Unaudited Results for period ended 30 June 2016

Strategic progress and performance on track

Tim Cobbold, CEO of UBM plc said:

"The sale of PRN was the final major step in the transformation of UBM into a focused events business, following which more than 80% of revenues are now generated from Events. Going forward UBM's performance will increasingly reflect the attractive characteristics of the events industry, and we continue to see high-quality acquisition opportunities to strengthen further the portfolio.

"Our performance in the first half was in line with our expectations and the business is well-positioned for a strong second half. Good progress continues to be made in the execution of the Events First strategy.

"With more than 80% of the Group's revenues generated in the US and Emerging Markets and less than 10% from the UK we expect little direct impact from Brexit and a benefit from the stronger dollar.

"Our trading outlook for the year remains unchanged, with further FX benefits expected."  

Key financial information (unaudited)

* See page 3 and page 39 for definition of non-IFRS metrics 

1) Uses weighted average number of shares over the period of 441m (H1 2015: 446m)

2) Uses post consolidation number of shares of 396m for 2016

Group IFRS results (unaudited)

Notes to business and financial review

Unless otherwise stated:

· Underlying revenue growth measures are adjusted for the effects of acquisitions, disposals, foreign exchange movements, phasing and peripatetic and biennial events

· Adjusted underlying growth measures additionally remove the impact of portfolio rationalisation

· Major events refer to events generating more than £1m revenue

· Biennial events occur once every two years

· Adjusted operating profit excludes amortisation of intangible assets arising on acquisitions, exceptional items and share of taxation on joint ventures and associates

· Strategic opex relates to Events First execution

See page 39 for explanation of non-IFRS items.

Contacts

UBM will host a presentation today at 10.30am at the London Stock Exchange, 10 Paternoster Square, EC4M 7LS. A live webcast of the results presentation will be made available via UBM's website. To access the webcast please go to www.ubm.com. A recording of the webcast will also be available on demand from UBM's website after 4pm (BST).

Notes to Editors

UBM plc is a leading global B2B events organiser. Running over 350 events per year, UBM is the largest listed pure-play exhibitions organiser globally and the largest independent organiser in the US and China. We help businesses do business, bringing the world's buyers and sellers together at events, online and in print. Our 3,500 staff in more than 20 countries are organised into specialist teams which serve commercial and professional communities, helping them to do business, and their markets to work effectively and efficiently. For more information, go to www.ubm.com; for UBM corporate news, follow us on Twitter at @UBM.

Forward Looking Statements

This announcement may contain certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of UBM plc ("UBM") and its subsidiaries (the "Group") are not warranted or guaranteed. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. Although UBM believes that the expectations reflected in such statements are reasonable, no assurance can be given that such expectations will prove to be correct. There are a number of factors, many of which are beyond the control of the Group, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, factors such as: future revenues being lower than expected; increasing competitive pressures in the industry; and/or general economic conditions or conditions affecting the relevant industry, both domestically and internationally, being less favourable than expected. We do not intend to publicly update or revise these projections or other forward-looking statements to reflect events or circumstances after the date hereof, and we do not assume any responsibility for doing so.

This announcement contains inside information for the purpose of Article 7 of Regulation (EU) No 596/2014.

END

BUSINESS REVIEWFor the six months ended 30 June 2016

Strategic progress

UBM is focused on delivering its Events First strategy, with the objective of becoming the world's leading events business. As a result the Group's financial performance will increasingly reflect the attractive characteristics of the events industry: good organic growth dynamics supported by acquisitions, high margins and strong cash generation. Central to the strategy is the quality of the portfolio. The sectoral and geographic spread of the portfolio combined with its overall scale provides an inherent breadth and resilience which underpins the revenues and earnings of the business.

The completion of the sale of PRN in June 2016 leaves the proportion of the business derived from events at 82% on an annualised basis. This proportion will increase further in the future as more events-focused acquisitions are made and the alignment of OMS activities to the events portfolio increases.

On 8 July, following the completion of the PRN disposal, UBM returned £243.7m to shareholders via a special dividend, and retained the remaining cash proceeds to invest in accretive, bolt-on acquisitions. We continue to see high-quality opportunities and UBM will remain disciplined over which deals to execute. The company's commitment to its target leverage corridor of 1.5x-2x net debt to EBITDA is unchanged.

