Consolidated Income Statement For the second quarter and half year ended 31st July 2005

Transcription

1 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 04 Consolidated Income Statement For the second quarter and half year ended 31st July 2005 unaudited unaudited unaudited unaudited unaudited Notes m m m m m Revenue Cost of sales (120.8) (116.0) (238.3) (235.9) (462.2) Gross profit Total operating expenses (63.3) (60.2) (124.7) (121.8) (242.0) Operating profit Finance income (interest receivable) Finance costs interest payable (3.5) (3.4) (6.8) (6.9) (13.8) preference dividend (1.7) (3.4) premium on redemption of preference shares (0.4) (0.7) Total finance costs (5.6) (3.4) (10.9) (6.9) (13.8) Profit before taxation Taxation 5 (2.6) (4.5) (6.4) (9.3) (14.0) Profit after taxation from continuing operations Preference dividend (1.6) (3.3) (6.6) Profit attributable to ordinary shareholders Earnings per share 6 Basic 2.3p 2.5p 4.6p 5.0p 10.6p Diluted 2.3p 2.5p 4.6p 5.0p 10.6p Ordinary dividends Interim proposed 4.0p 4.0p 4.0p Final proposed 5.0p Paid 5.0p 5.0p 9.0p Consolidated Statement of Recognised Income and Expense For the second quarter and half year ended 31st July 2005 unaudited unaudited unaudited unaudited unaudited m m m m m Profit after taxation from continuing operations Foreign exchange translation differences (4.8) (0.2) (4.6) (2.0) 2.2 Actuarial losses on defined benefit pension schemes (15.0) Deferred tax on actuarial losses on defined benefit pension schemes 5.2 Net gains and losses not recognised in the income statement (4.8) (0.2) (4.6) (2.0) (7.6) Total recognised income and expense for the period Premier Farnell plc Second Quarter and Half Year 2006

2 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 05 Consolidated Balance Sheet As at 31st July st July 1st August 30th January unaudited unaudited unaudited Notes m m m Assets Non-current assets Property, plant and equipment Intangible assets Retirement benefit asset Deferred tax assets Total non-current assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total current assets Liabilities Current liabilities Financial liabilities 7 (88.6) (1.3) (0.8) Trade and other payables (95.0) (96.7) (89.3) Current tax payable (35.9) (43.1) (40.6) Short-term provisions (0.1) (0.1) (0.1) Total current liabilities (219.6) (141.2) (130.8) Net current assets Non-current liabilities Financial liabilities 7 (275.4) (247.9) (227.8) Deferred tax liabilities (25.0) (25.4) (22.4) Retirement and other post-employment benefits (28.7) (22.5) (28.1) Other provisions (0.9) (1.2) (0.9) Total non-current liabilities (330.0) (297.0) (279.2) Net (liabilities)/assets (13.7) Equity Share capital Equity element of preference shares 19.9 Share premium Capital redemption reserve Hedging reserve (0.1) Cumulative translation reserve (2.4) (2.0) 2.2 Retained earnings (70.3) Total equity (13.7) Consolidated Statement of Changes in Shareholders Equity For the half year ended 31st July /6 2004/5 2004/5 First half First half Full year unaudited unaudited unaudited Notes m m m Total equity at beginning of period, as previously reported Implementation of accounting for financial instruments in accordance with IAS 32 and IAS 39: reclassification of preference shares as debt 1 (106.3) associated deferred tax (4.7) Total equity at beginning of period, as restated (8.5) Profit after taxation Net gains and losses recognised directly in equity (4.6) (2.0) (7.6) Ordinary dividends declared (18.1) (18.1) (32.6) Preference dividends (3.3) (6.6) Ordinary shares issued Share-based payments Derivative financial instruments (0.1) SEC de-registration costs (0.3) Total equity at end of period (13.7) Premier Farnell plc Second Quarter and Half Year

