Canaccord 3rd Quarter Fiscal 2015 Results

Canaccord Genuity Group Inc. reports third quarter fiscal 2015 results Announces strategic changes to leadership and operating structure of globalcapital markets business Excluding significant items, third quarter loss percommon share of $0.19(1) (All dollar amounts are stated in Canadian dollars unless otherwise indicated) TORONTO, Feb. 4, 2015 /CNW/ - During the third quarter of fiscal 2015, thequarter ended December 31, 2014, Canaccord Genuity Group Inc. (Canaccord, theCompany, TSX: CF, LSE: CF.) generated $166.5 million in revenue. Excludingsignificant items (1), the Company recorded a net loss of $14.3 million or anet loss of $17.4 million attributable to common shareholders (2) (a loss percommon share of $0.19). Including all expense items, on an IFRS basis, theCompany recorded a net loss of $21.5 million or a net loss attributable tocommon shareholders (2) of $24.3 million (a loss per common share of $0.27). "We are fortunate to have cultivated strong leadership across our globaloperations," said Paul Reynolds, President and CEO of Canaccord Genuity GroupInc. "The steps we have taken to improve and streamline our leadershipstructure allow us to bring a sharper management focus to our key priorities,to maximize our core strengths for our clients and shareholders." On February 1, 2015, the Company announced that it had taken steps to reducethe size of its global workforce by 4%, to rationalize operations in light ofcurrent market conditions. In connection with this initiative, the Companyannounces key changes within the executive structure of its global capitalmarkets business. The changes are in the interest of improving collaborationbetween global teams and accelerating the delivery of innovative thinking andsolutions to clients focused on growth. Dan Daviau has been appointed CEO, North American Capital Markets. In his newrole, Dan will take an active role in managing Canadian and US capital marketsoperations. This appointment reflects Dan's extensive track record ofachievement in serving and growing our client base in both Canada and the USand fostering partnerships between our businesses. Canadian Investment Banking will be led by an executive team reporting to DanDaviau comprised of Jens Mayer, who will continue as Co-Head of InvestmentBanking alongside Sanjiv Saman‎t, who has been promoted to Co-Head ofInvestment Banking, Justin Bosa, who has been promoted to Head of DiversifiedInvestment Banking and Stewart Busbridge, who assumes the role of Head ofMergers & Acquisitions. This new team will be charged with continuing to growand improve our already leading investment bank franchise. Dvai Ghose has accepted the role of Global Head of Equity Research, a positionthat leverages his proven leadership capabilities as Head of Canadian EquityResearch and his outstanding track record of delivering world-class researchcoverage as a top-ranked analyst in his sector. In addition, we are pleased toannounce the appointment of Tony Dwyer and Michael Graham as Co-heads of ourUS Equity Research division. Both Tony and Michael have extensive experiencebuilding successful research platforms with global reach. Concluding a long and distinguished career at Canaccord Genuity, MattGaasenbeek will be stepping down from his role as President of Canadian CapitalMarkets. For more than two decades, Matt has been instrumental in building theCanadian capital markets team and shaping the growth of our North Americanequities businesses, having played a key role in the successful integration ofour global sales, trading and execution capability. Concurrent with these appointments, effective March 31, Phil Evershed has madethe decision to leave his role as Global Head of Investment Banking, to focuson opportunities outside of investment banking. Since 2010, Phil has been anintegral part of the growth and success of Canaccord Genuity and an outstandingpartner and mentor within our global investment banking business. After March31, Phil will continue as a Special Advisor to the Board of Directors ofCanaccord Genuity Group Inc. All appointments will take immediate effect. Third Quarter of Fiscal 2015 vs. Third Quarter of Fiscal 2014 * Revenue of $166.5 million, a decrease of 28% or $64.5 million from $231.0 million * Excluding significant items, expenses of $184.1 million, a decrease of 9% or $18.8 million from $202.9 million(1) * Expenses of $192.0 million, a decrease of 7% or $14.5 million from $206.5 million * Excluding significant items, loss per common share of $0.19 compared to diluted earnings per common share (EPS) of $0.17(1) * Excluding significant items, net loss of $14.3 million compared to net income of $21.2 million(1) * Net loss of $21.5 million compared to net income of $18.3 