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IKEJA HOTEL PLC (RC 10845)

Unaudited Financial Statements

For The Quarter Ended 31 March, 2017

IKEJA HOTEL PLC

Contents Page

The Company 1

Statement of Financial Position 2

Satement of Comprehensive Income 3

Statement of Changes in Equity 4

Statement of Cash Flows 5

Notes to Financial Statement 6

Income Statement Forecast 12

Operating Summary 13

IKEJA HOTEL PLC (RC 10845)Unaudited Interim Financial Statements

IKEJA HOTEL PLC

The GroupThe group comprise Ikeja Hotel Plc and its subsidiary Hans-Gremlin Limited, a special purpose vehicle which holds

51% of the ordinary shares in Capital Hotels Plc.

The Company

Principal activities

The principal activities of the group are the operation of hotels and restaurants, apartment letting, recreational

facilities, night clubs and business centre, advisory and consultancy services to undertakes advisory management

on all type of businesses.

Accounting Policies

Statement of Compliance

Going Concern Status

The financial statements have been prepared in accordance with Interim Financial Reporting (IAS 34) under the

International Financial Reporting Standards.

The consolidated financial statements have been prepared on a going concern basis, which assumes that the entity

will be able to meet its financial obligations as at when they fall due. There are no significant financial obligations

that will impact on the entity's resources which will affect the going concern of the entity. Management is satisfied

that the entity has adequate resources to continue in operational existence for the foreseable future. For this

reason, the going concern basis has been adopted in preparing the consolidated financial statements.

Ikeja Hotel Plc., formerly Properties Development Limited, was incorporated on 18 November, 1972. It owns the

Sheraton Lagos Hotel, a core investor in Hans Gremlin Nigeria Limited and a shareholder in the Tourist Company

of Nigeria Plc. (Owners of Federal Palace Hotel & Casino, Lagos).

The registered office of the company is located at 84 Opebi Road, Ikeja, Lagos. The hotel is managed and operated

by Starwood Eame License and Services Company BVBA (now Marriot)

The same accounting policies and methods of computation are followed in the interim financial statements for the

quarter ended 31 March, 2017 as were followed in the most recent financial statements.

1


Statement of Financial Position As at 31 March, 2017

Notes 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

N'000 N'000 N'000 N'000

Non-Current Assets

Property, plant and equipment 1 6,421,148 6,562,469 4,078,780 4,101,119

Capital Work in Progress 2 4,451,730 4,268,744 3,927,927 3,744,941

Intangible Asset 3 30,697 32,767 11,702 12,208

Investment in Subsidiaries 27 - - 4,440,919 4,440,919

Investments in Joint Venture 28 798,722 798,722 798,722 798,722

Loans and Receivables 13 7,061,733 6,950,683 6,061,732 5,950,682

Due from Related Party 14 329,191 328,624 501,915 501,348

Total Non-Current Assets 19,093,221 18,942,010 19,821,698 19,549,940

Current Assets

Inventories 12 569,673 579,880 284,089 291,132

Trade and Other Receivables 10 1,388,578 1,221,820 620,161 388,959

Other Assets 11 1,062,299 1,008,025 970,960 894,541

Cash and Cash Equivalents 15 4,611,742 3,520,114 546,107 635,418

Total Current Assets 7,632,292 6,329,840 2,421,317 2,210,051

Total Assets 26,725,513 25,271,850 22,243,015 21,759,990

Equity and Reserves

Share Capital 24 1,039,398 1,039,398 1,039,398 1,039,398

Share Premium 25 1,381,072 1,381,072 1,381,072 1,381,072

Retained Earnings 26 4,325,472 4,285,004 5,165,495 5,152,827

Equity attributable to equity holders of

Parent 6,745,943 6,705,475 7,585,965 7,573,297

Non-Controlling interest 26.1 2,354,654 2,275,200 - - 9,100,596 8,980,674 7,585,965 7,573,297