During the first half UBM acquired two US events businesses, Business Journals Inc (BJI) and Content Marketing Institute (CMI), and announced the disposal of the Electronics Media portfolio, which was not well-aligned to Events. BJI, a producer of fashion trade shows in New York and Las Vegas, was acquired in April for $69m and CMI was purchased in June for an initial consideration of $17.6m (with an additional earn-out subject to meeting profit targets over the next two years). In 2015 these two businesses generated Event revenues of $38.8m and $10.3m of well-aligned OMS revenue. The sale of the Electronics Media portfolio, for a cash consideration of $23.5m (H1 2016: £5.9m revenue; FY 2015: £9.5m) is expected to complete in the third quarter.

Recent acquisitions are performing well. Advanstar continues to generate returns ahead of the acquisition case. Constant currency Event revenues in the first half grew by 5.0%, driven by the additional space at Mandalay Bay in Las Vegas, and OMS delivered a robust performance with revenue down marginally by 0.7%. Integration synergies are now forecast to be c.$15m by the end of 2016, ahead of the original target of $10m by the end of 2017. Hospitalar in Brazil, acquired in May 2015, ran for the first time under UBM ownership in May 2016 and also performed ahead of the acquisition business plan.

In addition to enhancing the portfolio through acquisitions, further progress has been made in reshaping the portfolio organically by rationalising the tail of smaller events and aligning OMS properties to the events portfolio. During the period, 35 events which had generated revenues of £8.2m in the prior period, and OMS activities which had generated revenues of £2.0m in H1 2015, were discontinued. This Events First rationalisation programme will continue through 2016 and conclude by the end of 2017.

Operationally, Events First implementation remains the priority and the focus. The roll-out of a common sales model and supporting CRM platform is well underway in EMEA, where approximately 60% of revenues will be operating under the new sales regime by the end of the year. The preparation phase has begun in Asia and the Americas. The utilisation of Orbit and Touchplan, both of which improve the onsite rebooking experience, is increasing and the value based pricing process has begun at MAGIC. Good progress has been made on the procurement programme with aggregate annual savings of £4.9m secured (including synergies). Savings under this programme are now expected to be £6m p.a. by the end of 2017. Event plans are becoming a key mechanism for the ongoing operational management of the business and have significantly improved the three year planning process for the Group. New long-term incentives, which incorporate organic revenue growth based targets alongside profitability targets, have been implemented at the event leadership level and for senior divisional management.

The Events First strategy anticipated an investment of £30-35m (Opex and Capex) generating total annual savings of £10m p.a. building from 2016. To date investments of £11.3m (Strategic Opex £9.3m and Capex £2.0m) have delivered total annual savings worth approximately £6.6m p.a.

During the first half the Group strengthened the senior management team with Scott Schulman joining as CEO of UBM Americas (with Simon Foster returning to run UBM EMEA), John Petevinos joining as Group Strategy Director and Simon Hollins joining as Group CIO.

Outlook

The trading outlook for the full year remains unchanged: The Board expects continued good growth (excluding the impact of biennials and ongoing portfolio rationalisation). It also expects further margin progress although this will be offset by the even-year biennial effect.

With more than 80% of the Group's revenues generated in the US and Emerging Markets and less than 10% from the UK the Board expects little direct impact from Brexit although it remains conscious of the global macroeconomic uncertainty.

The reported results are also expected to benefit from the stronger dollar.

Events

Total Events revenue was £306.7m (H1 2015: £285.1m), benefiting from an FX tailwind of £20.1m and £9.2m of incremental revenue from the Hospitalar and BJI acquisitions, which did not contribute in H1 2015. Adjusted underlying revenue from Annual Events, which also excludes the impact of portfolio rationalisation, rose 1.3%. During the period £8.2m of Event revenues were rationalised and £2.1m (net) of Event revenues have moved into H2. Unless otherwise stated, all commentary below relates to adjusted underlying revenue.

Biennial Events contributed £12.8m of revenue in the first half (H1 2015: £12.5m). Revenues were up 9.2% on an underlying basis compared with 2014, reflecting strong performances at Sea Japan and PTXi.

