St. James's Place Plc · LSE:STJ
St. James's Place — Q3 2013 Earnings Presentation
92 slides from St. James's Place's earnings presentation, October 2013
Slide 1: St. James's Place Wealth Management October 2013
ST. JAMES’S PLACE WEALTH MANAGEMENT OCTOBER 2013
Slide 2: Contents
Contents Third Quarter IMS: Highlights 2 Review of first half 2013 4 Cash 16 Strategy 24 The Partnership 33 Investment Management 40 Q3 New Business 54 Our Clients 67 Our Market 72 Post RDR 81 Our Shareholders 85 1
Slide 3: Third quarter IMS: Highlights
Third quarter IMS: Highlights New business • Total single investments of £1.7 billion – up 27% • Total new business on an APE basis of £203.9 million – up 23% Funds under management • Net inflow of funds under management of £1.03 billion – up 37% • Continue to retain 95% year on year • Funds under m
Slide 4: Funds under management
Funds under management 20% p.a. compound growth over the last 5 years and 19% p.a. over 10 years (at September 2013) 45 +20% 40 41.8 +22% 35 Funds £ billion 30 +6% +26% 25 +31% 20 +18% -10% +25% 15 +29% +20% 10 +34% 5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 30 Sept 3
Slide 5: Review of first half 2013
WEALTH MANAGEMENT Review of first half 2013
Slide 6: New business and funds under management
New business • Total single investments of £3.5 billion – up 28% • Total new business on an APE basis of £426.5 million – up 21% • Our own business represents 88% of the total Funds under management • Net inflow of funds under management of £1.99 billion – up 32% • Continue to retain 95% year on yea
Slide 7: Partnership, profits and other financials
Partnership • Partnership numbers 1,905 - up 6.5% Profits • EEV new business profit £152.4 million – up 26% • EEV operating profit £233.6 million – up 39% • IFRS operating profit £90.1 million – up 53% Other financials • EEV net asset value of 524.1 pence per share – up 26% • Underlying cash result
Slide 8: Record half year single investments
Record half year single investments 4 +28% £3.53 bn 3 +14% +1% +60% £ billion 2 - 12% 1 0 2009 2010 2011 2012 2013 7
Slide 9: Record half year new business (APE)
Record half year new business (APE) 450 +21% 400 426.5 m +5% 350 +15% 300 +44% £ million 250 - 8% 200 150 100 50 0 2009 2010 2011 2012 2013 8
Slide 10: Consistent net inflow of funds under management
Consistent net inflow of funds under management +32% 2 +13% £1.99bn +50% - 8% £ billion +25% 1 0 2009 2010 2011 2012 2013 9
Slide 11: Funds under management
Funds under management 20% pa compound growth over the last 10 years +15% 40 +22% 39.9 bn 35 +10% 30 +26% 25 £ billion +31% 20 15 10 5 0 2009 2010 2011 2012 2013 30 June 10
Slide 12: Five strong years of Partner recruitment
Five strong years of Partner recruitment 2000 +6.5% 1800 +8% +6% 1,905 1600 +6% Number of Partners +9% 1400 1200 1000 800 600 400 200 0 2009 2010 2011 2012 2013 30 June 11
Slide 13: Productivity (single investment per Partner)
Productivity (single investment per Partner) 4.25 +16% 3.75 3.96 +3% +5% 3.25 +28% 2.75 +2% £000s 2.25 1.75 1.25 0.75 0.25 2009 2010 2011 2012 2013 30 June* *Annualised 12
Slide 14: Record half year EEV new business profit
Record half year EEV new business profit 175 +26% 150 +27% - 6% 152.4 m 125 +65% £ million 100 75 - 6% 50 25 0 2009 2010 2011 2012 2013 13
Slide 15: Half year EEV operating profit
Half year EEV operating profit 250 +39% 233.6m 200 +13% - 9% +60% £ million 150 - 12% 100 50 0 2009 2010 2011 2012 2013 14
Slide 16: Half year growth in EEV Net Asset Value per share
