Lonmin Plc - Final Results Part 2o;?

Operating Statistics - 5 Year Review

 

			Units	2008	2007	20061	2005	2004
Tonnes mined
Marikana		Underground	000	10,226	11,211	11,484	10,921	11,053
		Opencast	000	1,300	1,597	1,583	2,653	2,730
Limpopo		Underground	000	523	757	857	212	n/a
		Opencast	000	-	-	14	-	n/a
Pandora attributable2		Underground	000	124	128	100	54	7
		Opencast	000	275	286	176	-	-
Lonmin Platinum		Underground	000	10,875	12,096	12,441	11,187	11,060
		Opencast	000	1,575	1,883	1,772	2,653	2,730
		Total	000	12,449	13,979	14,213	13,840	13,790
% tonnes mined from UG2 reef			%	73.1	72.0	71.2	74.3	82.4
Tonnes milled3
Marikana		Underground	000	10,206	11,216	11,502	10,975	11,103
		Opencast	000	1,163	1,469	1,854	2,444	3,283
Limpopo		Underground	000	534	781	887	214	n/a
		Opencast	000	-	-	14	-	n/a
Pandora4		Underground	000	293	301	236	127	18
		Opencast	000	595	649	394	-	-
OrePurchases5		Underground	000	-	75	14	-	-
		Opencast	000	30	20	18	-	-
Lonmin Platinum		Underground	000	11,033	12,373	12,639	11,316	11,121
		Opencast	000	1,788	2,138	2,280	2,444	3,283
		Total	000	12,821	14,511	14,919	13,760	14,404
Milled head grade
Marikana		Underground	g/t	4.71	4.98	5.00	4.98	5.00
		Opencast	g/t	3.06	4.11	4.25	4.88	4.86
Limpopo		Underground	g/t	3.47	3.50	4.09	3.84	n/a
		Opencast	g/t	-	-	3.29	n/a	n/a
Pandora		Underground	g/t	5.11	4.88	5.05	4.54	4.89
		Opencast	g/t	5.04	5.33	4.92	n/a	n/a
OrePurchases		Underground	g/t	-	3.92	3.92	n/a	n/a
		Opencast	g/t	2.90	5.16	4.14	n/a	n/a
Lonmin Platinum		Underground	g/t	4.66	4.88	4.94	4.95	5.00
		Opencast	g/t	3.70	4.39	4.36	4.88	4.86
		Total	g/t	4.52	4.80	4.85	4.94	4.97
Metals in concentrate
Lonmin Platinum		Platinum	oz	732,125	869,832	964,958	908,972	n/c
		Palladium	oz	342,081	404,535	447,894	397,546	n/c
		Gold	oz	18,932	25,030	31,973	22,269	n/c
		Rhodium	oz	99,173	114,601	125,379	115,436	n/c
		Ruthenium	oz	152,772	182,326	198,491	187,967	n/c
		Iridium	oz	31,562	41,157	41,284	38,465	n/c
		Total PGMs	oz	1,376,645	1,637,481	1,809,979	1,670,655	n/c
		Nickel6	mt	3,549	4,636	5,120	4,042	n/c
		Copper6	mt	2,216	2,814	3,104	2,498	n/c