The Events portfolio as a whole continued to be strengthened during the period through acquisition and portfolio rationalisation and UBM's geographic and sectoral diversity continues to provide resilience to the overall performance. During the first half the Major events grew 0.3%, with good performances at the larger events (top 20 +2.5%) offset by specific weakness at Interop, Ecobuild and European Gem and Jewellery.

In H1 2016, North America accounted for 54% of Annual Events revenue (2015: 52%) and Emerging Markets, as a whole, accounted for 34% (2015: 32%).

North American revenue was flat, with good performances at large events such as the Game Developers Conference, Enterprise Connect, MAGICWeek and MD&M West offset by a greater than expected decline at Interop. Advanstar shows grew by 5.0%, driven by the expansion of space at Mandalay Bay and strong growth in areas such as sourcing and footwear more than offsetting weakness in womenswear.

Emerging Markets revenue grew 3.9% with strong growth in mainland China events, including CPhI China, Hotelex and Fine Foods, offsetting softness at Malaysia International Furniture, the Hong Kong based APLF and a slight decline at the June Hong Kong Jewellery & Gem Fair. Hospitalar performed well and grew 0.9% despite the tough economic backdrop.

Revenues in the UK fell 2.9%, principally driven by the anticipated weakness at Ecobuild and IFSEC (which experiences heightened competition in even years when a competitor's European biennial show also runs). In Continental Europe revenue rose 0.9% with growth at Pharmapack and Medtech offsetting softness at Jewellery & Gem Fair - Europe. Rest of World events grew well, notably CPhI Japan.

Adjusted operating profit was £91.2m (H1 2015: £81.1m) benefiting from an FX tailwind. The Total Events adjusted operating margin was 29.7% (H1 2015: 28.5%) principally reflecting a stronger biennial contribution and slightly lower strategic opex.

The Annual Events margin was 30.0% (H1 2015: 29.6%) reflecting the slightly lower level of strategic opex (H1 2016: £1.7m vs H1 2015: £2.7m). Before strategic opex, the underlying Annual Events margin was broadly flat. The Biennial margin was 24.8% (H1 2015: 2.4%) reflecting the portfolio of larger, higher-margin biennials in the first half of even years.

Other Marketing Services (OMS)

OMS revenue fell by 0.4% on an adjusted underlying basis. In the period we rationalised £2.0m of OMS activities, largely print, and announced the disposal of the Electronics Media business which contributed £5.9m of revenue in H1 2016.

Adjusted operating profit was £12.1m (H1 2015: £5.1m), representing an operating margin of 16.4% (H1 2015: 7.6%) driven higher by the positive effect of the rationalisation of lower margin OMS activities and associated cost reductions. There was no strategic opex related to OMS in the period.

PR Newswire (PRN)

During the period PRN's reported revenues were £103.0m (H1 2015: £104.2m). Having completed the disposal of PRN on 16 June this 2016 trading period was 10 working days shorter than the H1 2015 reporting period. The adjusted operating profit was £28.1m (H1 2015: £23.8m), representing a 27.3% margin (H1 2015: 22.8%).  

FINANCIAL REVIEWFor the six months ended 30 June 2016

Profit & Loss

(a) Expenses not included within operating expense figure

(b) All non-IFRS measures and business performance measures have been annotated with a * and additional information on these measures has been provided on page 39

Continuing reported revenue in H1 2016 was £380.0m, up 8.0% (H1 2015: £351.8m) largely due to favourable FX movement, growth in the annual events portfolio and positive contribution from acquisitions including Hospitalar, BJI and CMI, partially offset by product rationalisation. On an adjusted underlying basis, revenue grew 1.0% with 1.3% growth in Events offset in part by a 0.4% decline in OMS and by the phasing of £2.1m of revenue into H2.

Continuing adjusted operating profit rose by 24.5% to £93.4m (H1 2015: £75.0m) reflecting favourable FX, a reduced level of strategic opex in H1 compared to the prior period, contribution from acquisitions and the positive Biennial performance. OMS growth was offset by in part by Annual Events and the phasing impact.

The continuing adjusted operating margin grew to 24.6% (H1 2015: 21.3%) with the benefit of FX, lower strategic opex, higher margin even-year H1 biennials and stronger OMS profitability offset in part by a slightly lower Annual Events margin.