Liabilities

Non-Current Liabilities

Due to Related Parties 20 5,167,315 5,016,810 6,804,700 6,694,896

Employee Benefits 23 2,224,892 2,445,299 1,517,545 1,414,572

Deferred Tax 22 993,897 676,248 295,835 295,835

Non-Total Current Liabilities 8,386,105 8,138,357 8,618,080 8,405,303

Current Liabilities

Trade and Other Payables 18 3,288,559 2,477,201 538,622 556,772

Deferred Income 17 4,756,873 4,626,811 4,691,920 4,580,870

Deposit for Shares 19 93,600 93,600 93,600 93,600

Dividend Payable 21 43,437 43,437 16,691 16,691

Bank Overdraft 16 515,950 351,269 515,950 351,269 Current Tax Payable 22 540,394 560,501 182,188 182,188

Total Current Liabilities 9,238,812 8,152,819 6,038,970 5,781,390

Total Liabilities 17,624,917 16,291,176 14,657,050 14,186,693

Total Equity and Liabilities 26,725,513 25,271,850 22,243,015 21,759,990

These financial statements were signed on behalf of the board of directors on 21 August 2017 by:

Mr. Theo Eniola Netufo Mr. Olayiwola J. Osituwo

Chief Operating Officer Compliance Officer

FRC/2013/ICAN/00000004775 FRC/2013/ICAN/00000004776

The Group The Company

2


Statement of Comprehensive Income

For The Period Ended 31 March, 2017

Note 31-Mar-17 31-Mar-16 # 31-Mar-17 31-Mar-16

N'000 N'000 N'000 N'000

Revenue 4 2,788,850 2,412,138 1,519,846 1,204,929

Cost of Sales 5 (1,881,864) (1,467,407) (993,643) (893,911)

Gross Profit 906,987 944,731 526,203 311,018

Other Income 6 15,337 77,080 13,618 76,025

Sales and Distribution Expenses 8 (119,010) (125,731) (51,425) (66,838)

Administrative and General Expenses 7 (441,781) (399,544) (316,277) (276,715)

Operating Profit 361,532 496,536 172,119 43,490

Finance costs 9 (181,059) (151,859) (181,059) (151,859)

Share of loss in investment accounted for using equity - - - -

Profit/(Loss) before Taxation 180,473 344,677 (8,940) (108,369)

Current Tax Expense 22 (60,551) (144,975) - -

Profit/(Loss) for the for the period 119,922 199,702 (8,940) (108,369)

Profit/(Loss) attributable to:

Equity holders of the parent 40,468 9,468 - -

Non-controlling interest 79,454 190,234 - -

119,922 199,702 (8,940) (108,369)

Other Comprehensive Income/(Loss) for the Period - - - -

Total Comprehensive Income/(Loss) for the Period 119,922 199,702 (8,940) (108,369)

Eanings per share (kobo) 6 10 (0.43) (5.21)


3


Ikeja Hotel Plc Statement of Changes in Equity as at 31 March, 2017

Issued Share Retained

Non-

controlling Total Issued Share RetainedAttributable to the Equity Holders of the Company Capital Premium Earnings interest equity Capital Premium Earnings Total

=N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000 =N='000

Balance as at 31 December 2016 1,039,398 1,381,072 4,285,004 2,275,200 8,980,674 1,039,398 1,381,072 5,174,434 7,594,904

Changes in Equity for the Period

Profit for the period 40,468 79,454 119,922 - - (8,940) (8,940)

Total Comprehensive Income for the Period - - (8,940) (8,940)

At 31 March, 2017 1,039,398 1,381,072 4,325,472 2,354,654 9,100,596 1,039,398 1,381,072 5,165,495 7,585,965

At 31 December, 2015 1,039,398 1,381,072 2,096,037 1,915,096 6,431,603 1,039,398 1,381,072 5,218,058 7,638,529

Changes in Equity for the period

Changes in Equity for the period

Profit for the period 9,468 190,234 199,702 - - (108,369) (108,369)