million * Loss per common share of $0.27 compared to diluted EPS of $0.14 Third Quarter of Fiscal 2015 vs. Second Quarter of Fiscal 2015 * Revenue of $166.5 million, a decrease of 30% or $69.8 million from $236.3 million * Excluding significant items, expenses of $184.1 million, a decrease of 11% or $23.3 million from $207.4 million(1) * Expenses of $192.0 million, a decrease of 9% or $19.3 million from $211.3 million * Excluding significant items, loss per common share of $0.19 compared to diluted EPS of $0.17(1) * Excluding significant items, net loss of $14.3 million compared to net income of $20.7 million (1) * Net loss of $21.5 million compared to net income of $17.6 million * Loss per common share of $0.27 compared to diluted EPS of $0.14 Year-to-Date Fiscal 2015 vs. Year-to-Date Fiscal 2014(Nine months ended December 31, 2014 vs. Nine months ended December 31, 2013) * Revenue of $648.3 million, an increase of 8% or $46.8 million from $601.5 million * Excluding significant items, expenses of $607.4 million, an increase of 10% or $54.6 million from $552.8 million(1) * Expenses of $625.6 million, an increase of 10% or $56.7 million from $568.9 million * Excluding significant items, diluted EPS of $0.20 compared to diluted EPS of $0.29(1) * Excluding significant items, net income of $30.5 million compared to net income of $39.8 million (1) * Net income of $15.0 million compared to net income of $26.1 million * Diluted EPS of $0.05 compared to diluted EPS of $0.16 Financial Condition at End of Third Quarter Fiscal 2015 vs. Fourth QuarterFiscal 2014 * Cash and cash equivalents balance of $340.0 million, down $24.3 million from $364.3 million * Working capital of $422.2 million, a decrease of $47.2 million from $469.4 million * Total shareholders' equity of $1.11 billion, down $60.7 million from $1.17 billion * Book value per diluted common share of $8.63, down $0.42 from $9.05(3) * On February 4, 2015, the Board of Directors approved a quarterly dividend of $0.05 per common share payable on March 10, 2015 with a record date of February 27, 2015 * On February 4, 2015, the Board of Directors also approved a cash dividend of $0.34375 per Series A Preferred Share payable on March 31, 2015 with a record date of March 20, 2015, and a cash dividend of $0.359375 per Series C Preferred Share payable on March 31, 2015 to Series C Preferred shareholders of record as at March 20, 2015 SUMMARY OF OPERATIONS Corporate * During the third quarter, the Company purchased 807,549 common shares under the terms of its normal course issuer bid (NCIB) to bring the total purchases to 1,186,249 for the fiscal year as of February 3, 2015 (1,071,749 common shares as of December 31, 2014) * Subsequent to the quarter, the Company appointed Jefferies International Ltd. as joint corporate broker Capital Markets * Canaccord Genuity led or co-led 34 transactions globally, raising total proceeds of C$0.9 billion(4) during fiscal Q3/15 * Canaccord Genuity participated in 77 transactions globally, raising total proceeds of C$6.2 billion(4) during fiscal Q3/15 * Significant investment banking transactions for Canaccord Genuity during fiscal Q3/15 include: + £95.0 million for Ediston Property Investment Company PLC on the LSE + US$82.8 million for ORBCOMM, Inc. on the NASDAQ + C$80.0 million for AGT Food and Ingredients Inc. on the TSX + US$65.0 million for Histogenics Corporation on the NASDAQ + C$50.3 million for American Hotel Income Properties REIT on the TSX + C$45.9 million for Kinaxis Inc. on the TSX + C$45.0 million for NYX Gaming Group Limited on the TSX + £36.3 million for Mortgage Advice Bureau on AIM + £35.7 million for Chesnara PLC on the LSE + C$28.8 million for ProMedic Life Sciences Inc. on the TSX + £25.0 million for HICL Infrastructure Company Limited on the LSE + AUD$21.3 million for BSA Limited on the ASX * In Canada, Canaccord Genuity participated in raising $270.9 million for government and corporate bond issuances during fiscal Q3/15 * Canaccord Genuity generated advisory revenues of $22.6 million during fiscal Q3/15, a decrease of $17.0 million or 43% compared to the same quarter last year * During fiscal Q3/15, significant M&A and advisory transactions included: + Agnico Eagle Mines Limited on its acquisition of Cayden Resources Inc. + The Co-operative Bank on the £157.5 million sale of Illius Properties Limited to Salmon Real Estate Limited + Essar Power Canada Holdings Inc. on its US$65.0 million debt financing + EnterpriseDB on its sale to Peak Equity Partners, Milestone Partners, and NewSpring Capital + Airclic Inc. on its sale to Descartes Systems Group + FranConnect on its majority recapitalization by Serent Capital + The Intertain Group Limited on its acquisition of Dumarca Group Holdings PLC + IK Investment Partners