1 Adjustments for IFRS results include exceptional operating items, share of tax on profit in joint ventures and associates and amortisation of intangible assets arising on acquisitions

Continuing diluted adjusted EPS increased by 31.5% to 14.2p (2015: 10.8p) reflecting the earnings growth in the period, the increased tax rate and the FX tailwind. The share consolidation, completed on 27 June, created only a small increase in EPS during the first half due to its minor impact on the weighted average number of shares for the period.

Corporate operations and strategic operating expense

Corporate costs for the first half were broadly flat at £9.8m (H1 2015: £9.6m). Total corporate costs were down 11.6% at £9.9m (H1 2015: £11.2m) due to the share of profit from equity accounted investments, primarily Light Reading which returned to profit in H1. On 13 July the 33% holding in Light Reading was divested.

Strategic operating expenses in the period of £1.7m were incurred in the Events segment and relate to the investments made in the CRM platform being implemented in EMEA. This was lower than H1 2015 when redundancy and disposal costs were incurred in rationalising OMS activities. Strategic capital expenditure of £2.0m was invested in the CRM platform development during the period.

Discontinued operations

The PRN disposal completed on 16 June 2016 and accordingly the adjusted operating profit, for the period to 15 June, of £28.1m has been disclosed as discontinued operations in the income statement.

An exceptional gain of £377.1m has been recorded which includes the PRN profit on disposal of £385.3m net of disposal costs of £38.9m, a loss on the deal contingent forward contract of £20.4m and the recycling of historic FX movements from reserves of £32.6m (refer to note 16). An exceptional charge of £8.2m has been recognised for the settlement agreed in April 2016 in relation to the Axio legal case, net of specific provisions, recoveries and legal costs.

Income statement adjustments and exceptional items from continuing operations

The following table provides a summary of the income statement adjustments that have been excluded from the continuing adjusted operating profit of £93.4m. The total charge to continuing operating profit for adjustments and exceptional items was £22.6m (2015: £25.8m) principally comprising amortisation of acquired intangible assets of £19.4m (2015: £18.4m).

Acquisition exceptional items

· Advanstar integration costs of £2.2m were incurred in the period and related primarily to the finance system integration. These costs will continue to be incurred over the next 12 months, as part of the estimated $33m of total integration costs. BJI integration costs in the period of £1.4m primarily related to the exit of venue contracts. We anticipate total BJI integration costs of $10m will be incurred during 2016.

· Acquisition costs in the period relate to professional fees for the BJI and CMI acquisitions.

Gain on disposal of investment

An income of £2.2m from a former associate investment which had been previously impaired was received in the period.

Interest and financing expense

Net interest expense of £13.3m (2015: £13.3m) represents interest payments on UBM's bonds and bank loans, net of interest receipts on cash holdings and vendor loan notes.

The net expense for the period reflects interest charges on bonds and bank loans of £13.8m (2015:13.9m) whilst lower interest received on loan notes following repayment in 2015 of the Delta loan note was offset by a reduced pension scheme finance expense. The exceptional finance expense of £4.5m (2015: £0.4m) relates to fair value movements on minority put-options.

Tax

UBM's effective rate of taxation on the continuing adjusted operating profit for the period was 16% (H1 2015: 12.7%). A bridge showing the main factors affecting our effective tax rate is shown below:

The total cash paid in the period in respect of corporate income taxes was £12.7m. This has been paid in the following jurisdictions:

Foreign Currency

The following table outlines the currency profile of our continuing revenues and adjusted operating profits for H1 2016:

* $ or quasi-$ pegged

Approximately 70% of UBM's full year continuing revenues are generated in US Dollars or quasi Dollar-pegged currencies, which has benefited the Group's reported financials given FX movements during the period. During the first half the FX tailwind added £22.7m to continuing revenue and £8.3m to continuing adjusted operating profit. Had the 30 June rates ($US1.33, HK$10.3, CNY8.83, €1.20) persisted throughout the entire period the total FX benefit in H1 would have been approximately £37m to continuing revenues and £11m to continuing adjusted operating profit.

Had the 30 June 2016 rates (above) applied for H2 2015, this would have added approximately £50m to H2 continuing revenue and £18m to H2 continuing adjusted operating profit.