Total Comprehensive Income for the Period - - (108,369) (108,369)

At 31 March, 2016 1,039,398 1,381,072 2,105,505 2,105,330 6,631,305 1,039,398 1,381,072 5,109,689 7,530,159


4


Condensed Statement of Cash Flows For the Period Ended 31 March, 2017

Notes 31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

N'000 N'000 N'000 N'000

Profit/(Loss) for the Period 119,922 199,702 (8,940) (108,369)

Adjustment for:

Depreciation of PPE 1 199,953 215,692 108,224 152,020

Amortisation of Intangible Asset 3 506 506 506 733

Finance Costs 9 181,059 151,859 181,059 151,859 Post Employment Benefits 7 37,606 102,973 102,973 -

Income tax expense 22 60,551

599,597 670,733 383,822 196,243

Changes in:

Inventories 12 10,208 15,368 7,043 15,368

Trade and Other Receivables 10 (166,758) 167,910 (231,202) 167,910

Other Assets 11 (54,274) (255,393) (76,419) (255,393)

Loans and Receivables 13 (111,050) (45,675) (111,050) (45,675)

Due from Related Parties 14 (567) 49,715 (567) 49,715

Trade and Other Payables 18 811,358 826,468 (18,150) 826,468

Deferred Income 17 130,062 179,070 111,050 179,070 Due to Related Parties 20 150,505 (826,468) 109,804 (826,468)

Cash generated from Operating Activities 1,369,080 781,729 174,331 307,239

Income tax paid 22 (39,973) - - (40,000)

Net Cash from Operating Activities 1,329,107 781,729 174,331 267,239

Cash Flows from Investing Activities

Purchase of PPE 1 (134,638) (85,885) (85,885) -

Additions/Utilization of Capital Work in Progress 2 (182,986) (182,986) (182,986) (155,922)

Net Cash Flows used in Investing Activities (317,624) (268,871) (268,871) (155,922)

Cash Flows from Financing Activities

Finance Costs 9 (181,059) (151,859) (181,059) (151,859)

Net Cash Flows used in Financing Activities (181,059) (151,859) (181,059) (151,859)

Net Increase in Cash and Cash Equivalent 830,424 360,999 (275,598) (40,542)

Cash and Cash Equivalents at the beginning of the

year 3,520,114 558,008 284,149 558,008

Cash and Cash Equivalent at the end of the period 4,350,538 919,007 8,550 517,466


5


SCHEDULE OF PROPERTY PLANT AND EQUIPMENT

For the Quarter Ended 31 March, 2017

The Group

1 Cost/Valuation Land Buildings

Hotel

Equipment

Office

Equipment

Computer

Equipment Motor Vehicles Total

At 1st January 3,440,742 1,590,382 4,438,427 3,409,614 189,931 485,228 13,554,324

Addition - 21,617 99,349 9,851 3,822 - 134,638 Adjustment - 483 3,000 (19,843) 404 (15,955)

At 31 March, 2017 3,440,742 1,612,483 4,540,776 3,399,621 193,752 485,633 13,673,007

