22nd Feb 2012 07:00
HAYS PLCHALF YEAR REPORTSIX MONTHS ENDED 31 DECEMBER 2011
22 February 2012
A GOOD PERFORMANCE IN MARKETS WHICH BECAME INCREASINGLY UNCERTAIN THROUGH THE HALF6 months ended 31 December Actual LFL*(In £'s million) 2011 2010 growth growth Net fees 373.8 326.1 15% 11%Operating profit 63.1 52.1 21% 14%Cash generated by operations** 60.1 27.8 116% Profit before tax 60.3 48.6 24% Basic earnings per share 2.76p 2.34p 18% Dividend per share 0.83p 1.85p (55)%
All numbers are from continuing operations only.
* LFL (like-for-like) growth represents organic growth of continuing activities at constant currency.** Number excludes cash impact of exceptional items paid in the period.
Highlights
· International businesses drove good Group net fee growth of 11%* and operating profit
growth of 14%*
· Temporary net fees, which represent 56% of the Group, grew 14%*, permanent net fees
grew 8%*
· Continued diversification of the business with 69% of Group net fees generated
outside the UK (2010: 62%)
· Good performance in Asia Pacific with 16%* net fee growth
- Australia & New Zealand net fees up 15%* driven by Resources and Mining
· Strong overall growth in Continental Europe & Rest of World with 27%* net fee growth
- The Group's largest division delivered record net fees driven by 31%* growth
in Germany
· The UK market remained challenging with net fees down 6%
- Private sector net fees down 1%, public sector down 18% but sequentially stable
since April 2011
· Trading conditions in several markets became more difficult as the half progressed
· Strong cash performance with 95% conversion of operating profit** into operating
cash flow
· Interim dividend down 55% to 0.83p, rebased to a more appropriate level within the
revised cover range of 2.0x-3.0x EPS*****
Commenting on these results Alistair Cox, Chief Executive, said:
"With profit before tax growing 24%, these are a good set of results. Ourdiversification has again delivered great benefits with the Internationalbusiness growing net fees by 27%, and 14 countries growing by more than 20%.Furthermore, with the broadest set of specialisms in our industry, we benefitedfrom our exposure to a number of high-growth industries and skill-sets,including IT, Engineering and the Resource-based industries.The global economic backdrop became increasingly uncertain as the halfprogressed, and this continues to adversely impact confidence in some of ourmarkets, especially global banking. However, we continue to see good levels ofdemand in other markets, many of which are key competitive strengths for Hays,including the mining-based regions of Australia, and the IT and engineeringsectors in Germany. With such diverse markets, our focus is on maximisingprofitability and market share gains in tougher areas, together with continuedselective investment to capitalise on growth opportunities.The Board remains committed to paying a meaningful dividend. However, given theslowing of our profit growth in the half and our current view on the likelygrowth rate of Group profitability in the current uncertain economicenvironment, we have decided to rebase the dividend to a level that is moreappropriately covered by current earnings and cash flow. We intend to grow thedividend on a sustainable and progressive basis in line with future profits."EnquiriesHays plc Paul Venables Group Finance Director + 44 (0) 20 7383 2266 David Walker Head of Investor Relations + 44 (0) 20 7383 2266 Maitland Liz Morley / Brian Hudspith + 44 (0) 20 7379 5151 Results presentation webcast
Hays will host a half year results presentation at 9.00am on Wednesday 22 February 2012 which will be available as a live webcast on our website, www.hays.com. A recording will also be available on our website from 1:00pm.
Reporting calendar
Interim Management Statement for the quarter ending 31 March 2012 12 April 2012
Trading Update for the quarter ending 30 June 2012 11 July 2012 Preliminary Results for the year ending 30 June 2012 30 August 2012 Note to editorsHays plc (the "Group") is a leading global professional recruiting group. TheGroup is the expert at recruiting qualified, professional and skilled peopleworldwide, being the market leader in the UK and Asia Pacific and one of themarket leaders in Continental Europe and Latin America. The Group operatesacross the private and public sectors, dealing in permanent positions, contractroles and temporary assignments. As at 31 December 2011, the Group employed7,988 staff operating from 247 offices in 31 countries across 20 specialisms.For the year ended 30 June 2011:
- the Group reported net fees of £672 million and operating profit
(pre-exceptional items) of £114 million;
- the Group placed around 60,000 candidates into permanent jobs and around
190,000 people into temporary assignments;
- 31% of Group net fees were generated in Asia Pacific, 33% in Continental
Europe & RoW (CERoW) and 36% in the United Kingdom & Ireland;
- the temporary placement business represented 54% of net fees and the permanent
placement business represented 46% of net fees;
- Hays operates in the following countries: Australia, Austria, Belgium, Brazil,
Canada, Colombia, China, the Czech Republic, Denmark, France, Germany, Hong Kong,
Hungary, India, Ireland, Italy, Japan, Luxembourg, Mexico, the Netherlands,
New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA.Summary Income Statement growth 6 months ended 31 December (In £'s million) 2011 2010 Actual LFL* Turnover 1,863.2 1,576.0 18% 16% Net fees Temporary 209.9 178.7 17% 14% Permanent 163.9 147.4 11% 8% Total 373.8 326.1 15% 11% Operating profit 63.1 52.1 21% 14% Conversion rate 16.9% 16.0%
Underlying temporary margin*** 14.9% 15.1%
Temporary fees as % of total 56% 55%
Period end consultant headcount**** 5,199 4,591 13%
* LFL (like-for-like) growth represents organic growth of continuing activities at constant currency.
** Number excludes cash impact of exceptional items paid in the period.
*** The underlying temporary placement gross margin is calculated as temporary placement net fees divided by temporary placement gross revenue and relates solely to temporary placements in which Hays generates net fees and specifically excludes transactions in which Hays acts as agent on behalf of workers supplied by third party agencies.