3 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 06 Summarised Consolidated Statement of Cash Flows For the second quarter and half year ended 31st July 2005 unaudited unaudited unaudited unaudited unaudited Notes m m m m m Cash flows from operating activities Operating profit Depreciation and amortisation Changes in working capital 5.0 (9.4) (4.9) (21.7) (19.9) Other non-cash movements (0.1) Cash generated from operations Net interest paid (6.8) (6.6) (6.9) (6.7) (13.4) Dividends paid on preference shares (3.4) (3.3) (3.4) (3.3) (6.6) Taxation paid (5.9) (4.6) (8.2) (6.8) (12.1) Net cash from operating activities 10.4 (0.5) Cash flows from investing activities Purchase of businesses 3 (7.6) (7.6) (2.6) (2.6) Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment (0.8) (1.6) (2.2) (4.1) (6.5) Purchase of intangible assets (computer software) (1.5) (1.5) (2.3) (2.9) (6.8) Net cash used in investing activities (8.9) (3.0) (11.1) (9.4) (14.9) Cash flows from financing activities SEC de-registration costs (0.3) (0.3) Issue of ordinary shares New bank loans Repayment of bank loans (17.7) Dividends paid to shareholders (18.1) (18.1) (18.1) (18.1) (32.6) Net cash used in financing activities (6.3) (1.0) (6.2) (1.0) (27.2) Net (decrease)/increase in cash and bank overdrafts (4.8) (4.5) 3.7 (1.7) (1.7) Reconciliation of net debt Net debt at beginning of period, as previously reported (200.7) (201.9) (201.9) Implementation of accounting for financial instruments in accordance with IAS 39: reclassification of preference shares as debt 1 (106.3) Net debt at beginning of period, as restated (307.0) (201.9) (201.9) Net (decrease)/increase in cash and bank overdrafts 3.7 (1.7) (1.7) Increase in debt (12.1) (17.0) (5.3) Premium on redemption of preference shares (0.7) Derivative financial instruments (0.1) Exchange movement (15.5) Net debt at end of period 7 (331.7) (220.0) (200.7) 06 Premier Farnell plc Second Quarter and Half Year 2006

4 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 07 Notes 1) Adoption of International Financial Reporting Standards (IFRS) Basis of preparation Premier Farnell adopted IFRS with effect from 31st January Consequently, the financial information in this report has been prepared on the basis of the application of IFRS standards and interpretations in issue that have either been endorsed by the European Commission and are effective (or available for early adoption) or are expected to be endorsed and effective (or available for early adoption) at 29th January 2006, the Group s first annual reporting date under IFRS. In particular, the Group has, as permitted, early adopted the amendment to IAS 19, Employee Benefits Actuarial Gains and Losses, that was published by the International Accounting Standards Board in December The directors expect that this amendment will be fully adopted by the European Commission and will therefore be available for use in the IFRS financial statements for the year ending 29th January During the year ending 29th January 2006, further IFRS standards and interpretations may be issued that will be applicable to the Group s current financial year or that are applicable to later accounting periods but may be adopted early. The Group s first IFRS financial statements may, therefore, be prepared in accordance with some different accounting policies from the financial information presented here. In addition, there is not yet a significant body of established practice on which to draw in forming opinions regarding the interpretation and application of IFRS. Accordingly, practice is continuing to evolve. At this stage, therefore, the full financial effect of reporting under IFRS as it will be applied to the Group s first IFRS financial statements cannot be determined with certainty and may be subject to change. Comparative information IFRS 1, First Time Adoption of IFRS, requires that most IFRS are applied retrospectively, subject to certain exemptions that can be taken. Hence, the comparative information included in these financial statements has been restated in accordance with IFRS. Reconciliations from UK GAAP to IFRS of the income statement for the second quarter and half year ended 1st August 2004, and of the balance sheet as at 1st August 2004, are included on pages 10 to 12. Reconciliations from UK GAAP to IFRS of the income statement for the year ended 30th January 2005, and of the balance sheets as at 2nd February 2004 and 30th January 2005, together with a more detailed explanation of the changes made to the UK GAAP accounting policies disclosed in the Group s 2005 Annual Report and Accounts, are given in the IFRS announcement made by the Company on 4th May 2005, a copy of which is available on the Company s web site at IAS 32 and IAS 39 From 31st January 2005, Premier Farnell implemented the following additional change in accounting policy as a result of adopting IAS 32 and IAS 39, accounting for financial instruments. This change is applied prospectively from 31st January 2005, and therefore does not affect the comparative information. Prior to 31st January 2005, convertible, redeemable preference shares were included within shareholders funds and the preference dividend shown as a deduction from profit after tax. From 31st January 2005, IFRS requires such preference shares to be split into debt and equity components with the preference dividend being reclassified as a finance cost. The fair value of the debt element is established on issue of the shares, based on the discounted cash flows of the instrument to the date of maturity, and is then increased each year on a straight line basis through the income statement in order to arrive at the redemption amount payable on maturity of the shares. The equity component is 19.9 million and will only change as and when shares are redeemed. At 31st July 2005, the debt element of the preference shares was million (31st January 2005: million). The amortisation charge relating to the implied redemption premium for the half year ended 31st July 2005 was 0.7 million. Cash flows The transition from UK GAAP to IFRS does not change the reported cash flows of the Group. An IFRS cash flow statement is similar to UK GAAP but presents various cash flows in different categories and in a different order from UK GAAP. All of the IFRS adjustments noted on pages 10 to 12 net out within cash generated from operations except for the intangible assets reclassification where the cash used to purchase computer software has been reclassified from purchase of plant and equipment to purchase of intangible assets. Segment reporting IAS 14, Segment Reporting, does not change the Group s reportable segments from those reported under UK GAAP. The Group s business segments under UK GAAP will be the primary reporting segments under IAS 14. Premier Farnell plc Second Quarter and Half Year