on the acquisition of Exxelia Group from LBO France + SunOpta Inc. on the C$37.5 million divestiture of its fibre and starch business + Resources Prima Group Limited (formerly Sky One Holdings Limited) on the acquisition of Energy Prima Pte. Limited Canaccord Genuity Wealth Management (Global) * Globally, Canaccord Genuity Wealth Management generated $59.6 million in revenue in Q3/15 * Assets under administration in Canada and assets under management in the UK & Europe and Australia were $31.3 billion at the end of Q3/15(3) Canaccord Genuity Wealth Management (North America) * Canaccord Genuity Wealth Management (North America) generated $28.3 million in revenue and, after intersegment allocations, recorded a net loss of $1.8 million before taxes in Q3/15 * Assets under administration in Canada were $10.3 billion as at December 31, 2014, down 4% from $10.8 billion at the end of the previous quarter and up 8% from $9.5 billion at the end of fiscal Q3/14(3) * Assets under management in Canada (discretionary) were $1.44 billion as at December 31, 2014, up 4% from $1.39 billion at the end of the previous quarter and up 35% from $1.07 billion at the end of fiscal Q3/14(3) * As at December 31, 2014, Canaccord Genuity Wealth Management had 161 Advisory Teams(5), a decrease of one Advisory Team from September 30, 2014 and a decrease of two from December 31, 2013 Canaccord Genuity Wealth Management (UK & Europe) * Wealth management operations in the UK & Europe generated $30.0 million in revenue and, after intersegment allocations, and excluding significant items, recorded net income of $4.7 million before taxes in Q3/15(1) * Assets under management (discretionary and non-discretionary) were $20.3 billion (£11.2 billion) (3) as at December 31, 2014 Non-IFRS Measures The non-International Financial Reporting Standards (IFRS) measures presentedinclude assets under administration, assets under management, book value perdiluted common share and figures that exclude significant items. Significantitems include restructuring costs, amortization of intangible assets,impairment of goodwill and acquisition-related expense items, which includecosts recognized in relation to both prospective and completed acquisitions.Book value per diluted common share is calculated as total common shareholders'equity divided by the number of diluted common shares outstanding and,commencing in Q1/14, adjusted for shares purchased under NCIB and not yetcancelled, and estimated forfeitures in respect of unvested share awards undershare-based payment plans. Management believes that these non-IFRS measures will allow for a betterevaluation of the operating performance of the Company's business andfacilitate meaningful comparison of results in the current period to those inprior periods and future periods. Figures that exclude significant itemsprovide useful information by excluding certain items that may not beindicative of the Company's core operating results. A limitation of utilizingthese figures that exclude significant items is that the IFRS accountingeffects of these items do in fact reflect the underlying financial results ofthe Company's business; thus, these effects should not be ignored in evaluatingand analyzing the Company's financial results. Therefore, management believesthat the Company's IFRS measures of financial performance and the respectivenon-IFRS measures should be considered together. Selected financial information excluding significant items (1) Three months Quarter- YTD - ended Nine months ended over- over - December 31 December 31 quarter YTD change change(C$ thousands, except per 2014 2013 2014 2013share and % amounts) Total revenue per IFRS $166,471 $230,959 (27.9)% $648,298 $601,496 7.8% Total expenses per IFRS 191,991 206,539 (7.0)% 625,585 568,919 10.0% Significant items recordedin Canaccord Genuity Amortization of intangible 1,684 1,680 0.2% 5,132 5,040 1.8%assets Impairment of goodwill 4,535 - n.m. 4,535 - n.m. Restructuring costs - - - - 5,486 (100.0) % Significant items recordedin Canaccord GenuityWealth Management Amortization of intangible 1,660 1,945 (14.6)% 6,124 5,585 9.7%assets Restructuring costs - - - 783 - n.m. Significant items recordedin Corporate and Other Restructuring costs - - - 1,600 - n.m. Total significant items 7,879 3,625 117.4% 18,174 16,111 12.8% Total expenses excluding 184,112 202,914 (9.3)% 607,411 552,808 9.9%significant items Net (Loss) income before $ $28,045 (162.9)% $40,887 $48,688 (16.0)%income taxes - adjusted (17,641) Income taxes (recovery) - (3,388) 6,818 (149.7)% 10,377 8,917 16.4%adjusted Net (loss) income - $ $21,227 (167.1)% $30,510 $39,771 (23.3)%adjusted (14,253) (Loss) earnings per common $(0.19) $0.18 (205.6)% $0.21 $0.32 (34.4)%share - basic, adjusted (Loss) earnings percommon