**** The change in consultants is shown on a closing basis, comparing 31 December 2011 versus 31 December 2010.
***** Based on earnings per share, from continuing operations only, pre exceptional items.
The Group delivered a good performance in the first half of the year, in thecontext of market conditions which became increasingly difficult across thehalf in certain geographies and specialisms. Group turnover increased by 18%(or 16%* on a like for like basis) and net fees increased by 15% (11%* on alike for like basis), driving operating profit growth of 21% (14%* on a likefor like basis). Favourable exchange rate movements, principally the AustralianDollar and Euro, had a positive impact on the results increasing net fees andoperating profit by £9.8 million and £3.3 million respectively, andfluctuations in these exchange rates remain a significant translationsensitivity for the Group going forward.Net fees in the temporary placement business, representing 56% of the Group,increased by 14%*. This comprised a volume increase of 6% and a favourableincrease in mix/hours worked of 9%, which was partially offset by underlyingmargins slightly lower at 14.9%*** (2010: 15.1%***). Margins have, however,remained broadly stable through the first half. The temporary placementbusiness was resilient throughout the half, as clients in several key marketssuch as Germany and Australia increased their use of flexible specialistskilled workers.Net fees in the permanent placement business, representing 44% of the Group,increased by 8%* with an increase in the average placement fee of 10%,primarily due to a change in the mix of business, being partially offset by areduction in volumes of 3%. As macro-economic uncertainty increased through theperiod, it particularly impacted confidence amongst candidates and clients inthe permanent placement market, notably in banking and financial servicesrelated specialisms around the world, which impacted volumes, especially in thesecond quarter.Group consultant headcount increased by 5% during the first half. In ourInternational business, consultant headcount increased by 12% overall, but inthe latter part of the half we became increasingly selective about areas forinvestment, and reduced headcount in certain countries. This increase waspartially offset by a 4% consultant headcount reduction in the UK via naturalattrition.
The Group's operating cost base increased by 11%* versus prior year, largely as a result of headcount investments made earlier in calendar year 2011 in the Group's International businesses, together with an increase in commission payments in line with net fees. The Group's conversion rate, which is the proportion of net fees converted into operating profit, increased to 16.9% (2010: 16.0%).
InvestmentIn the majority of our global markets, the outsourcing of professional andskilled recruitment to agencies remains an immature industry which presentssubstantial long term structural growth opportunities for the Group. This hasbeen a key driver in the rapid diversification and internationalisation of theGroup, the result of which is that the International business now represents69% of the Group's net fees compared with around 15% just 10 years ago.We remain determined to ensure the Group is positioned to fully capitalise onthe long-term growth opportunities that exist around the world. Therefore,whilst we have become more selective about areas for investment, and reducedconsultant numbers in certain countries, we have continued to invest incountries and specialisms which continue to demonstrate growth and resiliencein outlook.In Asia Pacific, we opened an office in Guangzhou in China. In ContinentalEurope & Rest of World we opened offices in Cologne, in Germany, Bogota, ourfirst office in Colombia and Gosselies in Belgium. In the United Kingdom &Ireland we reduced our office network by 12 offices on a net basis during thehalf as we continued to drive efficiency savings by consolidating operations inselected towns and cities, and opening our new City flagship office in London.
In early 2012, we will open our 32nd and 33rd country operations in Chile, based in Santiago, to further develop our business in the key long term growth market of Latin America, and Malaysia, based in Kuala Lumpur.
We continue to build a stronger, broader-based and more efficient business.Having completed the global roll-out of our new front office and back officesystems we now have a state of the art, industry leading operating platform forboth our consultants and those who support them. We are now focused on fullyutilising these systems to drive efficiency and improve service to our clientsand candidates around the world. 31 December opened/ 30 June Office network 2011 (closed)(net) 2011 Asia Pacific 47 1 46 Continental Europe & RoW 87 3 84 United Kingdom & Ireland 113 (12) 125 Group 247 (8) 255 Asia Pacific
Strong growth across the division, particularly in Australian mining regions; Asian markets increasingly mixed
growth 6 months to 31 December (In £'s million) 2011 2010 Actual LFL* Net fees 124.6 100.5 24% 16% Operating profit 48.0 36.7 31% 22% Conversion rate 38.5% 36.5%
Period end consultant headcount**** 1,138 1,012 12% In Asia Pacific, net fees increased by 24% (16% on a like-for-like basis*) to £124.6 million and operating profit increased by 31% (22% on a like-for-likebasis*) to £48.0 million. The difference between actual growth andlike-for-like growth was predominantly due to the appreciation in theAustralian Dollar. The division achieved an excellent conversion rate of 38.5%,up from 36.5% in the prior year.In our market leading Australia & New Zealand business, net fees were up 15%*.Temporary placement net fees increased by 20%* with demand increasing acrossall regions through the half and we exited the first half at record templevels. Permanent placement net fees increased by 7%* with the rate of growthslowing through the half, as candidate and client confidence in the permanentmarket was impacted by increased macro-economic uncertainty, particularly inNew South Wales and Victoria. Elsewhere, in the resource-based regions ofWestern and South Australia net fee growth was excellent throughout the halfand momentum in our public sector business, which accounts for 23% of net feesin Australia & New Zealand, remained good with net fees increasing by 15%*.Our Asian business, which accounted for 14% of the division's net fees in thehalf, achieved strong net fee growth of 23%*. Our businesses in Hong Kong,China and Singapore each performed strongly, achieving net fee growth of morethan 25%* and each posted a record monthly net fee performance in the half.Market conditions across the region did however become progressively moredifficult through the half, particularly in those markets with a relativelyhigh exposure to banking and financial specialisms. Our business in Japancontinues to see good progress as net fees increased by 11%* and our businessthere posted a record monthly fee performance in December.Consultant headcount in Asia Pacific increased by 6% during the half, withconsultant headcount increasing by 3% in Australia & New Zealand and by 16% inAsia, but through the half, we became increasingly selective about areas forheadcount investment in the division. In Australia & New Zealand we continue tocautiously increase consultant headcount based on specific business needs inareas of Western and South Australia, but we are not currently investing inconsultant headcount in the other regions. In Asia, where we have more thandoubled our consultant headcount in the past two years, we now expectconsultant headcount to remain broadly at current levels in the coming months.
