90 slides from St. James's Place's earnings presentation, Jul 29, 2014
Slide 1: St. James's Place Wealth Management July 2014
Op ST. JAMES’S PLACE WEALTH MANAGEMENT
Slide 2: Contents
PA RT O N E – BU S INE S S M ODEL Strategy 2 The Partnership 14 Investment Management 23 Our Clients 35 Our Market 41 PART TWO – FINANCIAL RESULTS Cash & Dividend Profile 69 Our Shareholders 78 Analyst following 80 1
Slide 3: Part One: Business Model
ST. JAMES’S PLACE WEALTH MANAGEMENT PART ONE Business Model
Slide 4: Strategy
WEALTH MANAGEMENT Strate gy
Slide 5: St. James's Place: Overview
St. James’s Place: Overview • Leading UK Wealth Management Company - Established 1991 - UK listed with market cap of c.£4 billion - £47.6 billion in FUM - Target market £50k to £5 million free investable assets • Differentiated business model - ‘‘Vertically integrated’’ - Own dedicated distribution
Slide 6: Global Investment Management Expertise
Global Investment Management Expertise 32 funds 30 fund houses 13 exclusive to UK retail investors 52 lead fund managers 8 asset classes/ strategies 15 S.W. Mitchell Capital llp cities 4
Slide 7: 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 5
Slide 8: Our products and services
Our products and services • Comprehensive range - of pension, investment and savings ‘‘wrappers’’ - of investment funds managed by Global Invesment Managers - access to ‘‘whole of market’’ for third party products and services e.g. Protection and Annuities • Whilst avoiding - capital intensive produ
Slide 9: The Growth Model
The Growth Model NEW BUSINESS CAPACITY PRODUCTIVITY Number of Partners New Business per Partner 7
Slide 10: Growing number of Partners
Growing number of Partners 7% p.a. compound growth over the last 5 years and 6% p.a. over the last 10 years 2.5% 9.5% 2,000 2,007 8% 6% 6% 9% Number of Partners 1,500 7% 8% 1% 2% 1% 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June 8
Slide 11: Productivity (single investment per Partner)
Productivity (single investment per Partner) 4.50 4.00 +11% 3.50 +3% +2% +26% 3.00 £ million 2.50 +2% +13% 2.00 1.50 2.00 1.00 0.5 0.0 2009 2010 2011 2012 2013 2014 30 June* *Year on year 9
Slide 12: Partnership, including Advisers
Partnership, including Advisers 9% p.a. compound growth over the last 5 years and 7% p.a. over the last 10 years 5% 13% 2,500 2,688 10% Number, including Advisers 7% 6% 2,000 8% 9% 10% 1,500 10% - 4% 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 June 10
Slide 13: Productivity (single investment per Adviser)
Productivity (single investment per Adviser) 3.50 3.00 +9% +27% +3% +1% 2.50 £ million 2.00 +9% 1.50 1.5 1.00 0.5 0.0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 11
Slide 14: New single investments
New single investments 7 £6.6 bn 6 £5.4 bn £4.9 bn 5 £4.6 bn £ billion 4 £3.92 bn £3.1 bn £3.3 bn 3 £2.9 bn £2.5 bn 2 £1.6 bn £1.2 bn 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June 12
Slide 15: Funds under management
Funds under management 23% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at June 2014) 50 +7% +27% 47.6 40 +22% Funds £ billion 30 +6% +26% +31% 20 +18% +25% -10% +29% 10 +20% 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June 13
Slide 16: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 17: The Partnership
WEALTH MANAGEMENT The Partnership
Slide 18: Dedicated distribution – the Partnership
Dedicated distribution – the Partnership • High quality self-employed team of c.2,000 advisers - 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 15
Slide 19: Geographic Distribution