5 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 08 Notes 2) Segment information unaudited unaudited unaudited unaudited unaudited m m m m m Revenue Marketing and Distribution Division Americas Europe and Asia Pacific Total Marketing and Distribution Division Industrial Products Division Operating profit Marketing and Distribution Division Americas Europe and Asia Pacific Total Marketing and Distribution Division Industrial Products Division Head Office costs (2.9) (2.5) (5.3) (5.0) (9.7) ) Acquisitions On 20th June 2005, the Group acquired Weldon Technologies Inc. (Weldon), a US based company that produces lighting devices and electrical control solutions for speciality vehicle markets. On 28th June 2005, the Group acquired the business and assets of R&R Instrumentation (R&R), a US based distributor of test equipment and panel instruments. The consideration and provisional fair values of the net assets acquired are as follows: Weldon R&R Total m m m Intangible fixed assets Tangible fixed assets Deferred taxation (1.3) (1.3) Other assets (net) Provisional fair values of net assets acquired Goodwill Cash consideration (including costs) Weldon contributed 1.1 million of sales and 0.2 million of operating profit to the Industrial Products Division in the first half. R&R contributed 0.4 million of sales to the MDD Americas Division in the first half. The operating profit from R&R in the first half was not significant. As the income statement impact of these acquisitions is not significant, they have not been disclosed on the face of the income statement. 4) Profit before taxation Profit before taxation is stated after charging/(crediting): unaudited unaudited unaudited unaudited unaudited m m m m m Share-based payments Defined benefit pension schemes (net) (0.4) (0.7) (0.7) (1.4) (2.7) Severance costs (Group Chief Executive) ) Taxation The taxation charge includes provision at an effective rate for the first half on profit before tax and preference dividend of 24.0% (2004/5: 30.4%), being the estimated effective rate of taxation for the year ending 29th January Premier Farnell plc Second Quarter and Half Year 2006