Continental Europe & Rest of World ('RoW')
Strong growth overall led by excellent performance in Germany
growth 6 months to 31 December (In £'s million) 2011 2010 Actual LFL* Net fees 132.8 102.5 30% 27% Operating profit 18.2 13.3 37% 32% Conversion rate 13.7% 13.0%
Period end consultant headcount**** 1,990 1,468 36% In Continental Europe & RoW, net fees increased by 30% (27% on a like-for-likebasis*) to £132.8 million, a record for the division, and operating profitincreased by 37% (32% on a like-for-like basis*) to £18.2 million. Thedifference between actual growth and like-for-like growth was mainly due to themodest appreciation in the Euro. The division achieved a conversion rate of13.7%, up from 13.0% in the prior year.Our German business, representing 51% of the division's net fees and most ofthe division's profits, recorded 31%* net fee growth and posted several recordmonthly performances as momentum remained strong through the half. Growth wasbroadly based across all sectors, and was particularly strong in ourcontracting and temporary placement businesses which account for 90% of the netfees in our German business. We had an excellent performance in our IT andEngineering business, which grew by 32%* and where we are the clear marketleader. In addition, we continue to build market leading positions inAccountancy & Finance, Construction & Property, Sales & Marketing, Legal andLife Sciences and these specialisms now account for around a quarter of totalnet fees in Germany. Our market leading position and the increasingdiversification of our business means we are ideally placed to benefit from thecontinuing rapid development of the specialist recruitment market in Germanyand the structural growth opportunities this presents.Market conditions are not however uniform across the rest of the division,which is primarily a permanent placement business. In France, our secondlargest country in the division, we recorded 28%* net fee growth with strongmomentum through the half, and we recorded growth of more than 20%* in afurther 8 businesses including the Netherlands, Russia and Brazil. However,several countries, particularly in Southern Europe and Latin America, saw netfee growth slow significantly as the half progressed as confidence amongstcandidates and clients was negatively impacted by the ongoing macro-economicuncertainty.Overall consultant headcount increased by 16% during the half. However, throughthe period we became more selective about areas for investment across thedivision and reduced consultant numbers in certain countries. We expectconsultant headcount to reduce modestly overall for the division in the currentquarter through natural attrition, with selected pockets of investment to takeadvantage of those markets that are continuing to grow being offset by reducedconsultant numbers elsewhere in the division.
United Kingdom & Ireland
More challenging private sector, tough but stable public sector
growth 6 months to 31 December (In £'s million) 2011 2010 Actual LFL* Net fees 116.4 123.1 (5)% (6)% Operating (loss) / profit (3.1) 2.1 N/A N/A Conversion rate (2.7)% 1.7%
Period end consultant headcount**** 2,071 2,111 (2)% In the United Kingdom & Ireland, net fees decreased by 6%* on a like-for-likebasis to £116.4 million, and the division made an operating loss of £3.1million. Net fees decreased by 5% in the temporary placement business, largelyas a result of its greater weighting to the public sector markets, and by 6% inthe permanent placement business primarily due to a reduction in activitylevels in banking and City-related specialisms. The operating loss was a resultof the net fee reduction, partially offset by headcount reductions made duringthe half and the savings achieved through various other cost and efficiencymeasures, net of increased depreciation costs and modest cost inflation.In the private sector business, which currently represents 78% of UK net fees,net fees declined by 1%. This was in large part due to slowing activity in ourpermanent placement business as confidence amongst candidates and clientsworsened as the half progressed, particularly in our banking and City-relatedspecialisms. Elsewhere in our private sector business, our IT, Legal, LifeSciences and Sales and Marketing businesses all delivered good growth.In our public sector business, conditions remain tough, but although net feesdecreased by 18% year on year and we exited the half down 57% from peak levels,this business has remained sequentially stable since April 2011. The UK publicsector business represented 22% of UK net fees and 7% of Group net fees in thehalf.Consultant headcount in the United Kingdom & Ireland was reduced by 4% duringthe half by natural attrition, as overall market conditions became increasinglychallenging. Given that the outlook remains uncertain, we continue to reduceall aspects of our UK cost base, which is down more than 25% from peak levels,with particular emphasis on overhead and support costs, whilst ensuring wemaximise market share and take full advantage of those segments of the marketwhich continue to present revenue growth opportunities.
Net finance charge
The net finance charge for the half was £2.8 million (2010: £3.5 million). Theaverage interest rate on gross debt during the half was 2.7% (2010: 2.5%),generating net bank interest payable, including amortisation of arrangementfees, of £3.6 million (2010: £2.5 million), the increase being due to higheraverage net debt in the period. The net interest credit on the defined benefitpension scheme obligations was £1.1 million (2010: charge of £0.8 million) withthe movement primarily due to higher scheme asset values increasing expectedreturns. The charge for the Pension Protection Fund levy was £0.3 million(2010: £0.2 million). It is expected that the net finance charge for the yearending 30 June 2012 will be at similar levels to 2011.
Taxation
The taxation charge for the half was £22.3 million, representing an effectivetax rate of 37.0% (2010: 34.0%). The increase in tax rate is primarily due tounrelieved tax losses in the UK and a reduction in the value of the deferredtax asset on share based incentives, due to a fall in the Group's share price.It is expected that the Group's effective tax rate will remain at a broadlysimilar level for the second half of the financial year.
Earnings per share
Basic earnings per share increased 18% to 2.76 pence (2010: 2.34 pence). Theincrease in earnings per share reflects the Group's higher operating profit andlower net finance charge, partially offset by the increase in the effective
taxrate. Cash flow and balance sheetCash flow in the half was strong with 95% conversion of operating profit intooperating cash flow** (2010: 53%). The improvement on prior year was the resultof good working capital management. The outflow from working capital was £19.7million, primarily driven by growth in our German and Australian tempbusinesses, partially offset by a reduction in UK temp volumes, and this changein mix led to a modest increase in debtor days to 38 days (2010: 37 days).