Geographic Distribution 30 June 2014 Partners Clients 5% 6% 2% 2% 23% 23% 24% 13% 14% 14% 4% 4% 3% 4% 3% 4% 4% 4% 23% 22% 22% 9% 10% Overseas Clients: 2% 17% 13% 16
Slide 20: Partners by age band
Partners by age band 30 June 2014 Existing Partners New Partners 65+ <35 <35 55-65 3% 8% 65+ 27% 18% 55-65 1% 8% 35-45 35-45 32% 38% 45-55 45-55 26% 39% 17
Slide 21: Total Adviser numbers down 18%
Total Adviser numbers down 18% ADVISER NUMBERS FSA FSA FCA ESTIMATES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2011 31 DEC 2012 31 DEC 2013 Financial advisers 25,616 20,453 21,881 Bank advisers 8,658 4,809 3,556 Discretionary fund managers/ 4,043 3,718 5,783 stockbrokers Total number of Advisers 38,317
Slide 22: St. James's Place Academy
WEALTH MANAGEMENT MeO ST. JAMES’S PLACE ACADEMY
Slide 23: The Academy
The Academy • 60 new students in 2013 • 40 next generation • Targeting another 50-60 this year • Anticipate c.50 to ‘graduate’ this year • Plus a new regional initiative in Manchester 20
Slide 24: Asia
Asia The Opportunity • Offices in Singapore, Hong Kong and Shanghai • Henley Group has 50 advisers with 4,000 clients and £430 million FUM • Estimated 120,000 UK ex-pats with 12 billion of investible wealth (£100k each) – projected to grow to over £20 billion by 2020 • Our global investment proposit
Slide 25: Partner Survey 2013 - Source of new business/markets
Partner Survey 2013 - Source of new business/markets • 81% existing clients and referrals • 7% Introducers • 12% new clients from other sources • 27% of Partners experienced less competition in 2013 • 39% acquired new clients due to decline of high street advice (banks) 22
Slide 26: Investment Management
WEALTH MANAGEMENT Investment Management
Slide 27: Our approach to investment management
Our approach to investment management ‘INDEPENDENT EXPERTISE’ THE INVESTMENT S TAMFORD Peter Win Dunscombe Robbins Davina Curling Steven Daniels COMMITTEE A SSOCIATES ‘MANAGES THE MANAGERS’ Decisions: Appoints the Sets performance Risk management Change firm? Fund Managers objectives and strategy Ch
Slide 28: 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 29: Global Investment Management Expertise
Global Investment Management Expertise 32 funds 30 fund houses 13 exclusive to UK retail investors 52 lead fund managers 8 asset classes/ strategies 15 S.W. Mitchell Capital llp cities 26
Slide 30: 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 31: 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 32: 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 33: Funds under management
Funds under management 23% p.a. compound growth over the last 5 years and 19% p.a. over last 10 years (at June 2014) 50 +7% +27% 47.6 40 +22% Funds £ billion 30 +6% +26% +31% 20 +18% +25% -10% +29% 10 +20% 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June 30
Slide 34: Weighted 5 year Rolling Performance
Weighted 5 year Rolling Performance to 30 June 2014 (excluding Money Market & Alternative Assets) 100% 90% 80% 49% 54% 54% 70% 61% 68% 77% 75% 60% 86% 90% 91% 50% 40% 30% 51% 45% 45% 20% 39% 32% 23% 25% 10% 14% 10% 9% 0% 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Below Peer Group Average Abov
Slide 35: Weighted 10 year Rolling Performance
Weighted 10 year Rolling Performance to 30 June 2014 (excluding Money Market & Alternative Assets) 100% 90% 80% 54% 70% 64% 60% 86% 83% 86% 90% 90% 90% 86% 50% 96% 40% 30% 46% 20% 36% 10% 14% 17% 14% 14% 10% 10% 10% 4% 0% 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Below Peer Group Average Abo