6 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 09 6) Earnings per share Basic earnings per share are based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares in issue during the period, excluding those shares held by the Premier Farnell Executive Trust. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume issue of all dilutive potential ordinary shares, being those share options granted to employees where the exercise price is less than the average market price of the Company s ordinary shares during the period. Earnings and the weighted average number of shares used in the calculations are set out below. 2005/6 2004/5 2004/5 First First Full half half year unaudited unaudited unaudited m m m Profit attributable to ordinary shareholders Number Number Number Weighted average number of shares 362,717, ,646, ,664,115 Dilutive effect of share options 232,986 1,322,124 1,042,844 Diluted weighted average number of shares 362,950, ,969, ,706,959 7) Net debt 31st July 1st August 30th January unaudited unaudited unaudited m m m Cash and cash equivalents Unsecured loans and overdrafts (254.4) (249.2) (228.6) Net debt before preference shares (222.1) (220.0) (200.7) Preference shares (note 1) (109.5) Derivative financial instruments (0.1) Net debt (331.7) (220.0) (200.7) Unsecured loans and overdrafts comprise: Bank overdrafts Bank loans % US dollar Guaranteed Senior Notes payable % US dollar Guaranteed Senior Notes payable % US dollar Guaranteed Senior Notes payable Other loans Unsecured loans and overdrafts are repayable as follows: Within one year Between one and two years Between two and five years After five years At 31st July 2005, the Group had unutilised committed five year bank facilities of million which expire in ) Exchange rates The principal average exchange rates used to translate the Group s overseas profits were as follows: US dollar Euro ) Dividend An interim ordinary dividend of 4.0 pence per share (2004/5: 4.0 pence per share) will be paid on 19th October 2005 to ordinary shareholders on the register at close of business on 23rd September Premier Farnell plc Second Quarter and Half Year

7 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 10 Consolidated Income Statement Reconciliations Unaudited Second quarter ended 1st August 2004 UK GAAP IFRS Adjustments IFRS (IFRS format) Share-based Goodwill payments Pensions m m m m m Revenue Cost of sales (116.0) (116.0) Gross profit Total operating expenses (60.0) 0.7 (0.5) (0.4) (60.2) Operating profit (0.5) (0.4) 18.5 Net finance cost (3.3) (3.3) Profit before taxation from continuing operations (0.5) (0.4) 15.2 Taxation (4.6) 0.1 (4.5) Profit after taxation (0.5) (0.3) 10.7 Preference dividends (1.6) (1.6) Profit attributable to ordinary shareholders (0.5) (0.3) 9.1 Earnings per share Basic 2.5p 0.2p (0.1)p (0.1)p 2.5p Diluted 2.5p 0.2p (0.1)p (0.1)p 2.5p Half year ended 1st August 2004 UK GAAP IFRS Adjustments IFRS (IFRS format) Share-based Goodwill payments Pensions m m m m m Revenue Cost of sales (235.9) (235.9) Gross profit Total operating expenses (121.4) 1.4 (1.0) (0.8) (121.8) Operating profit (1.0) (0.8) 37.3 Net finance cost (6.7) (6.7) Profit before taxation from continuing operations (1.0) (0.8) 30.6 Taxation (9.5) 0.2 (9.3) Profit after taxation (1.0) (0.6) 21.3 Preference dividends (3.3) (3.3) Profit attributable to ordinary shareholders (1.0) (0.6) 18.0 Earnings per share Basic 5.0p 0.4p (0.2)p (0.2)p 5.0p Diluted 5.0p 0.4p (0.2)p (0.2)p 5.0p A brief explanation of the significant changes in accounting policies to reflect IFRS is given below. Full details are included in the Company s IFRS announcement made on 4th May 2005, a copy of which is available on the Company s web site. Goodwill UK GAAP requires goodwill on acquisitions to be amortised over its estimated useful life. Under IFRS, goodwill is considered to have an indefinite life and so is not amortised. Instead, goodwill is subject to an annual test for impairment and is carried at cost less accumulated impairment losses. Share-based payments Under UK GAAP, the expense in respect of share options, long-term incentive plans and save as you earn schemes was based on the intrinsic value of the award, being the difference between the exercise price and the market price of the instrument at the date of the award. Save as you earn schemes were specifically exempt from such a charge. Under IFRS 2, an expense is recognised for all share-based payments, including save as you earn schemes, over the vesting period. The expense is based on the fair value of the benefit awarded using option pricing models appropriate for the type of scheme concerned. Pensions Under UK GAAP, Premier Farnell accounted for pensions in accordance with SSAP 24 which adopted an income statement driven approach to valuing pensions. SSAP 24 did not require any pension scheme surpluses or deficits to be included on the balance sheet except when fair valuing pension schemes on acquisitions. IAS 19 is fundamentally different to SSAP 24 and adopts a balance sheet driven approach with market based measures. All pension scheme surpluses and deficits are required to be recognised on the balance sheet. The asset/liability recognised in the balance sheet represents the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. Changes in actuarial assumptions are recognised in the Statement of Recognised Income and Expense. 10 Premier Farnell plc Second Quarter and Half Year 2006