Net capital expenditure was higher at £9.8 million (2010: £7.9 million). Capital expenditure is expected to be to around £15 million for the full year, as previously guided.
Dividends paid in the half totalled £54.3 million and £3.2 million was paid outin net interest. Net debt increased from £134.8 million at the start of theyear to £177.7 million at the end of the first half, primarily due to thepayment of the final dividend. The Group expects that net debt will reduce inthe second half. The Group has a £300 million unsecured revolving creditfacility available, which expires in January 2014.
Capital structure and dividend
The Board's priorities for our free cash flow are to fund the Group's investment and development, maintain a strong balance sheet and deliver a sustainable dividend at a level which is affordable and appropriate.
The increased global economic uncertainty impacted our business in the secondquarter and slowed the pace of the Group's profit growth as the first halfprogressed. Consequently, while operating profit was 21% above prior year, itwas only sequentially 2% higher than in the previous half. Considering thisslowing of profit growth and our current view on the likely growth in Groupprofitability in this uncertain environment, we have decided that whilst theprevious level of dividend remains affordable today, it is no longerappropriate to maintain the dividend at that level, which had been uncoveredfor the last two years. We have therefore decided to rebase the dividend andpay an interim dividend of 0.83p per share (2010: 1.85p). Furthermore webelieve that future dividends should be covered by earnings in the range 2.0xto 3.0x***** and consider this revised payout policy to be appropriatelycovered by earnings and cash flow.Going forward, the Board remains committed to paying a sustainable andprogressive dividend. It is our intention to grow the dividend from this newlevel when dividend cover reaches c.2.5x*****. The expected split of dividendpayout will be one-third interim and two-thirds final.
The interim dividend payment date will be 10 April 2012 and will be paid to shareholders on the register at close of business on 2 March 2012.
Retirement benefits
The Group's pension liability under IAS 19 at 31 December 2011 of £15.3 million(£8.9 million net of deferred tax) increased by £3.4 million compared to 30June 2011, primarily due to changes in the assumptions in respect of thediscount rate and inflation, partially offset by higher than expected assetreturns. During the first half the company contributed £7.7 million of cash tothe defined benefit scheme, including £6.2 million additional funding towardsthe pension deficit in line with previous guidance
Board changes
As announced on 19 May 2011, Lesley Knox stepped down from the Board following the Annual General Meeting ('AGM') held on 9 November 2011. Paul Harrison replaced Lesley as Chairman of the Remuneration Committee and Senior Independent Director following the AGM.
Victoria Jarman joined the Board as a non-executive director on 1 October 2011and as Chairman of the Audit Committee at the conclusion of the AGM. Victoria,who is a chartered accountant, was previously Chief Operating Officer ofLazard's London and Middle East operations and is a non-executive director ofDe La Rue plc and a member of its audit and nomination committees.Pippa Wicks joined the Board as a non-executive director on 1 January 2012 andis a member of the Audit, Nomination and Remuneration Committees. Pippa iscurrently Managing Director of AlixPartners LLP and a non-executive director ofLadbrokes plc, where she is also a member of the audit committee.
Current trading
Although market conditions remain mixed, we've made an encouraging start to thesecond half in many key parts of the business. In Asia Pacific, growth isexcellent in Queensland and Western Australia, but has moderated in otherregions in Australia and most notably in Asia, where net fees are declining incertain countries. In Continental Europe & RoW, we see continued strong growthin Germany and good growth in France, but slowing growth across some of therest of the division, and net fee declines in certain countries. In the UK, themarket remains challenging but broadly stable at the levels we saw at the endof the first half in both the public and private sectors. Overall, we areseeing continued resilience in our temporary placement business, which isoperating at near record levels in the key markets of Germany and Australia.The uncertain global economic environment is having a negative impact oncandidate and client confidence in certain markets, particularly in the bankingsector globally and some permanent recruitment markets.
Treasury management
The Group's treasury operations remain straight forward and uncomplicated withGroup operations financed by retained earnings and bank borrowings. The Grouphas an unsecured £300 million revolving credit facility, in place until January2014, and it uses this facility to manage its day-to-day working capitalrequirements as appropriate. All borrowings are raised by the Group's UK-basedtreasury department, which manages the Group's treasury risk in accordance withpolicies set by the Board. The Group's treasury department does not engage inspeculative transactions and does not operate as a profit centre.The Board considers it appropriate to use certain derivative financialinstruments to reduce its exposure to interest rate movements under itsfloating rate credit facility. During the prior financial year the Groupentered into six interest rate swaps which exchange a fixed payment forfloating rate receipt on a total debt value of £40 million with an equal mix oftwo-year and three-year maturities. Each of the interest rate swaps commencedin October 2011. The Group does not hold or use derivative financialinstruments for speculative purposes.
Counterparty risk primarily arises from investment of any surplus funds. The Group restricts transactions to banks and money market funds that have an acceptable credit rating and limits exposure to each institution.
Principal risks facing the business
Hays plc operates an embedded risk management framework, which is monitored andreviewed by the Audit Committee. There are a number of potential risks anduncertainties that could have a material impact on the Group's financialperformance and position. These include risks relating to the cyclical natureof our business, business model risk, talent, compliance risk, reliance ontechnology, contract risk and foreign exchange. A full description of theserisks and our mitigating actions is provided in the 2011 Annual Report, andthere have been no material changes since that time.Hays plc250 Euston RoadLondonNW1 2AFwww.hays.com/investors
* LFL (like-for-like) growth represents organic growth of continuing activities at constant currency.
** Number excludes cash impact of exceptional items paid in the period.
*** The underlying temporary placement gross margin is calculated as temporary placement net fees divided by temporary placement gross revenue and relates solely to temporary placements in which Hays generates net fees and specifically excludes transactions in which Hays acts as agent on behalf of workers supplied by third party agencies.