Slide 36: Funds Under Management: Shown by Asset Class and Region
Funds Under Management: Shown by Asset Class and Region 30 June 2014 Property Alternatives 3% PABs/FABs 3% 2% Cash & Other Assets 9% UK 30% European 11% US 19% Fixed Interest Far East 13% 9% 33
Slide 37: 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 38: Our Clients
uta © ST. JAMES’S PLACE WEALTH M/ Our Clients
Slide 39: Geographic Distribution of Our Clients
Geographic Distribution of Our Clients 30 June 2014 Clients 6% 443,000 clients Male 53% 1% 24% Female 47% Average age 54 14% 4% 3% 4% 22% Overseas Clients: 2% 10% 14% 36
Slide 40: Clients and FUM Clients by Value Band
Clients and FUM Clients by Value Band 30 June 2014 All Clients All Clients - FUM £250k- £500k- £500k £1m £1m+ £1m+ 2% 1% £500k- 16% <£50k 7% £1m 9% 16% £50k- £250k- £50k- £250k <£50k 54% £500k £250k 36% 21% 38% 37
Slide 41: New and Retained Clients by Age Band
New and Retained Clients by Age Band 30 June 2014 Existing Clients by Age Band New Clients by Age Band 70 + <30 30-40 70 + <30 3% 9% 30-40 20% 8% 13% 10% 65-70 65-70 11% 10% 40-50 40-50 25% 20% 60-65 60-65 10% 11% 55-60 50-55 55-60 50-55 11% 13% 13% 13% 38
Slide 42: What our clients think
What our clients think The key findings were: • 84%* of clients highly satisfied with their relationship with St. James’s Place – nearly a third scoring us 10 out of 10 • 88%** of clients ‘value’ a face-to-face relationship with their Partner • 86%* of clients agreed that we provide excellent servic
Slide 43: Award winning in 2013/2014
Award winning in 2013/2014 AWARDS 2014 Best Private Client Asset Manager UK 40
Slide 44: Our Market
uta © ST. JAMES’S PLACE WEALTH M/ Our Market
Slide 45: 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 • Limited access to advice as adviser numbers have reduced 42
Slide 46: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 47: Total Adviser numbers down 18%
Total Adviser numbers down 18% ADVISER NUMBERS FSA FSA FCA ESTIMATES FIGURES FIGURES TYPE OF ADVISER 31 DEC 2011 31 DEC 2012 31 DEC 2013 Financial advisers 25,616 20,453 21,881 Bank advisers 8,658 4,809 3,556 Discretionary fund managers/ 4,043 3,718 5,783 stockbrokers Total number of Advisers 38,317
Slide 48: The SJP Marketplace: number of individuals
The SJP Marketplace UK individuals with between £50k and £5m of liquid assets 12 10,743,472 10,345,700 9,927,000 Number of Individuals 10 9,108,800 9,482,400 8 (million) 6 4 2 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2014 44
Slide 49: The SJP Marketplace: liquid assets
The SJP Marketplace Amount of liquid assets held by UK individuals with between £50k and £5m 2,500 £2,082bn £1,885bn £1,982bn 2,000 £1,717bn £1,797bn £ billion 1,500 1,000 500 0 2014 2015 2016 2017 2018 Year Source: Datamonitor, 23 January 2014 45
Slide 50: 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 51: Private Asset & Wealth Managers
Private Asset & Wealth Managers Top 10 and selected others 2013 2012 Company AUM end 2013 Change v 2012 Share Rank Rank (£bn) (£bn) (of top 40) 1st 1st Coutts & Co 49.6 -2.1 (-4%) 8.8% 2nd 2nd Barclays Wealth 48.1 -2.1 (-4%) 8.5% 3rd 3rd St. James’s Place Wealth Management 44.3* 9.5 (27%)* 7.9%* 4th
Slide 52: The SJP Opportunity
The SJP Opportunity • ISAs - Cash £220 bn (Sept 2013 - HMRC) - Stocks & shares £223 bn (Sept 2013 - HMRC) • Building Society (Mutual Lender) deposits £258 bn (Nov 2013 - Building Societies Association) • National Savings and Investment £105 bn (Nov 2013 - Building Societies Association) (NS&I) depos
Slide 53: The advice market... transparent?