Depreciation and impairment

At 1st January 729,647 3,137,552 2,502,938 170,778 450,939 6,991,855

Adjustment 4,706 (15) 50,764 5,426 60,881

Depreciation charge during the year - 12,765 123,200 53,051 5,416 4,691 199,124

At 31 March, 2017 - 747,119 3,260,737 2,606,753 176,194 461,057 7,251,859

Carrying Amount

At 31 March, 2017 3,440,742 865,364 1,280,039 792,869 17,558 24,576 6,421,148

At 31 December, 2016 3,440,742 860,735 1,300,875 906,676 19,153 34,289 6,562,469

The Company

1 Cost/Valuation Land Buildings

Hotel

Equipment

Office

Equipment

Computer

Equipment Motor Vehicles Total

At 1st January 3,084,350 745,849 2,252,505 73,049 189,931 249,214 6,594,897

Addition - 7,522 74,384 158 3,822 - 85,885

At 31 March, 2017 3,084,350 753,371 2,326,889 73,206 193,752 249,214 6,680,783

Depreciation and impairment

At 1st January - 460,275 1,566,330 57,509 170,778 238,887 2,493,779

Depreciation charge during the year - 7,180 93,149 1,200 5,416 1,279 108,224

At 31 March, 2017 - 467,456 1,659,479 58,708 176,194 240,165 2,602,003

Carrying Amount

At 31 March, 2017 3,084,350 285,915 667,410 14,498 17,558 9,049 4,078,780

At 31 December, 2016 3,084,350 285,574 686,175 15,540 19,153 10,327 4,101,119

6


NOTES TO THE ACCOUNTS

Note 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

Capital Work in Progress N'000 N'000 N'000 N'000

2 At 1 January 4,268,744 1,181,472 3,744,941 657,669

Additions in the period 182,986 3,087,272 182,986 3,087,272 Total 4,451,730 4,268,744 3,927,927 3,744,941

This represents on going renovation works at the hotel

3 Intangible Asset

3.1 Computer Software 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

Cost/Valuation N'000 N'000 N'000 N'000

At 1 January 46,080 33,267 20,236 20,236

Additions for the year - 12,813 - - Total 46,080 46,080 20,236 20,236

3.2 Amortization

At 1 January 13,312 9,866 8,028 6,004

Adjustment 735 -

Charge for the period 1,335 3,446 506 2,024 At 31 March, 2017 15,383 13,312 8,534 8,028

3.3 Carrying Value 30,697 32,767 11,702 12,208

31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

4 Revenue N'000 N'000 N'000 N'000

Rooms 2,241,219 1,951,221 972,215 744,012

Food & Beverage 411,892 349,222 411,892 349,222

Minor Operating Departments 16,023 12,669 16,023 12,669

Miscellaneous Income 119,715 99,027 119,715 99,027 Total 2,788,850 2,412,138 1,519,846 1,204,929

31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

5 Cost of Sales N'000 N'000 N'000 N'000

Rooms 1,108,527 747,104 220,306 173,608

Food & Beverage 337,058 264,664 337,058 264,664

Minor Operating Departments 9,909 40,564 9,909 40,564

Cost of Sales - Head Office 1,736 3,127 1,736 3,127

Administrative & General 200,079 162,734 200,079 162,734

Info & Telecom System 37,903 30,216 37,903 30,216

Property Operations & Maintenance 73,083 68,770 73,083 68,770

Rental Income Expenses - 72,396 - 72,396

Utilities 113,567 77,834 113,567 77,834 Total 1,881,864 1,467,407 993,643 893,911

31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

6 Other Income N'000 N'000 N'000 N'000

Sales of Scrap - 456 - 456

Exchange Gain on Translation of Currency 7,486 4,328 7,486 3,274

Others 7,851 72,296 6,132 72,296 15,337 77,080 13,618 76,025


7


31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

N'000 N'000 N'000 N'0007 Administrative Expenses 441,781 399,544 316,277 276,715

31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

N'000 N'000 N'000 N'0008 Sales & Marketing Expenses 119,010 125,731 51,425 66,838

31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16

9 Finance Income and Finance Cost N'000 N'000 N'000 N'000Interest Expense 181,059 151,859 181,059 151,859 Net Finance Cost 181,059 151,859 181,059 151,859

Interest expense represents charges paid and/or payable on loans.