**** The change in consultants is shown on a closing basis, comparing 31 December 2011 versus 31 December 2010.
***** Based on earnings per share, from continuing operations only, pre exceptional items.
Responsibility Statement
We confirm that, to the best of our knowledge:
* the unaudited condensed consolidated interim financial statements have been
presented in accordance with IAS 34 "Interim Financial Reporting" as
adopted by the European Union and gives a true and fair view of the assets,
liabilities, financial position and profit for the Group;
* 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 their impact on the condensed financial
statements, and description of principal risks and uncertainties for the
remaining six months of the financial year); and
* the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions in the
first six months of the financial year and any changes in the related
parties transactions described in the last annual report).
This Half Year Report was approved by the Board of Directors and authorised forissue on 21 February 2012.Alistair Cox Paul VenablesChief Executive Group Finance Director Cautionary statementThe Half Year Report (the "Report") has been prepared in accordance withthe Disclosure Rules and Transparency Rules of the UK Financial ServicesAuthority and is not audited. No representation or warranty, express orimplied, is or will be made in relation to the accuracy, fairness orcompleteness of the information or opinions made in this Report. Statements inthis Report reflect the knowledge and information available at the time of itspreparation. Certain statements included or incorporated by reference withinthis Report may constitute "forward-looking statements" in respect of theGroup's operations, performance, prospects and/or financial condition. By theirnature, forward-looking statements involve a number of risks, uncertainties andassumptions and actual results or events may differ materially from thoseexpressed or implied by those statements. Accordingly, no assurance can begiven that any particular expectation will be met and reliance should not beplaced on any forward-looking statement. Additionally, forward-lookingstatements regarding past trends or activities should not be taken as arepresentation that such trends or activities will continue in the future. Theinformation contained in this Report is subject to change without notice and noresponsibility or obligation is accepted to update or revise anyforward-looking statement resulting from new information, future events orotherwise. Nothing in this Report should be construed as a profit forecast.This Report does not constitute or form part of any offer or invitation tosell, or any solicitation of any offer to purchase or subscribe for any sharesin the Company, nor shall it or any part of it or the fact of its distributionform the basis of, or be relied on in connection with, any contract orcommitment or investment decisions relating thereto, nor does it constitute arecommendation regarding the shares of the Company or any invitation orinducement to engage in investment activity under section 21 of the FinancialServices and Markets Act 2000. Past performance cannot be relied upon as aguide to future performance. Liability arising from anything in this Reportshall be governed by English Law, and neither the Company nor any of itsaffiliates, advisors or representatives shall have any liability whatsoever (innegligence or otherwise) for any loss howsoever arising from any use of thisReport or its contents or otherwise arising in connection with this Report.Nothing in this Report shall exclude any liability under applicable laws thatcannot be excluded in accordance with such laws. Independent Review Report to Hays plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31 December 2011 which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated cash flow statement, the consolidated statement of changes in equity and related notes 1 to 12. We have read the other information contained in the half-yearly financial report and considered whether it contains any
apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, "Interim Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our review. Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London, United Kingdom 21 February 2012
Condensed Consolidated Income Statement
Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) Note (unaudited) (unaudited) 2011Turnover Continuing operations 1,863.2 1,576.0 3,256.0Net fees * Continuing operations 2 373.8 326.1 672.1
Operating profit from continuing operations before
exceptional items 2 63.1 52.1 114.1 Exceptional items - - 4.1Operating profit from continuing operations 2 63.1
52.1 118.2Finance income 0.5 0.5 1.0Finance cost (3.3) (4.0) (8.5) 3 (2.8) (3.5) (7.5)Profit before tax 60.3 48.6 110.7Tax 4 (22.3) (16.5) (32.4)
Profit from continuing operations after tax 38.0 32.1 78.3Profit from discontinued operations 1.1 0.2 1.8Profit attributable to equity holders of the parent Company 39.1 32.3 80.1Earnings per share from continuing operations before
exceptional items - Basic 6 2.76p 2.34p 5.19p - Diluted 6 2.70p 2.29p 5.10p
Earnings per share from continuing operations
- Basic 6 2.76p 2.34p 5.69p - Diluted 6 2.70p 2.29p 5.59p
Earnings per share from continuing and discontinued
operations - Basic 6 2.84p 2.35p 5.82p - Diluted 6 2.78p 2.31p 5.72p * Net fees comprise turnover less remuneration of temporary workers and other recruitment agencies.