The income statement exposure to foreign exchange risk is shown for our most important foreign currency exposures in the sensitivity analysis below, based on 2015 operations:

 * The actual impact of currency on Group profit may be different to that implied due to the timing of profit receipts, with financials translated on a monthly basis using the average for that month

Adjusted cash generated from operations was £138.7m whilst free cash flow* after expenditure on interest, tax and capital expenditure was £81.6m (2015: £128.5m). Cash invested in acquiring BJI, CMI and three non-controlling interests totalled £61.4m and dividend payments and purchase of shares totalled £85.2m. We received £530.1m from the disposal of PR Newswire (£490m after expected transaction costs and the pension contribution included within non-operating cash adjustments) and £2.1m from the disposal of the Janus investment, a legacy French print magazine business.

The IFRS cash generated from operations was £110.7m (2015: £162.6m) reflecting the lower level of biennial working capital inflow in an even year, PRN exceptional disposal costs paid of £15.5m and the £10m one-off pension contribution. The reconciliation of net cash inflow from operating activities to free cash flow is shown below:

1 Includes fair value adjustments.

The cash conversion rate was 114% (2015: 156%). Cash conversion is calculated as follows:

The cash conversion rate was lower than in the prior period due to the less beneficial working capital movement in a down biennial year, partly offset by reduced capex following the completion of project CORE and 240 Blackfriars in early 2015.

Capital structure

Debt and liquidity

During the period the syndicated revolving credit facility was extended by one year to April 2021. At 30 June 2016, the facility was undrawn following the receipt of the proceeds of the PRN disposal and because the special dividend payment took place on 8 July 2016. The £250m sterling bond matures in November 2016 and will be redeemed through surplus cash and drawings on the syndicated facility. The debt facilities and maturities are summarised below:

Capital management

To support our Events First strategy, UBM targets a leverage ratio of between 1.5-2.0 times net debt/EBITDA which provides flexibility for biennial cycles, will provide capacity to invest in the business through bolt-on acquisitions, and which is consistent with investment grade metrics. There is flexibility to move outside of the corridor, specifically due to M&A activity, with the intention of transitioning back into the corridor within 12-18 months.

Net debt at 30 June 2016 was £45.0m, representing 0.2 times EBITDA. On a pro forma basis adjusting for the payment of the special dividend which took place on 8 July 2016, net debt was £288.7m, representing 1.2 times EBITDA.

1 Includes fair value adjustments

2 H1 2016 reflects last 12 months of continuing operations EBITDA only. H1 2015 reflects last 12 months of Total Group EBITDA (NB. Advanstar was acquired at the end of 2014.) 

3 Including payment of special dividend of £243.7m on 8 July 2016 which accompanies the sale of PR Newswire and share consolidation.

Pensions

UBM operates a number of defined benefit and defined contribution schemes, based primarily in the UK. The most recent actuarial funding valuations for the majority of the UK schemes were carried out during 2014 and updated to 30 June 2016 using the projected unit credit method. At 30 June 2016, the aggregate deficit under IAS 19 was £38.8m, an increase of £14.1m compared to the deficit of £24.7m at 31 December 2015. This was due to changes in actuarial assumptions, partially offset by improved asset returns and the one-off £10.0m pension contribution agreed with the Trustees in relation to the PRN disposal. The pension interest expense of £0.4m (2015: £0.9m) is due to the lower net deficit at 31 December 2015 compared to 31 December 2014.

Related party transactions

Details of related party transactions in the 6 months ended 30 June 2016 are disclosed in Note 20.

Return on average capital employed

The return on average capital employed measure has been reviewed during the period and an updated definition has been adopted from 1 January 2016 in line with market definitions. ROACE is defined as post tax adjusted operating profit over average shareholders' funds plus net debt. The shareholders' funds plus net debt will be adjusted for impairment charges going forwards.

Dividend

Our progressive dividend policy, which targets two times cover through economic and biennial cycles, is unchanged. The Board has declared an interim dividend of 5.4p (2015: 5.3p) in line with the policy of interim dividend per share representing 33% of prior year's final dividend per share. Following the completion of the PRN disposal on 16 June 2016, the share consolidation took place on 27 June 2016 and the special dividend was paid on 8 July 2016. The interim dividend will be paid out on the post share consolidated number of shares of 393.8m.