share - diluted, $(0.19) $0.17 (211.8)% $0.20 $0.29 (31.0)%adjusted (1) Figures excluding significant items are non-IFRS measures. See Non-IFRSMeasures above.n.m.: not meaningful Fellow Shareholders: Continuing economic and political uncertainty in many of the regions where weoperate contributed to a turbulent capital markets environment throughout muchof our fiscal third quarter. The heightened volatility that began late in oursecond fiscal quarter prevailed through October and November, which led to apostponement of transaction activity in our key markets. During the quarter, financing values on the TSX and TSX-V plunged 23.4% andfinancing values on AIM decreased by 17.6% when compared to the same periodlast year. Despite ongoing and disciplined focus on cost containment, theabrupt decline in global investment banking activity adversely impacted ourbottom line performance. For our fiscal third quarter, Canaccord Genuity Grouprecorded revenue of $166.5 million, a year-over-year decrease of 28%.Excluding significant items, the company recorded a third quarter loss pershare of $0.19. While all regions were negatively impacted by macroeconomicconditions, the most notable decline took place in the UK & Europe. Generalanxiety surrounding the outcome of the UK elections combined with fears ofdeflation in the Eurozone significantly slowed activity for our business in theregion, which has historically recorded its strongest performance during ourfiscal third quarter. While investments we have made to diversify our revenue streams have limitedour exposure to the energy sector in our core Canadian, UK & Europe and USbusinesses, the sharp decline in oil prices has reduced our expectation foradvisory and financing activity in our Hong Kong and Beijing offices, which areclosely tied to the energy sector. As a result, the Company recorded a $4.5million impairment charge related to the goodwill allocated to that region. Against this challenging backdrop, we have maintained a strong capitalposition, which safeguards our ability to deliver the breadth and quality ofservice our global clients have come to expect. At the end of the thirdquarter, the Company had $422.2 million in working capital and $340 million incash and cash equivalents. We have also upheld our commitment to protecting long-term value for ourshareholders through ongoing participation in our NCIB program. During thequarter, the Company purchased 807,549 shares for cancellation, bringing thetotal number of shares purchased to 1,186,249 for fiscal 2015. And finally, Iam pleased to confirm that our Board of Directors has approved a dividend of$0.05 for this quarter. Subsequent to the quarter, we made some changes to our leadership and operatingstructure which will impact our results in the near-term, but improve ourcapital position over time. Approximately 80 professionals, predominantly inour UK & Europe and US operations, will be leaving the organization undervarious termination arrangements. We expect this new operating structure todeliver approximately $25 million in sustainable savings on an annual basisover the coming years. These decisions allow us to streamline and strengthenour capital markets businesses and position us well for future outperformance. Advancing our global leadership and operating structure The successful integration of our global businesses has fostered thedevelopment of a strong culture of leaders who are working effectively tocoordinate the extensive experience and capabilities across our regional teams. We have reached a stage in the evolution of our business where we canconfidently streamline our leadership structure to focus on strengtheningprofitability and protecting our core strengths. At the start of fiscal 2016,Canaccord Genuity will combine its Canadian and US operations into a unifiedNorth American business and streamline our four reporting businesses intothree, North America, UK & Europe and Asia-Pacific. This coordinated approach to leadership provides a clear line of sight into thebusinesses and will increase synergies between our teams. A carefully selectedtransition committee will manage successful integration of these changes toensure minimal disruption for our professionals and most importantly, thedelivery of innovative ideas and a consistent service model for our clients. Strong performance during the first half of fiscal 2015 offsets a difficultthird quarter During the quarter, Canaccord Genuity participated in 77 transactions globally,raising total proceeds of C$6.2 billion. Revenues in our global capital marketsdivision were negatively impacted by weak commodity markets and reducedtransaction activity in global small-capitalization stocks. For our fiscalthird quarter, Canaccord Genuity earned $103.9 million in