Condensed Consolidated Statement of Comprehensive Income
Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) (unaudited) (unaudited) 2011Profit for the period 39.1 32.3 80.1
Currency translation adjustments (8.8) 13.1 19.4Mark to market valuation of derivative financial instruments (0.4) - (0.7)Actuarial (loss)/gain on defined benefit pension schemes (10.6) 27.3 43.7Tax relating to components of other comprehensive income 1.4 (7.6) (11.6)Other comprehensive income for the period (18.4) 32.8 50.8Total comprehensive income for the period 20.7 65.1 130.9Attributable to equity shareholders of the parent Company 20.7
65.1 130.9
Condensed Consolidated Balance Sheet
31 December 31 December Year to 2011 2010 30 June(In £'s million) Note (unaudited) (unaudited) 2011Non-current assets Goodwill 180.4 191.4 183.5Other intangible assets 58.6 60.7 62.9
Property, plant and equipment 25.0
21.3 23.4Deferred tax assets 29.2 22.0 29.2 293.2 295.4 299.0Current assets Trade and other receivables 538.5 437.7 524.2Cash and cash equivalents 60.9 42.6 55.1 599.4 480.3 579.3Total assets 892.6 775.7 878.3Current liabilities Trade and other payables (401.0) (355.7) (405.0)Current tax liabilities (32.2) (27.2) (31.0)Bank loans and overdrafts (3.6) (3.3) (4.9)Provisions 8 (3.5) (5.5) (8.5)
Derivative financial instruments (1.1)
- (0.7) (441.4) (391.7) (450.1)Non-current liabilities Bank loans (235.0) (165.0) (185.0)Trade and other payables (1.0) - (1.0)
Retirement benefit obligations 7 (15.3)
(35.2) (11.9)Provisions 8 (31.7) (34.7) (33.9) (283.0) (234.9) (231.8)Total liabilities (724.4) (626.6) (681.9)Net assets 168.2 149.1 196.4 Equity Called up share capital 14.7 14.7 14.7Share premium 369.6 369.6 369.6Capital redemption reserve 2.7 2.7 2.7Retained earnings (295.7) (312.4) (275.6)Other reserves 76.9 74.5 85.0Total shareholders' equity 168.2 149.1 196.4
Condensed Consolidated Cash Flow Statement
Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) Note (unaudited) (unaudited) 2011
Operating profit from continuing operations 63.1 52.1 118.2Adjustments for: Exceptional items(i) (6.1) (3.1) (19.5) Depreciation of property, plant and equipment 4.4 5.3 9.4 Amortisation of intangible fixed assets 7.5 5.6 10.9 Profit on disposal of property, plant and equipment (0.1) - - Net movements in provisions (1.2) (1.6) (2.4) Share-based payments 6.1 6.3 12.5 10.6 12.5 10.9
Operating cash flow before movement in working capital 73.7
64.6 129.1 Changes in working capital (19.7) (39.9) (47.2)Cash generated by operations 54.0 24.7 81.9Income taxes paid (18.9) (4.4) (26.6)
Net cash inflow from operating activities 35.1 20.3 55.3Investing activities Purchase of tangible and intangible assets (9.8) (7.9) (18.6)Proceeds from sales of business and related assets 0.1 0.3 0.5Cash paid in respect of acquisitions made in previous years (0.3) - (3.2)Interest received 0.5 0.5 1.0Net cash used in investing activities (9.5)
(7.1) (20.3)Financing activities Interest paid (3.7) (6.2) (9.5)Equity dividends paid (54.3) (54.3) (79.7)
Proceeds from exercise of share options 0.1 - 1.2Increase in bank loans and overdrafts 48.7 16.4 38.0Pension scheme funding (6.2) (6.0) (12.0)Net cash used in financing activities (15.4) (50.1) (62.0)Net increase/(decrease) in cash and cash equivalents 10.2 (36.9) (27.0)Cash and cash equivalents at beginning of period 55.1 74.7 74.7Effect of foreign exchange rate movements (4.4) 4.8 7.4Cash and cash equivalents at end of period 9 60.9
42.6 55.1 (In £'s million) Note
Bank loans and overdrafts at beginning of period (189.9) (151.9) (151.9)Increase in period (48.7) (16.4) (38.0)Bank loans and overdrafts at end of period (238.6)
(168.3) (189.9)Net debt at end of period 9 (177.7) (125.7) (134.8)
(i) The adjustment to the Cash Flow Statement in the current period of £6.1
million relates to cash paid in respect of exceptional items incurred during
the financial year to 30 June 2010 and 30 June 2011.
The adjustment to the Cash Flow Statement in the six months to 31 December 2010
of £3.1 million relates to cash paid in respect of exceptional items incurred
during the financial year to 30 June 2010.
The adjustment to the Cash Flow Statement in the year to June 2011 of £19.5
million relates to the non-cash impact of the prior year exceptional credit of
£4.1 million and cash paid of £15.4 million in respect of exceptional charges
incurred during the year to 30 June 2010 and 30 June 2011. Condensed Consolidated Statement of Changes in Equity For the six months ended 31 December 2011
Share Capital Share premium redemption Retained Other (In £'s million) capital account reserve earnings reserves TotalAt 1 July 2011 14.7 369.6 2.7 (275.6) 85.0 196.4
Currency translation adjustments - - - - (8.8) (8.8)Mark to market valuation of derivative financial instruments - - - - (0.4) (0.4)Actuarial loss on defined benefit pension schemes - - - (10.6) - (10.6)Tax on items taken directly to equity - - - 1.4 - 1.4Net expense recognised directly in equity - - - (9.2) (9.2) (18.4)Profit for the period - - - 39.1 - 39.1Total comprehensive income/(expense) for the period - - - 29.9 (9.2) 20.7Dividends paid - - - (54.3) - (54.3)Share-based payment schemes - - - 4.3 1.1 5.4At 31 December 2011 14.7 369.6 2.7 (295.7) 76.9 168.2
For the six months ended 31 December 2010
Share Capital Share premium redemption Retained Other (In £'s million) capital account reserve earnings reserves TotalAt 1 July 2010 14.7 369.6 2.7 (313.0) 58.3 132.3
Currency translation adjustments - - - - 13.1 13.1Actuarial gain on defined benefit pension schemes - - - 27.3 - 27.3Tax on items taken directly to equity - - - (7.6) - (7.6)Net income recognised directly in equity - - - 19.7 13.1 32.8Profit for the period - - - 32.3 - 32.3Total comprehensive income for the period - - -
52.0 13.1 65.1Dividends paid - - - (54.3) - (54.3)Share-based payment schemes - - - 2.9 3.1 6.0At 31 December 2010 14.7 369.6 2.7 (312.4) 74.5 149.1
For the year ended 30 June 2011
Share Capital Share premium redemption Retained Other (In £'s million) capital account reserve earnings reserves TotalAt 1 July 2010 14.7 369.6 2.7 (313.0) 58.3 132.3
Currency translation adjustments - - - - 19.4 19.4Mark to market valuation of derivative financial instruments - - - - (0.7) (0.7)Actuarial gain on defined benefit pension schemes - - - 43.7 - 43.7Tax on items taken directly to equity - - - (11.6) - (11.6)Net income recognised directly in equity - - - 32.1 18.7 50.8Profit for the year - - - 80.1 - 80.1Total comprehensive income for the year - - -
112.2 18.7 130.9Dividends paid - - - (79.7) - (79.7)Share-based payment schemes - - - 4.9 8.0 12.9At 30 June 2011 14.7 369.6 2.7 (275.6) 85.0 196.4
Condensed Consolidated Statement of Changes in Equity - Other Reserves
For the six months ended 31 December 2011
Own Equity Cumulative Hedging (In £'s million) shares reserve translation reserve TotalAt 1 July 2011 (3.4) 19.4 69.7 (0.7) 85.0
Currency translation adjustments - - (8.8) - (8.8)Mark to market valuation of derivative financial instruments - - - (0.4) (0.4)Net expense recognised directly in equity - -
(8.8) (0.4) (9.2)Share-based payment schemes 0.9 0.2 - - 1.1At 31 December 2011 (2.5) 19.6 60.9 (1.1) 76.9