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

N'000 N'000 N'000 N'000

10 Trade and Other Receivables 1,511,565 1,269,469 676,988 436,607

Allowances for Impairment Losses (223,669) (68,984) (76,968) (68,984)

Net Trade Receivables 1,287,897 1,200,485 600,020 367,624

Other Receivables 100,681 21,335 20,141 21,335 1,388,578 1,221,820 620,161 388,959

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

11 Other Assets N'000 N'000 N'000 N'000

Prepayments 317,336 210,788 225,997 97,304

Withholding tax receivables 687,540 687,540 687,540 687,540

Advances to Suppliers 46,473 108,973 46,473 108,973

Advances to Employees 10,950 725 10,950 725 Total 1,062,299 1,008,025 970,960 894,541

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

12 Inventories N'000 N'000 N'000 N'000

Food & Beverage 123,866 122,456 54,024 61,377

Maintenance Supplies 89,021 180,774 89,021 86,122

Operating Supplies 219,908 113,821 114,516 108,922

General Stores 136,877 162,829 26,528 34,711 Total 569,673 579,880 284,089 291,132

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

13 Loans and Receivables N'000 N'000 N'000 N'000

At 1 January 6,950,683 4,653,928 5,950,682 3,653,928

Interest Capitalised 111,050 283,366 111,050 283,366

Exchange Revaluation - 2,013,389 - 2,013,389 7,061,733 6,950,683 6,061,732 5,950,682

Loans and receivable relate to receivable from The Tourist Company of Nig. Plc

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

14 Due from Related Party N'000 N'000 N'000 N'000

Federal Palace/Sun 17,337 16,770 17,337 16,770

Hans-Gremlin (Nigera) Ltd. - - 484,578 484,578

Ikeja Hotel Plc - - - -

Others 311,854 311,854 - - Total 329,191 328,624 501,915 501,348

The carrying amount of due from related party relate to their fair value

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

15 Cash & Cash Equivalents N'000 N'000 N'000 N'000

Cash in Hand 5,016 4,996 933 933

Cash at Bank 1,054,698 887,177 545,175 634,485

1,059,714 892,173 546,107 635,418

Provision for Doubtful Balance - - - -

1,059,714 892,173 546,107 635,418 Time Deposits 3,552,028 2,627,941 - -

As per Statement of Financial position 4,611,742 3,520,114 546,107 635,418

8


31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

N'000 N'000 N'000 N'00016 Bank Overdraft 515,950 351,269 515,950 351,269

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16N'000 N'000 N'000 N'000

17 Deferred Income 4,756,873 4,626,811 4,691,920 4,580,870

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

18 Trade and Other Payables N'000 N'000 N'000 N'000

Trade Payables 289,499 370,835 49,576 121,958

Accrued Expenses 1,864,296 1,808,148 214,418 211,828

Due to Starwood Eame License and Service Company 23,908 23,908 23,908 23,908

VAT Payables 20,742 16,348 20,742 16,348

Advance Deposit 4,821 774 4,821 774 Service Charge Distribution 41,598 37,685 41,598 37,685

Other Credit Balances 1,043,695 219,503 183,559 144,271 Total 3,288,559 2,477,201 538,622 556,772

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

N'000 N'000 N'000 N'00019 Deposit for Shares 93,600 93,600 93,600 93,600

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

20 Due to Related Parties N'000 N'000 N'000 N'000

Capital Hotel Plc - - 1,079,922 1,114,292

IHL Services limited - - 557,462 563,794

Alurum investment Ltd/Omamo Trust Limited 2,545,947 2,471,793 2,545,947 2,471,793

Minabo Limited 1,487,441 1,444,117 1,487,441 1,444,117

AVI Services/G. M. Ibru 1,133,927 1,100,900 1,133,927 1,100,900

5,167,315 5,016,810 6,804,700 6,694,896

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

N'000 N'000 N'000 N'000

At 1, January 43,437 43,437 16,691 16,691 21 Dividend 43,437 43,437 16,691 16,691

22 Taxation 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

22.1 Current Tax Payable N'000 N'000 N'000 N'000

As at January 560,501 984,724 182,188 647,095

Provision during the period 19,867 229,893 - -

Payment during the period (39,973) (654,116) - (464,907) At 31 March, 2017 540,394 560,501 182,188 182,188

The charge for taxation has been computed in accordance with the provisions of the companies

income tax Act CAP C21,LFN 2004 and the Education Tax, CAP E4, LFN 2004 as amended