8 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 11 Segmental Operating Profit Reconciliations Unaudited Second quarter ended 1st August 2004 IFRS UK GAAP adjustments IFRS m m m Marketing and Distribution Division Americas 6.8 (0.5) 6.3 Europe and Asia Pacific before amortisation of goodwill 11.4 (0.1) 11.3 amortisation of goodwill (0.7) Total Marketing and Distribution Division Industrial Products Division 3.5 (0.1) 3.4 Head Office costs (2.3) (0.2) (2.5) 18.7 (0.2) 18.5 Half year ended 1st August 2004 IFRS UK GAAP adjustments IFRS m m m Marketing and Distribution Division Americas 14.1 (1.0) 13.1 Europe and Asia Pacific before amortisation of goodwill 23.1 (0.1) 23.0 amortisation of goodwill (1.4) Total Marketing and Distribution Division Industrial Products Division 6.5 (0.3) 6.2 Head Office costs (4.6) (0.4) (5.0) 37.7 (0.4) 37.3 Premier Farnell plc Second Quarter and Half Year

9 PremFarnell Q2 2005_06 7/9/05 11:57 am Page 12 Consolidated Balance Sheet Reconciliation as at 1st August 2004 Unaudited UK GAAP IFRS Adjustments IFRS (IFRS format) Share-based Reclassifica- Ordinary Goodwill payments Pensions Taxation tions dividend m m m m m m m m Assets Non-current assets Property, plant and equipment (31.0) 72.2 Intangible assets Retirement benefit asset 81.9 (27.4) 54.5 Deferred tax assets (1.2) 4.4 Total non-current assets (22.4) (1.2) Current assets Inventories Trade and other receivables Cash and cash equivalents Total current assets Liabilities Current liabilities Financial liabilities (1.3) (1.3) Trade and other payables (112.1) (96.7) Current tax payable (43.1) (43.1) Short-term provisions (0.1) (0.1) Total current liabilities (156.5) 0.9 (0.1) 14.5 (141.2) Net current assets (0.1) Non-current liabilities Financial liabilities (247.9) (247.9) Deferred tax liabilities (35.9) (1.4) 1.2 (25.4) Retirement and other post-employment benefits (4.9) (17.6) (22.5) Other provisions (1.3) 0.1 (1.2) Total non-current liabilities (290.0) 0.3 (7.2) (1.4) 1.3 (297.0) Net assets (28.7) (1.4) Equity Share capital Share premium Capital redemption reserve Cumulative translation reserve (0.1) 0.2 (2.1) (2.0) Retained earnings (28.9) (1.4) Total equity (28.7) (1.4) A brief explanation of the significant changes in accounting policies to reflect IFRS is given on page 10 and below. Full details are included in the Company s IFRS announcement made on 4th May 2005, a copy of which is available on the Company s web site. Taxation Under UK GAAP, deferred taxation is recognised on the basis of timing differences, being the difference between accounting profit and taxable profit. IFRS requires deferred taxation to be based on temporary differences, being the difference between the carrying value of an asset or liability and its tax base. Reclassifications Under UK GAAP, capitalised computer software is included within tangible fixed assets as plant and equipment. Under IFRS, capitalised computer software is recorded as an intangible asset. There is no income statement impact as a result of this reclassification since, under both UK GAAP and IFRS, computer software is written down over its estimated useful life. Ordinary dividend UK GAAP requires ordinary dividends to be accounted for in the period to which they relate. Under IFRS, proposed ordinary dividends do not meet the definition of a liability until they are approved at the AGM or Board Meeting. 12 Premier Farnell plc Second Quarter and Half Year 2006