For the six months ended 31 December 2010
Own Equity Cumulative Hedging (In £'s million) shares reserve translation reserve TotalAt 1 July 2010 (4.7) 12.7 50.3 - 58.3
Currency translation adjustments - - 13.1 - 13.1Net income recognised directly in equity - -
13.1 - 13.1Share-based payment schemes - 3.1 - - 3.1At 31 December 2010 (4.7) 15.8 63.4 - 74.5
For the year ended 30 June 2011
Own Equity Cumulative Hedging (In £'s million) shares reserve translation reserve TotalAt 1 July 2010 (4.7) 12.7 50.3 - 58.3
Currency translation adjustments - - 19.4 - 19.4Mark to market valuation of derivative financial instruments - - - (0.7) (0.7)Net income recognised directly in equity - -
19.4 (0.7) 18.7Share-based payment schemes 1.3 6.7 - - 8.0At 30 June 2011 (3.4) 19.4 69.7 (0.7) 85.01 Basis of preparation
The condensed consolidated interim financial statements ("interim financial statements") are the results for the six months ended 31 December 2011. The
interim financial statements have been prepared under International Financial
Reporting Standards ("IFRS") as adopted by the European Union, in accordance
with International Accounting Standard 34 'Interim Financial Reporting' and the
Disclosure and Transparency Rules of the Financial Services Authority. It is
unaudited but has been reviewed by the auditors and their report is attached.
The interim financial statements do not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006 as they do not include all of
the information required for full statutory accounts. The interim financial
statements should be read in conjunction with the statutory accounts for the
year ended 30 June 2011, which were prepared in accordance with IFRS as adopted
by the European Union and have been filed with the Registrar of Companies. The
auditors' report on those accounts was unqualified, did not draw attention to
any matters by way of emphasis and did not contain a statement under Section
498 (2) or (3) of the Companies Act 2006.
Accounting policies
The interim financial statements have been prepared on the basis of the
accounting policies and methods of computation applicable for the year ending
30 June 2011. These accounting policies are consistent with those applied in
the preparation of the accounts for the year ended 30 June 2011 with the exception of the following new accounting standards, amendments and interpretations which were mandatory for accounting periods beginning 1 January 2011.
· IFRS 1 (amendment) Severe Hyperinflation and Removal of Fixed Dates for First
Time Adopters (effective 1 July 2011) · IFRS 7 (amendment) Disclosures - Transfers of Financial Assets (effective 1 July 2011)
· Improvements to IFRSs 2010 (effective 1 July 2011)
· IAS 24 (revised 2009) Related Party Disclosure (effective 1 January 2011)
· IFRIC 14 (amendment) IAS 19 - The Limit on Defined Benefit Asset, Minimum
Funding Requirements and their interaction (effective 1 January 2011)
There have been no alterations made to the accounting policies as a result of
considering all of the above amendments that became effective in the period, as
these were not material to the Group's operations.
Going concern
The Group's business activities, together with the factors likely to effect its
future development, performance and financial position, including its cash flows and liquidity position are described in the Half Year Report. The Group has an unsecured revolving credit facility of £300 million that
expires in January 2014. The Group uses the facility to manage its day-to-day
working capital requirements as appropriate. The Group's facility, together with internally generated cash flows, will continue to provide sufficient sources of liquidity to fund its current operations, including contractual and commercial commitments, future growth and any proposed dividends.
The directors have formed the judgement, at the time of approving the condensed
set of financial statements, that there is reasonable expectation that the Group has adequate resources to continue in operational existence for the
foreseeable future. For this reason, the directors continue to adopt the going
concern basis in preparing the condensed consolidated financial statements.
2 Segmental information
Adoption of IFRS 8, Operating Segments The Group has adopted IFRS 8, Operating Segments, with effect from 1 July 2009. IFRS 8 requires operating segments to be identified on the basis of
internal reports about components of the Group that are regularly reviewed by
the chief operating decision maker to allocate resources to the segment and to
assess their performance.
As a result, the Group continues to segment the business into three regions,
Asia Pacific, Continental Europe & Rest of World, and United Kingdom & Ireland. There is no material difference between the segmentation of the Group's turnover by geographic origin and destination. The Group's continuing operations comprise one class of business, that of qualified, professional and skilled recruitment. Net fees and profit from continuing operations
The Group's Management Board, which is regarded as the chief operating decision
maker, uses net fees by segment as its measure of revenue in internal reports.
This is because net fees exclude the remuneration of temporary workers, and
payments to other recruitment agencies where the Group acts as principal, which
are not considered relevant in allocating resources to segments. The Group's
Management Board considers net fees for the purpose of making decisions about
allocating resources. The Group does not report items below operating profit
by segment in its internal management reporting. The full detail of these items can be seen in the Income Statement. Net fees and profit from continuing operations
Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) (unaudited) (unaudited) 2011Net fees Asia Pacific 124.6 100.5 210.0
Continental Europe & Rest of World 132.8
102.5 220.4United Kingdom & Ireland 116.4 123.1 241.7 373.8 326.1 672.1
Operating profit from continuing operations before
exceptional items Asia Pacific 48.0 36.7 78.1
Continental Europe & Rest of World 18.2
13.3 32.4United Kingdom & Ireland (3.1) 2.1 3.6 63.1 52.1 114.1
Operating profit from continuing operations Asia Pacific 48.0 36.7 78.1Continental Europe & Rest of World 18.2
13.3 32.4United Kingdom & Ireland (3.1) 2.1 7.7 63.1 52.1 118.2
3 Finance income and finance costs
Finance income Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) (unaudited) (unaudited) 2011Interest on bank deposits 0.5 0.5 1.0Finance costs Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) (unaudited) (unaudited) 2011
Interest payable on bank loans and overdrafts (4.1) (3.0) (7.0)Pension Protection Fund levy (0.3) (0.2) (0.3)Net interest on pension obligations 1.1 (0.8) (1.2) (3.3) (4.0) (8.5)Net finance charge (2.8) (3.5) (7.5)4 Tax on ordinary activities
The Group's consolidated effective tax rate in respect of continuing operations
for the six months to 31 December 2011 is based on the estimated effective tax
rate for the full year of 37.0% (31 December 2010: 34.0%, 30 June 2011: 29.3%).