The advice market... transparent? 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 Hourly rate (£) Ra
Slide 54: Advisory/Discretionary Charge Comparison
Advisory/Discretionary Charge Comparison Advisory/Discretionay Managers Total bps St. James’s Place (20yr holding period) 195 Hargreaves PMS 210 St. James’s Place (6yr holding period) 219 Raymond James 226 Brewin Dolphin Discretionary (fee only) 231 Total Investment £85k Rathbones Discretionary 278
Slide 55: Advisory/Discretionary Charge Comparison
Advisory/Discretionary Charge Comparison Advisory/Discretionay Managers Total bps Raymond James 180 St. James’s Place (20yr holding period) 195 Rathbones Discretionary 203 Hargreaves PMS 210 Total Investment £212k St. James’s Place (6yr holding period) 229 UT £100k Brewin Dolphin Discretionary (fee
Slide 56: 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 • Award winning performance 52
Slide 57: Part Two: Financial Results
ST. JAMES’S PLACE WEALTH MANAGEMENT PART TWO Financial Results
Slide 58: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 59: SJP new business by quarter
SJP new business by quarter APE (Annual premiums plus 10% of single investments) 242.5 £m 240 220 205.4 209.1 203.3 2011 200 192.2 179.9 2012 180 170.6 167.1 163.7 2013 160 143.9 144.6 136.7 138.5 134.4 2014 140 120 100 80 Q1 Q2 Q3 Q4 2011 over 2010 +16% +17% +13% -5% 2012 over 2011 -5% -2% +4% +43%
Slide 60: H1/Q2 New business and Funds under management
H1/Q2 New business • Total single investments of £3.92 billion – up 21% • SJP new business on an APE basis of £447.9 million – up 20% • Our own business represents 89% of the total Funds under management • Net inflow of funds under management of £2.44 billion – up 23% • Continue to retain 95% year o
Slide 61: Partnership, Profits and Other financials
Partnership • Partnership numbers 2,007 – up 2.5% • Total Advisers 2,688 – up 4.6% Profits • EEV new business profit £181.3 million – up 19% • EEV operating profit £260.7 million – up 12% • IFRS operating profit before shareholder tax (excluding one-off items) £82.4 million – up 1% Other financials
Slide 62: Record single investments
Record single investments 8 7 +22% 6 +10% +7% 5 +39% £ billion +21% 4 £3.92bn 3 2 1 0 2009 2010 2011 2012 2013 2014 30 June* *Year on year 56
Slide 63: Consistent net inflow of funds under management
Consistent net inflow of funds under management 5.0 +28% 4.0 +10% +4% +30% £ billion 3.0 +23% +31% 2.0 2.44bn 1.0 0 2009 2010 2011 2012 2013 2014 30 June* *Year on year 57
Slide 64: Funds under management
Funds under management 23% p.a. compound growth over the last 5 years (at June 2014) 50 +7% +27% 47.6bn 40 +22% +6% £ billion 30 +26% +31% 20 10 0 2009 2010 2011 2012 2013 2014 30 June 58
Slide 65: Fund flow information
Fund flow information 6 months ended 6 months ended £ billion 30 Jun 2014 30 Jun 2013 FUM at start 44.3 34.8 New money invested 3.8 3.3 Investment return (Stock market fall) 0.9 3.2 49.0 41.3 Regular income withdrawals/maturities (0.4) (0.4) Surrenders/part surrenders (1.0) (1.0) FUM at close 47.6 3
Slide 66: Growing number of Partners
Growing number of Partners +2.5% +9.5% 2000 +8% 2,007 +6% 1,958 +6% Number of Partners 1500 +9% 1000 500 0 2009 2010 2011 2012 2013 2014 30 June 60
Slide 67: Productivity (single investment per Partner)
Productivity (single investment per Partner) 4.50 4.00 +11% 3.50 +3% +2% +26% 3.50 3.00 £ million 2.50 +2% +13% 2.00 1.50 2.00 1.00 0.5 0.0 2009 2010 2011 2012 2013 2014 30 June* *Year on year 61 18
Slide 68: Record EEV new business profit
Record EEV new business profit 350 +16% 300 +13% 327.2 250 +13% +40% £ million 200 +19% +26% 150 181.3 100 50 0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 62
Slide 69: Analysis of EEV life, pension & unit trust pre-tax operating profit
Analysis of EEV life, pension & unit trust pre-tax operating profit £ 30 million Jun 2014 30 Jun 2013 New business contribution 181.3 152.4 Profits from existing business - expected 91.6 56.5 - experience variance 9.0 39.3 - operating assumption changes – – Investment income 3.4 1.7 Operating profit