10 PremFarnell Q2 2005_06 7/9/05 11:57 am Page ibc Shareholder Information 2005/2006 Financial Calendar Quarter Three results w/c 5th December 2005 Financial year end 29th January 2006 Interim Ordinary Dividend Key Dates Ex-dividend Record Payment Ordinary Shares 21st Sept rd Sept th Oct 2005 Half-yearly Preference Dividend Key Dates Ex-dividend Record Payment Preference Shares 28th Dec th Dec th Jan 2006 Registrar Enquiries concerning shareholdings or dividends should be addressed in the first instance to the Company s Registrar, Capita Registrars Limited, Northern House, Woodsome Park, Fenay Bridge, Huddersfield HD8 0LA, United Kingdom or telephone +44 (0) or shareholder.services@capitaregistrars.com. Share dealing service A low cost telephone dealing service has been arranged with Stocktrade (a division of Brewin Dolphin Securities Ltd.) which provides a simple way of buying or selling Premier Farnell plc shares. Basic commission is 0.5 per cent up to 10,000, reducing to 0.2 per cent thereafter (subject to a minimum commission of 15). For further information call (or from outside the UK) and quote reference LowCo0195. Please note that some transactions may be subject to money laundering regulations and you may be required to provide certain personal details to Stocktrade prior to any sale or purchase of shares. Shareholder enquiries If you have any enquiries as a shareholder, please call James Garthwaite, Group Director, Communications on +44 (0) or jgarthwaite@premierfarnell.com. For other enquiries please information@premierfarnell.com. USshareholders canalsocontactourusofficeon+1(216) Additional information for US investors The Company applied to de-list its ordinary shares and preference shares from the New York Stock Exchange on 9th December 2004 and the de-listing took effect by SEC order on 16th February Notice of termination of the American depositary receipt, or ADR, programmes in respect of Premier Farnell plc s ordinary shares and preference shares was given to American depositary share, or ADS, holders on 9th December Termination of the ADR programmes took effect contemporaneously with de-listing. On 1st July, the Group announced that it had filed a notification with the SEC of termination of the registration of its ordinary and preference shares under the US Securities Exchange Act of 1934 (Exchange Act). On filing of the form, Premier Farnell s obligations to file certain forms and reports with the SEC under the Exchange Act, including Forms 20-F and 6-K, were suspended. Termination of Premier Farnell s registration with the SEC is expected to take effect on 29th September In order to avoid recommencement of SEC reporting requirements, the number of US shareholders in the Company (whether holding directly or through nominees) must remain below 300 with respect to each of the ordinary shares and the preference shares. At its Extraordinary General Meeting held on 9th February 2005, the Company amended its Articles of Association to give the Company s Directors the ability to limit the number of US residents holding ordinary or preference shares in the Company. In particular, the Directors are able to require US shareholders, whether holding directly or through nominees, to sell their ordinary shares or preference shares in order to be satisfied that the number of US shareholders is less than 300 in respect of each of the ordinary shares and preference shares. Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the United States Private Securities Litigation Reform Act of 1995: The U.S. Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This press release contains certain forward-looking statements relating to the business of the Group and certain of its plans and objectives, including, but not limited to, future capital expenditures, future ordinary expenditures and future actions to be taken by the Group in connection with such capital and ordinary expenditures, the expected benefits and future actions to be taken by the Group in respect of certain sales and marketing initiatives, operating efficiencies and economies of scale. By their nature forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Actual expenditures made and actions taken may differ materially from the Group's expectations contained in the forward-looking statements as a result of various factors, many of which are beyond the control of the Group. These factors include, but are not limited to, actions taken in response to enactment of RoHS legislation, the implementation of cost-saving initiatives to offset current market conditions, continued use and acceptance of e-commerce programs and systems and the impact on other distribution systems, the ability to expand into new markets and territories, the implementation of new sales and marketing initiatives, changes in demand for electronic, electrical, electromagnetic and industrial products, rapid changes in distribution of products and customer expectations, the ability to introduce and customers' acceptance of new services, products and product lines, product availability, the impact of competitive pricing, fluctuations in foreign currencies, and changes in interest rates and overall market conditions, particularly the impact of changes in world-wide and national economies. Premier Farnell plc Second Quarter and Half Year 2006