The Group's consolidated effective tax rate in respect of continuing operations
before exceptional items for the year to 30 June 2011 was 33.0%.
5 Dividends
The following dividends were paid by the Group and have been recognised as distributions to equity shareholders in the year:
Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) (unaudited) (unaudited) 2011Final dividend for the year ended 30 June 2010 of 3.95 pence per share - 54.3 54.3Interim dividend for the period to 31 December 2010 of 1.85 pence per share - - 25.4Final dividend for the year ended 30 June 2011 of 3.95 pence per share 54.3 - - 54.3 54.3 79.7
The interim dividend for the period ended 31 December 2011 of 0.83 pence per
share is not included as a liability in the balance sheet as at 31 December 2011. 6 Earnings per share Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) (unaudited) (unaudited) 2011
Earnings from continuing operations before exceptional items 60.3 48.6 106.6Tax on earnings from continuing operations before exceptional items (22.3) (16.5) (35.2)Basic earnings before exceptional items 38.0 32.1 71.4Earnings from continuing operations after exceptional items 60.3 48.6 110.7Tax on earnings from continuing operations after exceptional items (22.3) (16.5) (32.4) Basic earnings after exceptional items 38.0 32.1 78.3Number of shares (million): Weighted average number of shares 1,378.9 1,374.1 1,376.0Dilution effect of share options 27.6 26.6 24.3Weighted average number of shares used for diluted EPS 1,406.5 1,400.7 1,400.3From continuing operations before exceptional items: Basic earnings per share before exceptional items 2.76p 2.34p 5.19pDiluted earnings per share before exceptional items 2.70p
2.29p 5.10pFrom continuing operations: Basic earnings per share 2.76p 2.34p 5.69pDiluted earnings per share 2.70p 2.29p 5.59p
From continuing and discontinued operations: Basic earnings per share from continuing and discontinued operations 2.84p 2.35p 5.82pDiluted earnings per share from continuing and discontinued operations 2.78p 2.31p 5.72p 7 Retirement benefit obligations Six months to Six months to 31 December 31 December Year to 2011 2010 30 June(In £'s million) (unaudited) (unaudited) 2011
Deficit in the scheme brought forward (11.9)
(67.1) (67.1)Current service cost (1.6) (2.9) (3.8)Contributions 7.7 8.3 16.5Net financial return 1.1 (0.8) (1.2)Actuarial (loss)/gain (10.6) 27.3 43.7
Deficit in the scheme carried forward (15.3)
(35.2) (11.9) 8 Provisions (In £'s million) Property Other TotalAt 1 July 2011 16.5 25.9 42.4Exchange adjustments (0.2) (0.2) (0.4)Utilised (2.1) (4.7) (6.8)At 31 December 2011 14.2 21.0 35.2Current 3.5Non-current 31.7 35.2
Provisions relate to continuing and discontinued operations and are for rents
on certain leased properties for periods in which they are not anticipated to
be in use by the Group. The leases expire in periods up to 2015 and the amounts
will be paid over this period. Other provisions include warranty and
environmental claim liabilities arising as a result of the business disposals
and the Group transformation that concluded in 2004.
9 Movement in net debt 1 July Cash Exchange 31 December(In £'s million) 2011 flow movement 2011Cash and cash equivalents 55.1 10.2 (4.4) 60.9Bank loans and overdrafts (189.9) (48.7) - (238.6)Net debt (134.8) (38.5) (4.4) (177.7)
The table above is presented as additional information to show movement in net
debt, defined as cash and cash equivalents less bank loans and overdrafts. The Group has an unsecured revolving credit facility of £300 million which expires in January 2014. The financial covenants under the renewed facility
require the Group's interest cover to be at least 4:1 and its leverage ratio
(net debt to EBITDA) to be no greater than 2.5:1. The interest rate of the
facility is based on a ratchet mechanism with a margin payable over LIBOR in
the range of 1.75% to 2.25%. As at 31 December 2011, £65 million of the committed facility was un-drawn. 10 Events after the balance sheet date
There are no significant events after the balance sheet date to report.
11 Like-for-like results
Like-for-like results represent organic growth of continuing activities at constant currency.
For the six months ended 31 December 2011 these are calculated as follows: (In £'s million) Net fees for the six months ended 31 December 2010 326.1 Foreign exchange impact 9.8 Net fees for the six months ended 31 December 2010 at constant currency 335.9 Fee increase resulting from organic growth 37.9 Net fees for the six months ended 31 December 2011 373.8 Profit from operations for the six months ended 31 December 2010 52.1 Foreign exchange impact 3.3
Profit from operations for the six months ended 31 December 2010 at constant currency 55.4 Profit from operations increase resulting from organic growth
7.7 Profit from operations for the six months ended 31 December 2011
63.1
12 Like-for-like results H1 analysis by division
Net fee growth Q1 Q2 H1 versus same period last year 2012 2012 2012 Asia Pacific 21% 11% 16%
Continental Europe & Rest of World 34%
20% 27% United Kingdom & Ireland (4%) (7%) (6%) Group 15% 8% 11%
H1 2012 is the period from 1 July 2011 to 31 December 2011.
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