revenue, a decreaseof 39.3% compared to last year. Strong performance in our capital marketsbusiness during the first half of our fiscal year helped to offset thirdquarter losses, and we were able to increase year-to-date revenues by 5.7%compared to the first nine months of last year. Revenue generated from advisory fees was $22.6 million, a decrease of $17.0million from the same period last year. We attribute this result to a decreaseof $19.6 million in our UK & Europe advisory business. The impact of thisdecline was moderately offset by improved performance in our Canadian and USadvisory businesses, which recorded year-over-year increases of 22.3% and 44.1%respectively. Increased volatility had a positive impact on our trading business, as revenuesfrom commissions and fees increased by 20.7% to $41.1 million during thequarter. Looking ahead, we expect near-term commodity prices to remain volatile, whichwill support our agency trading business. Additionally, we believe continuedweakness in commodity prices will create opportunities in our banking, M&A andadvisory businesses, as companies pursue strategies to strengthen their capitalbase. Global Wealth Management operations deliver consistent and stable revenuegrowth Canaccord Genuity Wealth Management earned $58.2 million in revenue, anincrease of 6.4% compared to last year. This business accounted for 35.0% ofour total revenue during the quarter, an increase of 11.3% over the previousfiscal year and a testament to the diversification, stability and consistencyof revenues that we receive from this business. Total assets under administration and management grew to $31.3 billion at theend of the quarter, an increase of $2.3 billion, or 7.8% compared to the samequarter last year. In the UK & Europe, this consistency in earnings was evident as CanaccordGenuity Wealth Management recorded $30.0 million in revenue, which, excludingsignificant items, translated to $4.7 million in net income before taxes, a35.3% increase from the same period last year. The recent successfulimplementation of a sophisticated software platform provides this business withthe necessary infrastructure to support significant expansion in the region. In Canada, discretionary assets under management increased to $1.4 billion, animprovement of 34.7% compared to the same period last year. In November, welaunched our proprietary asset management platform, Canaccord Genuity GlobalPortfolio Solutions (GPS), across Canada. Early response to the product hasbeen strong and we expect growing client investment in our range of GPSOptimized Portfolios to meaningfully increase assets under management in thisbusiness over the coming years. Outlook The market environment at the end of calendar 2014 had a disappointing impacton our quarterly results, but we remain confident in our business mix, ourmarket position, and the opportunities ahead of us. While the impact of developments in the energy sector leads us to adopt acautious outlook for our capital markets business, we believe our diverseglobal platform provides us with a strong position to capitalize on theopportunities that lower oil prices will create in other areas of the globalmid-market. Our priorities for our capital markets business center on increasingprofitability in our core areas of strength, and on the delivery of long-termvalue for our clients and our shareholders. As an independent investment bankwith a focus on the global mid-market, we expect to make adjustments in ourbusiness mix over time to adapt to changes in market conditions. For our global wealth management business, we will continue to focus on growingour share of fee-based and discretionary accounts by continuing to invest inthe depth and quality of our offering. We will also continue to actively pursueopportunities to increase our scale in the UK. The strength of our balancesheet and prudent management of capital resources give us confidence in ournear-term ability to pursue aggressive growth for our UK wealth managementbusiness. With the exceptional leadership and solid infrastructure we have inplace, our objective is to double our assets under management in the UK overthe coming years, through organic growth and bolt-on acquisitions. Subsequent to the quarter, the Company announced the appointment of JefferiesInternational Ltd. as joint corporate broker alongside our existing corporatebroker, RBC Europe Limited. We expect this relationship to contribute tostrengthening brand awareness and exposure for Canaccord Genuity in the US andthe UK & Europe. Despite a challenging period in the global capital markets, I am confidentCanaccord Genuity has the optimal mix of leadership and global capabilities tooperate our business successfully and exceed the changing needs of our clientsas