Key dates for the payment of the dividend are:

Ex-dividend date: 8 September 2016

Dividend Record date: 9 September 2016

Dividend Payment date: 11 October 2016

Going concern

After making enquiries, the Directors have a reasonable expectation that UBM has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. In reaching this conclusion, the Directors have had due regard to the following:

• After taking account of available cash resources and committed bank facilities, none of UBM's borrowings fall due within the next 12 months that require refinancing from resources not already available.

• The cash generated from operations, committed facilities and UBM's ability to access debt capital markets, taken together, provide confidence that UBM will be able to meet its obligations as they fall due.

Summary of principal risks

Macro-economic slowdown and/or exchange rate fluctuations

- A slowdown in the macro-economic environment could adversely impact revenue, as advertising, attendee, sponsorship and other discretionary revenue tends to be cyclical

- A downturn may also result in slower debt collections, thereby affecting cash flow

- Foreign exchange rate fluctuations could adversely affect our reported earnings and the strength of our balance sheet

The outcome of the EU Referendum in the UK potentially impacts these risks. It is too early to reach any firm conclusions, whether positive or negative, in nature. An initial assessment has shown there is not expected to be any material adverse impact. The Board will continue to monitor this risk as further information becomes available.

Acquisition

- Acquisitions are an important part of our strategy - the most notable recently being the Advanstar acquisition. Acquisitions may not provide returns greater than UBM's weighted average cost of capital in their first year. Integration issues or failure to realise operating benefits or synergies may also impact the expected returns from acquisitions

- More generally, as part of Agile growth it remains our intention to acquire in order to enhance the UBM portfolio

Specific country risk and emerging market exposure

- Our business operates in many geographies, particularly Emerging Markets, which may present logistical and management challenges due to different business cultures, languages or unfavourable changes in applicable law or compliance requirements

- Expansion through joint ventures reduces logistical and management issues but can create governance challenges or affect our ability to extract rewards from our investment

Inability to stage an event or inability of customers to travel to an event

- A disaster or natural catastrophe, terrorism, political instability or disease could affect people's willingness to attend our events, which could have an adverse effect on our revenues

- Similarly, the business model relies on the availability of venues for hosting events

Changes in our business environment

- We cannot predict all the changes and impacts that may affect the competitiveness of the business, such as changes in customer behaviour, or technological innovations which would increase competition or make some products or services less relevant. Social media platforms, search engines and other online technologies could all pose a competitive threat to our businesses, as could changes in legislation or compliance requirements where we operate

- Similarly, additional venue capacity (for example: NECC in Shanghai) is introducing competition as well as enhancing opportunities for growth

Technological risk: execution and cyber security

- As part of its strategy, UBM will be investing in the technology platforms of the business, starting with UBM EMEA. Failure to deliver these projects effectively could lead to increased costs, delays or erosion of UBM's competitive position

- System failure could have a significant impact on our business. The collapse of the Cloud on which various products and systems are hosted could have negative consequences for our reputation

- Unauthorised access to our systems by external parties could lead to reputational damage and legal action, most notably for PR Newswire which handles potentially price sensitive earning information for certain clients

Access to capital

- Although the rights issue improved our balance sheet flexibility, changes in the availability or cost of financing may affect our acquisition strategy

Recruitment and retention

- Failure to attract and retain excellent people because of the competitive environment would impact on the ability of the organisation to achieve its strategic ambitions

Interim consolidated income statement

for the six months ended 30 June 2016

* Adjusted Group operating profit represents Group operating profit excluding amortisation of intangible assets arising on acquisitions, exceptional items and share of taxation on profit in joint ventures and associates

Consolidated income statement

for the year ended 31 December 2015

* Adjusted Group operating profit represents Group operating profit excluding amortisation of intangible assets arising on acquisitions, exceptional items and share of tax on profit in joint ventures and associates

Interim consolidated statement of comprehensive income

for the six months ended 30 June 2016

Interim consolidated statement of financial position

at 30 June 2016

Interim consolidated statement of changes in equity

for the six months ended 30 June 2016

Interim consolidated statement of cash flows

for the six months ended 30 June 2016