Slide 70: Pre-tax EEV profit
Pre-tax EEV profit £ million 30 Jun 2014 30 Jun 2013 Life, pension & unit trust 285.3 249.9 Distribution (8.8) (2.1) Other operations (15.8) (14.2) Total operating profit 260.7 233.6 Investment variance 13.0 209.5 Economic changes (3.1) 1.5 Pre-tax result 270.6 444.6 64
Slide 71: 2013 EEV operating profit
2013 EEV operating profit 500 +26% 400 +12% -2% 462.7 +45% £ million 300 +12% +12% 200 260.7 100 0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 65
Slide 72: Pre-tax IFRS profit before shareholder tax
Pre-tax IFRS profit before shareholder tax £ million 30 Jun 2014 30 Jun 2013 Underlying 82.4 81.2 One-off reinsurance treaty – 8.9 Profit before shareholder tax 82.4 90.1 66
Slide 73: Capital position as at 30 June 2014
Capital position as at 30 June 2014 Other £ million Life Regulated Other Total Solvency position Solvency net assets 233.6 48.1 233.7 515.4 Solvency requirement 48.8 16.5 Solvency ratio 479% 292% 67
Slide 74: Group expenses
Group expenses £ million 30 Jun 2014 30 Jun 2013 Paid from policy margins Partner remuneration 215.9 177.7 Investment expenses 58.7 49.5 Third party administration 18.0 17.7 292.6 244.9 Direct expenses Other new business related costs 40.9 32.4 Establishment expenses 63.5 54.7 Academy costs 1.8 1.3
Slide 75: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 76: Cash & Dividend Profile
WEALTH MANAGEMENT Cash & Dividend Profile
Slide 77: Underlying post-tax cash arising from inforce business
Underlying post-tax cash arising from inforce business 200 +30% 180 188.2 160 +15% 140 +23% 144.5 +25% £ million 120 +15% 125.4 100 -3% 114.9 80 102.3 88.8 60 40 20 0 2009 2010 2011 2012 2013 2014 *Year on year 30 June* 70
Slide 78: 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 £14.2 billion 2008 0.7 of new business added in 2009 1.6 last six years which is not 2010 2.1 yet generating positive 2011 2.2 cash earnings* 2012 2.4 2013 3.5
Slide 79: New single investments
New single investments 7 £6.6 bn 6 £5.4 bn £4.9 bn 5 £4.6 bn £ billion £3.92 bn 4 £3.3 bn £3.1 bn £2.9 bn 3 £2.5 bn 2 £1.6 bn £1.2 bn 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 30 June New investments with surrender penalties 72
Slide 80: Underlying post-tax cash result
Underlying post-tax cash result 220 200 180 160 140 £ million 120 100 80 60 40 20 65.3 61.4 62.4 60.5 48.3 36.4 0 2009 2010 2011 2012 2013 2014 Investment in new business 30 June 73
Slide 81: Investment in new business
Investment in new business 30 Jun 2014 30 Jun 2013 Post-tax new business cost (£m) (36.4) (25.0) Post-tax EEV new business profit (£m) 145.3 121.7 Margin (% of APE) 40.5% 40.8% IRR (net of tax) 28.3% 28.3% Cash payback period 4 Years 4 Years As % of gross inflows of FUM 1.0% 0.8% 74
Slide 82: Underlying post-tax cash result
Underlying post-tax cash result 220 200 +67% 180 139.9 160 140 84.0 £ million 120 63.0 +17% 100 78.5 40.9 80 23.5 60 40 20 0 2009 2010 2011 2012 2013 2014 Investment in new business *Year on year 30 June* 75
Slide 83: Continual dividend growth
Continual dividend growth +50% 16 15.96 14 12 +33% 10 +40%* +33% Pence 8 8.93 +33% 6 +18% +2% +2.5% +16% 4 2 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 *Interim 76
Slide 84: 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 77
Slide 85: WEALTH MANAGEMENT
WEALTH MANAGEMENT
Slide 86: Our Shareholders
WEALTH MANAGEMENT Our Shareholders
Slide 87: Our Shareholders
Our Shareholders 1. Threadneedle 5.72% 2. Baillie Gifford 5.64% 3. Fidelity (FMR) 5.12% 4. BlackRock (BGI) 4.82% 5. M&G 4.03% 6. Legal & General 3.99% 7. Kames Capital 3.49% 8. Old Mutual 3.06% 9. Allianz 2.37% 10. Schroder 2.04% As at 30 June 2014 79
Slide 88: Analyst following
WEALTH MANAGEMENT Analyst following
Slide 89: 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 90: 29 July 2014
29 July 2014