we navigate this dynamic market environment together. Kind Regards, Paul ReynoldsPresident & CEOCanaccord Genuity Group Inc. ACCESS TO QUARTERLY RESULTS INFORMATIONInterested investors, the media and others may review this quarterly earningsrelease and supplementary financial information at http://www.canaccordgenuitygroup.com/EN/IR/Pages/default.aspx. CONFERENCE CALL AND WEBCAST PRESENTATIONInterested parties are invited to listen to the Company's third quarter fiscal2015 results conference call with analysts and institutional investors, via alive webcast or a toll free number. The conference call is scheduled forThursday, February 5, 2015 at 5:00 a.m. Pacific time, 8:00 a.m. Eastern time,1:00 p.m. UK time, 9:00 p.m. China standard time and on Friday, February 6,2015 at 12:00 a.m. Australia EST. At that time, senior executives will commenton the results for the third quarter of fiscal 2015 year and respond toquestions from analysts and institutional investors. The conference call may be accessed live and archived on a listen-only basisvia the Internet at: http://www.canaccordgenuitygroup.com/EN/NewsEvents/Pages/Events.aspx. Analysts and institutional investors can call in via telephone at: * 647-427-7450 (within Toronto) * 1-888-231-8191 (toll free in North America) * 0-800-051-7107 (toll free from the UK) * 1-800-760-620 (toll free from Ireland) * 0-800-917-449 (toll free from France) * 0-800-183-0171 (toll free from Germany) * 10-800-714-1191 (toll free from Northern China) * 10-800-140-1195 (toll free from Southern China) * 1-800-287-011 (toll free from Australia) Please request to participate in Canaccord Genuity Group Inc.'s Q3/15 earningscall. If a passcode is requested, please use 55630723. A replay of the conference call can be accessed after 8:00 a.m. (Pacific Time),11:00 a.m. (Eastern Time) on Thursday, February 5, 2015 until March 31, 2015 at416-849-0833 or 1-855-859-2056 by entering passcode 55630723 followed by thepound (#) sign. ABOUT CANACCORD GENUITY GROUP INC.:Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company)is a leading independent, full-service financial services firm, with operationsin two principal segments of the securities industry: wealth management andcapital markets. Since its establishment in 1950, the Company has been drivenby an unwavering commitment to building lasting client relationships. Weachieve this by generating value for our individual, institutional andcorporate clients through comprehensive investment solutions, brokerageservices and investment banking services. The Company has offices in tencountries worldwide, including wealth management offices located in Canada,Australia, and the UK & Europe. Canaccord Genuity, the international capitalmarkets division, operates in Canada, the US, the UK, France, Germany, Ireland,Hong Kong, China, Singapore, Australia and Barbados. To us there are no foreignmarkets.TM Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSXand the symbol CF. on the London Stock Exchange. Canaccord Genuity Series APreferred Shares are listed on the TSX under the symbol CF.PR.A. CanaccordGenuity Series C Preferred Shares are listed on the TSX under the symbolCF.PR.C. None of the information on the Company's websites at www.canaccordgenuity.com,www.canaccordgenuitygroup.com, and www.canaccordgenuity.com/cm should beconsidered incorporated herein by reference. ________________________________1 Figures excluding significant items are non-IFRS measures. See Non-IFRSMeasures on page 5.2 Net loss attributable to common shareholders is calculated as the net lossadjusted for non-controlling interests and preferred share dividends.3 See Non-IFRS Measures on page 5.4 Source: Transactions over $1.5 million. Internally sourced information.5 Advisory Teams are normally comprised of one or more Investment Advisors(IAs) and their assistants and associates, who together manage a shared set ofclient accounts. Advisory Teams that are led by, or only include, an IA who hasbeen licensed for less than three years are not included in our Advisory Teamcount, as it typically takes a new IA approximately three years to build anaverage-sized book of business. North American media: Scott Davidson, Executive Vice President, Global Head ofCorporate Development & Strategy, Phone: 416-869-3875, Email:[email protected]; London media: Robert Morgan or Nicola Ratchford,Stockwell, Phone: +44 (0) 20 7240 2486, Email:[email protected], [email protected]; Investorrelations inquiries: Christina Marinoff, Vice President, Investor Relations &Communications, Phone: 416-687-5507, Email:[email protected];Brokers: Oliver Hearsey, RBC Europe Limited, Phone: +44 (0) 20 7653 4000,Email: [email protected]; Simon Hardy/Alex Collins, JefferiesInternational Limited, Phone: +44 (0)20 7029 8000