Half year growth in EEV Net Asset Value per share 550 +26% 500 524.1 450 +8% 400 +9% +24% 350 +22% Pence 300 250 200 150 100 50 0 2009 2010 2011 2012 2013 30 June 15
Slide 17: Cash
WEALTH MANAGEMENT Cash
Slide 18: Post-tax cash arising from inforce business
Post-tax cash arising from inforce business 160 140 +18% 120 +18% 100 +24% +13% £ million 80 -3% £89.3* 60 40 20 0 2009 2010 2011 2012 2013 30 June *Plus one off additional 18.3 million 17
Slide 19: Return on inforce
Return on inforce • Where product structure uses penalties the business is cash neutral in first six years Year £ Billion • This relates to £12.2 billion 2007 0.8 of new business added in 2008 1.4 last six years which is not 2009 1.6 yet generating positive 2010 2.1 cash earnings* 2011 2.2 2012 2.4
Slide 20: Post-tax cash result
Post-tax cash result 160 140 120 £ million 100 80 60 40 20 65.3 61.4 62.4 60.5 25.0 0 2009 2010 2011 2012 2013 30 June* Investment in new business *Plus one off additional 18.3 million 19
Slide 21: Investment in new business
Investment in new business 30 June 2013 30 June 2012 Post-tax new business cost (£m) (25.0) (33.8) Post-tax EEV new business profit (£m) 121.7 94.8 Margin (% of APE) 35.7% 34.1% IRR (net of tax) 28.3% 21.0% Cash payback period 4 Years 5 Years As % of gross inflows of FUM 0.8% 1.3% 20
Slide 22: Post-tax cash result
Post-tax cash result 200 180 160 140 91.7 £ million 120 67.0 100 48.3 43% 80 23.5 £64.3* 60 40 20 0 2009 2010 2011 2012 2013 30 June Investment in new business *Plus one off additional 18.3 million 21
Slide 23: Unbroken dividend growth
Unbroken dividend growth 11 +33% 10 9 +33% 8 7 +33% +50% Pence 6 6.38p 5 +18% +2% +2.5% 4 +16% 3 2 1 0 2006* 2007 2008 2009 2010 2011 2012 2013 * Plus special dividend of 6.35 pence Interim 22
Slide 24: Outlook
Outlook • Familiar and well respected brand/business • Loyal client base (Partners and investors) • Consistent strong recruitment • Resilient Investment Management Approach • Strong solvency position • Strong market for advice • Favourable market place • Uniquely placed business 23
Slide 25: Strategy
] : ST. JAMES’S PLACE WEALTH MANAGEMENT Strate gy
Slide 26: St. James's Place: Overview
St. James’s Place: Overview • Leading UK Wealth Management Company - Established 1991 - UK listed with market cap of c.£3.1 billion - £41.8 billion in FUM - Target market £50k to £5 million free investable assets • Differentiated business model - Provider and distributor - Own dedicated distribution
Slide 27: Our products and services
Our products and services • Comprehensive range - of pension, investment and savings ‘‘wrappers’’ - of investment funds sourced from ‘‘whole of market’’ - access to ‘‘whole of market’’ choice of protection and annuities • Our focus - is on our own products and funds (manufactured/EV) • Whilst avoidi
Slide 28: Whole of Market approach
Whole of Market approach We take responsibility for the due diligence on all the products and companies we make available to our clients. SIP SERVICES 27
Slide 29: Global Investment Management Expertise
Global Investment Management Expertise Global Range of Investment Houses S.W. Mitchell Capital llp 28
Slide 30: The Growth Model
The Growth Model Target: 15-20% pa NEW BUSINESS CAPACITY PRODUCTIVITY Number of Partners New Business per Partner 29
Slide 31: Growing number of Partners
Growing number of Partners 2000 +6.5% +8% 1800 +6% 1,905 1600 +6% Number of Partners +9% 1400 1200 1000 800 600 400 200 0 2009 2010 2011 2012 2013 *Annualised 30 June* 30
Slide 32: Productivity (single investment per Partner)