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

22.2 Deferred Taxation N'000 N'000 N'000 N'000

At January 676,248 676,248 295,835 295,835

Write back/Charge in the period 317,649 - - - At 31 March, 2017 993,897 676,248 295,835 295,835

22.3 Current Tax Charges

Income Tax 56,767 135,914 - -

Education Tax 3,784 9,061 - -

60,551 144,975 - - Deferred Taxation - - - -

Income Statement 60,551 144,975 - -

9


23 Employee Benefits 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16At 1, January - - - -

Provision during the period - - - -

Payment during the period - - - - At 31 December, 2015 - - - -

Defined Benefits N'000 N'000

At 1, January 2,445,299 3,050,524 1,414,572 1,694,643

Payment in the period (362,388) (605,465) - (264,847)

Provision 141,982 240 102,973 - At 31 March, 2017 2,224,892 2,445,299 1,517,545 1,414,572

24 Share Capital 31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

24.1 Authorised N'000 N'000 N'000 N'0004,000,000,000 Ordinary shares of 50 kobo each 2,000,000 2,000,000 2,000,000 2,000,000

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

24.2 Issued and fully paid N'000 N'000 N'000 N'000

At 1 January 1,039,398 1,039,398 1,039,398 1,039,398 At 31 March, 2017 1,039,398 1,039,398 1,039,398 1,039,398

Number: 2,078,796,396 ordinary shares of 50 kobo each

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

25 Share Premium Reserve N'000 N'000 N'000 N'000

At 1 January 1,381,072 1,381,072 1,381,072 1,381,072 At 31 March, 2017 1,381,072 1,381,072 1,381,072 1,381,072

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

26 Retained Earnings N'000 N'000 N'000 N'000At 1 January 4,285,004 4,275,536 5,174,434 5,218,058 Transfer from profit & loss account 40,468 9,468 (8,940) (65,231)

Other Comprehensive Income - - At 31 March, 2017 4,325,472 4,285,004 5,165,495 5,152,827

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

26.1 Non-controlling interest N'000 N'000 N'000 N'000

At 1 January 2,275,200 1,973,754 - - Share of profit 79,454 301,445 - - Other Comprehensive Income - - - - At 31 March, 2017 2,354,654 2,275,200 - -

10


31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

27 Investment in Subsidiary N'000 N'000 N'000 N'000Hans Gremin Nigeria Limited - - 4,440,919 4,440,919

The Ikeja Hotel Plc holds 75% of the issued share of Hans Gremin Nigeria Limited a special

purpose vehicle used in acquiring 51% of the issued share capital of Capital Hotels Plc.

31-Mar-17 31-Dec-16 31-Mar-17 31-Dec-16

28 Investment Accounted for the Equity Method N'000 N'000 N'000 N'000

At 1 January 798,722 798,722 798,722 798,722 At 31 March, 2017 798,722 798,722 798,722 798,722

Investment relates to 273,529,085 units of stock in The Tourist Company of Nigeria Plc.

11

Statement of Comprehensive Income Forecast

For the Period Ended 30 June, 2017

30.6.17

=N='000

Turnover 4,601,603

Cost of Sales (2,803,977)

Gross Operating Profit 1,797,626

Operating Expenses (1,037,464)

Result from Operating Activities 760,162

Net finance costs (271,588)

Profit/(Loss) before Taxation 488,574

Current Tax Expense (156,344)

Profit for the period 332,230

UNAUDITED RESULT FOR THE QUARTER

ENDED 31 MARCH, 2017

31.3.17 31.3.16 %

=N='000 =N='000 Change

TURNOVER 2,788,850 2,412,138 15.62

OPERATING PROFIT 361,532 496,536 (27.19)

FINANCE CHARGES (181,059) (151,859) (19.23)

PROFIT/(LOSS) BEFORE TAX 180,473 344,677 47.64

TAXATION (60,551) (144,975) 58.23

PROFIT/(LOSS) AFTER TAX 119,922 199,702 39.95

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