with more people recognising the benefits
of belonging to a health and fitness club from
both a health and social perspective and this
has been highlighted by the significant
increase in membership numbers. The Directors
recognise the importance of quickly rolling
out the concept throughout the UK and
Continental Europe to satisfy the strong
demand. The Group already has the
infrastructure in place to identify, design
and construct new clubs and to accelerate the
number of new club openings for the foreseeable
future.
Our investment in The Fitness Company in
Germany continues to grow from strength to
strength. At the time of our investment in
August 1998 the Company had six clubs, today it
has 11 clubs operating with a membership in
excess of 20,000.
DIVIDEND POLICY
Whilst the Group continues its rapid
expansion programme the Directors consider
that it would be inappropriate to pay a
dividend.
YEAR 2000
A Year 2000 working group has been established
to review the impact of the millennium bug on
the Group's business and operations. Appropriate
steps have been taken to upgrade internal
systems and business partners have been
contracted to address future continuity of
supply.
Current assessments of the costs associated with
Year 2000 problem indicate an immaterial
financial impact on the Group's business
resources.
FUTURE PROSPECTS
In my Chairman's Statement in the 1998 Annual
Report and Accounts, I stated that the
Directors expected that 45 clubs would be open
in the UK by 31 October 1999. The Directors
are confident that this target will be met. It
is also expected that The Fitness Company
(Germany) will have 14 clubs open by
the end of 1999 and that the Group will
continue to expand in Germany at the
rate of six to eight clubs per annum. Following
the success of the investment
in The Fitness Company the Directors will
consider further similar ventures in Continental
Europe as and when they become available. We
currently have 40 clubs in
operation in the UK and 11 clubs in Germany with
a combined total
membership of 110,000 members.
As a result of the 67 per cent. increase in
membership over the past six
months and the potential club openings in the
pipeline, the trading outlook
for the foreseeable future remains strong.
Fitness First is focused on consolidating its
position as one of Europe's leading operators
of Affordable Fitness.
Christopher Pearce, Chairman
24 June 1999
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the 6 months to 30 April 1999
Audited Unaudited Unaudited
Year to 6 months
31 to 6
October 30 April months
1998 1999 to
#'000 #'000 30 April
1998
#'000
14,098
Turnover: Group and share 13,825 5,364
of joint ventures
(692) Less: share of joint (1,956) -
--------- ventures' turnover --------- -------
13,406 GROUP TURNOVER - 11,869 5,364
continuing operations
(10,629) Operating charges (9,175) (4,300)
--------- --------- -------
2,777 OPERATING PROFIT - 2,694 1,064
continuing operations
171 Share of profit of joint 304 12
ventures
7 Share of profit of 6 1
--------- associated undertaking --------- -------
2,955 PROFIT ON ORDINARY 3,004 1,077
ACTIVITIES BEFORE
INTEREST
155 Interest receivable and 30 73
similar income
(357) Interest payable and (582) (125)
--------- similar charges --------- -------
2,753 PROFIT ON ORDINARY 2,452 1,025
ACTIVITIES BEFORE
TAXATION
Taxation (192) (103)
(205) --------- -------
--------- -
2,548 PROFIT FOR THE PERIOD 2,260 922
========= ========= =======
8.04p Earnings per ordinary 6.47p 3.13p
========= share* ========= =======
7.94p Diluted earnings per 6.36p 3.09p
========= ordinary share* ========= =======
*See Notes to the unaudited Interim Results, Note 3.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the 6 months to 30 April 1999
Audited Unaudited Unaudited
Year to 6 months to 6 months to
31 October 30 April 1999 30 April 1998
1998 #'000 #'000
#'000
2,548 Profit for the period 2,260 922
146 Currency translation (260) -
differences on foreign
currency net investments
----- Total recognised gains and ------ ------
2,694 losses relating to the period 2,000 922
======= ======== ========
MORE TO FOLLOW
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