Productivity (single investment per Partner) 4.25 +16% 3.75 +5% 3.96 +28% +3% 3.25 +2% £ million 2.75 2.25 1.75 1.25 0.75 0.25 2009 2010 2011 2012 2013 30 June* *Annualised 31
Slide 33: Single premium gross investments
Single premium gross investments 6 £5.9 bn £5.2 bn £5.2 bn 5 £4.7 bn 4 £3.4 bn £3.5 bn £ billion £3.1 bn 3 £2.6 bn 2 £1.6 bn £1.2 bn £0.98 bn 1 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 30 Sept 32
Slide 34: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 35: The Partnership
WEALTH MANAGEMENT The Partnership
Slide 36: Dedicated distribution – the Partnership
Dedicated distribution – the Partnership • High quality self-employed team of c.1900 advisors - Average age is 48 - Above average productivity - 90%+ per annum retention rate • Aim to grow Partner number by 5% to 7% per annum • Aim to increase productivity each year 36 34
Slide 37: Geographic Distribution
Geographic Distribution 30 June 2013 Partners Clients 5% 6% 2% 1% 23% 24% 13% 14% 4% 4% 3% 4% 24% 22% 10% 10% Overseas Clients: 2% 15% 14% 35
Slide 38: Geographic Distribution
Geographic Distribution 30 June 2013 Partners Funds 5% 5% 2% 1% 23% 20% 13% 13% 4% 4% 3% 4% 24% 24% 10% 10% Overseas Clients: 3% 15% 17% 36
Slide 39: Geographic Distribution
Geographic Distribution 30 June 2013 Funds New Funds 2013 5% 5% 1% 1% 20% 21% 13% 13% 3% 4% 3% 4% 24% 24% 10% 9% Overseas Clients: 3% Overseas Clients: 3% 17% 17% 37
Slide 40: Partners by age band
Partners by age band 30 June 2013 Existing Partners New Partners 65+ <35 <35 55-65 2% 7% 65+ 20% 18% 55-65 0% 7% 35-45 35-45 32% 45% 45-55 45-55 41% 28% 38
Slide 41: Benefits of our own distribution
Benefits of our own distribution • New business and expenses are more predictable • Spread of production • Less exposed to market pressures • Greater control over quality of new business • Ability to build and maintain distribution led culture • Better retention of business • Ability to build strong
Slide 42: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 43: Investment Management
IG (CO ST. JAMES’S PLACE WEALTH MANAGEMENT Investment Management
Slide 44: Our approach to investment management
Our approach to investment management INVESTMENT Input/Advice from COMMITTEE Stamford Associates ‘MANAGES THE MANAGERS’ Decisions: Appoint the Sets performance Risk management Change firm? Fund Managers objectives and strategy Change manager? No change? 41
Slide 45: Stamford Associates Independent Investment Consultancy
Stamford Associates Independent Investment Consultancy Research Fund Monitor Managers Advise Investment Manager Market and Portfolios Committee Access to Qualitative and Focus on Future Whole Market Quantitative Outperformance • Analyse & identify talented • Number crunching Recommend: managers • Mo
Slide 46: Independent guidance and expertise
Independent guidance and expertise Vivian Bazalgette, Sarah Bates Peter Dunscombe Win Robbins Chairman Vice Chairman of the Chairman of Stena Line (UK) Previously Chief Investment Trustee Director of Now Govenors of Dulwich College, Pension Fund Trustees and Officer of the BBC Pension Pensions Trust
Slide 47: Global Investment Management Expertise
Global Investment Management Expertise Global Range of Investment Houses S.W. Mitchell Capital llp 44
Slide 48: Growth Portfolios
Growth Portfolios DEFENSIVE PORTFOLIO CONSERVATIVE PORTFOLIO BALANCED PORTFOLIO Low risk Low to medium risk Medium risk • Aims to provide a positive return after charges over • Aims to provide steady growth for investments of at • Aims to provide growth for investments of at least a rolling five-yea
Slide 49: Growth Portfolios (cont.)
Growth Portfolios (cont.) MANAGED FUNDS PORTFOLIO ADVENTUROUS PORTFOLIO Medium risk Medium to high risk • Aims to provide capital growth for investments of • Aims to provide higher levels of capital growth for at least five years investments of at least ten years • Diversified across managers with d
Slide 50: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 51: Income Portfolios
Income Portfolios IMMEDIATE INCOME PORTFOLIO BALANCED INCOME PORTFOLIO DEFERRED INCOME PORTFOLIO Low to medium risk Medium risk Medium risk • Aims to generate a consistent level of income with • Aims to generate an attractive level of income with • Aims to generate a rising level of income some pote
Slide 52: Weighted 5 year Rolling Performance
Weighted 5 year Rolling Performance to 30 September 2013 (excluding Money Market & Alternative Assets) 100% 90% 80% 51% 70% 68% 62% 70% 69% 75% 76% 60% 83% 86% 89% 50% 40% 30% 49% 20% 32% 38% 30% 31% 25% 24% 10% 17% 14% 11% 0% 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Below Peer Group Averag
Slide 53: Weighted 10 year Rolling Performance
Weighted 10 year Rolling Performance to 30 September 2013 (excluding Money Market & Alternative Assets) 100% 90% 80% 70% 70% 60% 86% 86% 84% 90% 91% 91% 90% 90% 50% 98% 40% 30% 20% 30% 10% 14% 14% 16% 10% 9% 9% 10% 10% 2% 0% 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Below Peer Group Average
Slide 54: Benefits of investment management approach
Benefits of investment management approach • No in-house managers, so no conflict of interest • Benefit from Investment Committee experience & expertise • Ability to appoint the best fund managers with wholesale purchasing power • Continuous monitoring plus quarterly reviews • Easy to change manager
Slide 55: Funds under management
Funds under management 20% p.a. compound growth over the last 5 years and 19% p.a. over 10 years (at September 2013) 45 +20% 40 41.8 +22% 35 Funds £ billion 30 +6% +26% 25 +31% 20 +18% -10% +25% 15 +29% +20% 10 +34% 5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 30 Sept 51
Slide 56: Funds Under Management: Shown by Asset Class and Region
Funds Under Management: Shown by Asset Class and Region 30 September 2013 Property Alternatives 2% PABs/FABs 3% 2% Cash & Other Assets 10% UK 30% European 12% US 18% Fixed Interest Far East 14% 9% 52
Slide 57: Summary
Summary • Established and respected business • Experienced and stable management team • Experienced and stable advisory team – ‘The Partnership’ • Proven track record of growth • Resilient in tough markets • Favourable demographics 53
Slide 58: Q3 New Business
uta © ST. JAMES’S PLACE WEALTH M/ Q3 New Business
Slide 59: Total new business by quarter
Total new business by quarter APE (Annual premiums plus 10% of single premiums) £m 240 227.3 223.8 220 201.3 203.9 199.2 200 178.9 2010 180 165.6 159.3 2011 160 156.7 152.6 153.9 152.7 152.8 2012 140 136.5 133.3 2013 120 100 80 60 Q1 Q2 Q3 Q4 2010 over 2009 +42% +46% +30% +15% 2011 over 2010 +18% +1
Slide 60: Single investments by quarter
Single investments by quarter £m 2000 1927.0 1800 1601.4 1688.2 1787.2 1600 1445.1 1501.1 1400 1288.3 1255.7 1276.2 1263.4 1331.2 1253.1 1206.0 2010 1200 1115.0 1104.5 2011 1000 2012 800 2013 600 400 200 0 Q1 Q2 Q3 Q4 2010 over 2009 +57% +54% +32% +16% 2011 over 2010 +16% +13% +14% -4% 2012 over 201
Slide 61: Pensions: single investments by quarter
Pensions: single investments by quarter £m 750 729.5 700 650 619.3 580.9 600 558.5 556.9 526.2 550 521.6 495.8 2010 500 479.6 474.5 450 410.0 417.2 2011 400 378.4 371.4 370.2 2012 350 300 2013 250 200 150 100 50 0 Q1 Q2 Q3 Q4 2010 over 2009 +35% +38% +32% +20% 2011 over 2010 +8% +29% +28% +19% 2012
Slide 62: Investments: new business by quarter
Investments: new business by quarter £m 1400 1307.7 1300 1200 1162.0 1100 1020.5 1057.7 2010 1000 904.8 965.6 942.6 878.3 900 835.9 2011 800 736.6 734.3 788.9 774.3 734.1 710.1 2012 700 600 2013 500 400 300 200 100 0 Q1 Q2 Q3 Q4 2010 over 2009 +71% +62% +32% +13% 2011 over 2010 +19% +7% +7% -16% 201
Slide 63: Fund flow information
Fund flow information £ billion 30 Sept 2013 30 Sept 2012 FUM at start 34.8 28.5 New money invested 4.9 3.9 Investment return (Stock market fall) 4.0 2.1 43.7 34.5 Regular income withdrawals/maturities (0.5) (0.5) Surrenders/part surrenders (1.4) (1.2) FUM at close 41.8 32.8 Net inflow of FUM 3.02bn
Slide 64: Analysis of EEV life, pension & unit trust pre-tax operating profit
Analysis of EEV life, pension & unit trust pre-tax operating profit £ 30 million June 2013 30 June 2012 New business contribution 152.4 120.6 Profits from existing business - expected 56.5 48.9 - experience variance 39.3 3.7 - operating assumption changes – – Investment income 1.7 1.4 Operating prof
Slide 65: Pre-tax EEV profit
Pre-tax EEV profit £ million 30 June 2013 30 June 2012 Life, pension & unit trust 249.9 174.6 Distribution (2.1) 2.0 Other operations (14.2) (8.8) Total operating profit 233.6 167.8 Investment variance 209.5 54.9 Economic changes 1.5 (2.2) Pre-tax result 444.6 220.5 61
Slide 66: EEV Net Asset Value per share
EEV Net Asset Value per share Pence 30 June 2013 30 June 2012 NAV per share 524.1 414.6 62
Slide 67: Pre-tax IFRS profit
Pre-tax IFRS profit £ million 30 June 2013 30 June 2012 Life 81.1 52.6 Unit trust 25.3 13.1 Distribution (2.1) 2.0 Other operations (14.2) (8.8) Profit before shareholder tax 90.1 58.9 63
Slide 68: Capital position as at 30 June 2013
Capital position as at 30 June 2013 Other £ million Life Regulated Other Total Solvency position Solvency net assets 221.5 34.9 206.3 462.7 Solvency requirement 47.9 16.3 Solvency ratio 462% 214% 64
Slide 69: Group expenses
Group expenses £ million 30 June 2013 30 June 2012 Paid from policy margins Partner remuneration 177.7 141.5 Investment expenses 49.5 43.4 3rd party administration 17.7 13.7 244.9 198.6 Direct expenses Other production related costs 32.4 27.7 Establishment expenses 56.0 49.6 Regulatory levy 5.4 5.6
Slide 70: Award winning into 2013
Award winning into 2013 Best Financial Adviser 2012/13 Best Private Client Asset Manager UK 66
Slide 71: Our Clients
uta © ST. JAMES’S PLACE WEALTH M/ Our Clients
Slide 72: Geographic Distribution of Client FUM
Geographic Distribution of Client FUM 30 June 2013 5% 1% 20% 13% 3% 4% 24% 10% Overseas Clients: 3% 17% 68
Slide 73: FUM by Value of Clients
FUM by Value of Clients 30 June 2013 FUM by Client Band <£50,000 10% >£1 million £50,000 to 1/4 million 16% 39% 1/2 million to 1 million 15% 1/4 million to 1/2 million 20% 69
Slide 74: New and Retained Clients by Age Band
New and Retained Clients by Age Band 30 June 2013 Existing Clients by Age Band New Clients by Age Band 70 + <30 30-40 70 + <30 2% 10% 30-40 17% 13% 12% 10% 65-70 65-70 10% 10% 40-50 40-50 26% 23% 60-65 60-65 10% 11% 55-60 50-55 55-60 50-55 10% 12% 11% 13% 70
Slide 75: What our clients think
What our clients think* Client survey carried out by Ledbury Research The key findings were: • 73% of clients scored their overall satisfaction with St. James’s Place as 8 or more out of 10 • 25% of clients scored us 10 out of 10 • 76% of clients agree that we provide excellent service • 67% of clie
Slide 76: Our Market
uta © ST. JAMES’S PLACE WEALTH M/ Our Market
Slide 77: Our Market
Our Market • The market is big • Favourable demographics • The tax burden is increasing • UK high net worth individuals want face-to-face advice 73
Slide 78: The SJP Marketplace
The SJP Marketplace UK individuals with between €50k and €5m of liquid assets 10,000,000 9,403,000 8,562,000 Number of Individuals 8,000,000 7,008,000 7,601,000 6,000,000 4,000,000 2,000,000 0 2011 2012 2013 2014 Year Source: Datamonitor European Wealth Markets Database 2010 74
Slide 79: The SJP Marketplace
The SJP Marketplace Amount of liquid assets held by UK individuals with between €50k and €5m 2,000 €1,715bn €1,557bn 1,500 €1,376bn €1,264bn € billion 1,000 500 0 2011 2012 2013 2014 Year Source: Datamonitor European Wealth Markets Database 2010 75
Slide 80: UK Funds under management
UK Funds under management Funds £billion Private Private Clients Equity Property Hedge £112 £142 £217 £483 Corporate Pensions £1,597 Retail Clients £760 Insurance Companies £994 The City UK Fund management report 2012 – figures relate to 31 December 2011. Insurance & Corporate Pensions relate to ins
Slide 81: Private Asset & Wealth Managers
Private Asset & Wealth Managers Top 10 and selected others 2013 2012 Company AUM end 2012 Change v 2012 Share Rank Rank (£bn) (£bn) (of top 40) 1st 2nd Coutts 51.7 1.9 (4%) 10.9% 2nd 1st Barclays 50.2 0.4 (1%) 10.6% 3rd 6th St. James’s Place Wealth Management 34.8 6.3 (22%) 7.3% 4th 3rd UBS Wealth M
Slide 82: The SJP Opportunity
The SJP Opportunity • ISAs - Cash £200 bn (Sept 2012 - HMRC) - Stocks & shares £190 bn (Sept 2012 - HMRC) • Building Society deposits £215 bn (June 2012 - Building Societies Association) • Mutual lenders and deposit takers £250 bn (June 2012 - Building Societies Association) • Bank deposits £696 bn
Slide 83: The SJP Opportunity
The SJP Opportunity • Pensions - 52% of open defined benefit schemes expect to close to new members within 5 years. (National Association of Pension Funds, 23 January 2009) - More than 59% of UK workers are not confident that they will have enough money during retirement. (Club VITA survey) - Almost
Slide 84: The SJP Opportunity
The SJP Opportunity • More than 10 million people in the UK today can expect to live to see their 100th birthday. (DWP December 2010) • Nearly a fifth of people alive now in the UK will survive until they are at least 100. (DWP December 2010) • There isn’t going to be enough money for all these idle
Slide 85: Post RDR
WEALTH MANAGEMENT Post RDR
Slide 86: The advice market – transparent... but not simple
The advice market – transparent... but not simple The fees a client may have to consider when trying to compare advice and products based on publicly available information for a variety of firms and providers. % of initial investment Tiered fee based on amount invested + VAT Initial advice fee OR Ho
Slide 87: Basic comparison with other options
Basic comparison with other options Advice Platform Asset management Total Bps Direct to customer platform 0 50-75 75 125 -150 ‘Traditional’ IFA/platform combination 60-80 25-50 75 160 -205 St. James’s Place Bundled 160 -190 Source: Barclays research, company data 83
Slide 88: Adviser numbers down 20%
Adviser numbers down 20% ADVISER NUMBERS FSA FSA % ESTIMATES FIGURES TYPE OF ADVISER 31 DEC 2011 31 DEC 2012 Financial advisers 25,616 20,453 -20% Bank advisers 8,658 4,809 -44% Wealth managers/stockbrokers 4,043 3,718 -8% 38,317 28,980 -24% 84
Slide 89: Our Shareholders
WEALTH MANAGEMENT Our Shareholders
Slide 90: Our Shareholders
Our Shareholders 1. Lloyds Banking Group 21.1% 2. Baillie Gifford 5.9% 3. Ameriprise Financial (Threadneedle) 5.4% 4. Prudential (M&G) 4.1% 5. Kames Capital 3.5% 6. AXA Framlington 3.3% 7. Schroder 3.3% 8. Wellington 2.9% 9. Legal & General 2.8% 10. Old Mutual 2.3% As at 30 September 2013 86
Slide 91: Analyst following
Analyst following • Alan Devlin - Barclays Capital • Jon Hocking - Morgan Stanley • Matthew Preston - Berenberg • Ben Bathurst - Nomura • Andrew Sinclair - Boa Merrill Lynch • David McCann - Numis • Chris Esson - Credit Suisse • Marcus Barnard - Oriel Securities • Oliver Steel - Deutsche Bank • Barr
Slide 92: 30 September 2013
30 September 2013