	Units	2008	2007	20061	2005	2004
Metallurgical production
Lonmin refined metal production
Platinum	oz	699,942	695,842	799,070	796,082	771,913
Palladium	oz	330,209	318,758	369,859	348,681	334,371
Gold	oz	20,257	20,485	20,955	17,059	13,828
Rhodium	oz	91,063	88,469	115,453	87,632	79,877
Ruthenium	oz	158,424	135,873	174,639	172,610	144,004
Iridium	oz	31,599	30,430	40,836	25,110	27,204
Total PGMs	oz	1,331,493	1,289,857	1,520,812	1,447,174	1,371,197
Toll refined metal production
Platinum	oz	-	93,609	-	46,354	61,909
Palladium	oz	-	43,274	-	21,115	24,334
Gold	oz	-	-	-	731	411
Rhodium	oz	-	12,966	-	7,133	10,135
Ruthenium	oz	-	20,439	-	11,524	20,436
Iridium	oz	-	4,090	-	2,263	3,338
Total PGMs	oz	-	174,378	-	89,120	120,563
Total refined PGMs
Platinum	oz	699,942	789,451	799,070	842,436	833,822
Palladium	oz	330,209	362,032	369,859	369,796	358,705
Gold	oz	20,257	20,485	20,955	17,790	14,239
Rhodium	oz	91,063	101,435	115,453	94,765	90,012
Ruthenium	oz	158,424	156,312	174,639	184,134	164,440
Iridium	oz	31,599	34,520	40,836	27,373	30,542
Total PGMs	oz	1,331,493	1,464,235	1,520,812	1,536,294	1,491,760
Base metals
Nickel7	mt	3,483	4,522	4,342	4,187	3,098
Copper7	mt	2,009	2,466	2,452	2,547	1,965
Capital expenditure8	Rm	2,816	1,923	1,207	1,180	1,230
	$m	378	276	182	190	187

	Units	2008	2007	20061	2005		2004
Sales Refined metal sales
Platinum	oz	706,492	786,552	803,471	838,859		858,211
Palladium	oz	329,460	362,077	373,303	364,080		366,988
Gold	oz	20,151	24,449	22,133	18,122		18,498
Rhodium	oz	93,337	102,916	116,281	93,453		103,641
Ruthenium	oz	158,477	162,853	179,557	183,372		192,635
Iridium	oz	32,140	37,858	38,092	26,676		36,390
Total PGMs	oz	1,340,057	1,476,705	1,532,837	1,524,562		1,576,363
Concentrate and other9
Platinum	oz	20,425	7,032	136,183	71,396		80,032
Palladium	oz	11,888	3,232	61,110	37,003		36,999
Gold	oz	117	201	4,641	2,362		2,887
Rhodium	oz	889	1,008	15,965	21,552		20,312
Ruthenium	oz	26,205	1,942	26,137	20,517		25,814
Iridium	oz	1,789	64	5,291	2,548		4,163
Total PGMs	oz	61,313	13,479	249,327	155,377		170,207
Lonmin Platinum
Platinum	oz	726,918	793,584	939,654	910,255		938,243
Palladium	oz	341,348	365,309	434,413	401,083		403,987
Gold	oz	20,268	24,650	26,774	20,484		21,385
Rhodium	oz	94,227	103,924	132,246	115,005		123,953
Ruthenium	oz	184,682	164,795	205,694	203,889		218,449
Iridium	oz	33,929	37,922	43,384	29,224		40,553
Total PGMs	oz	1,401,371	1,490,184	1,782,164	1,679,939		1,746,570
Nickel	mt	3,338	5,308	4,604	3,892		4,017
Copper	mt	1,978	2,474	2,974	2,481		2,070
Average Prices
Platinum	$/oz	1,655	1,213	1,091		852		818
Palladium	$/oz	372	339	300		185		228
Gold	$/oz	867	647	571		425		402
Rhodium	$/oz	7,614	5,757	3,971		1,684		762
Ruthenium	$/oz	340	404	134		66		46
Iridium	$/oz	414	402	233		153		132
Basket price of PGMs	$/oz	1,529	1,196	972		668		590
Nickel	$/MT	22,556	26,461	17,975		12,527		11,444
Copper	$/MT	7,212	6,971	7,882		3,168		2,261

 

N/A Not applicable

        N/C Not calculated

  Consolidated income statement

for the year ended 30 September

 

Continuing operations	Note	2008 Underlying i $m	Special items (note 3) $m	2008 Total $m	2007 Underlying i $m	Special items (note 3) $m	2007 Total $m
Revenue	2	2,231	-	2,231	1,941	-	1,941
EBITDAii		1,059	(25)	1,034	883	(2)	881
Depreciation, amortisation and impairment		(96)	(174)	(270)	(87)	-	(87)
Operating profit / (loss)iii		963	(199)	764	796	(2)	794
Impairment of available for sale financial assets		-	(19)	(19)	-	-	-
Finance income	4	13	-	13	25	-	25
Finance expenses	4	(6)	-	(6)	(28)	(104)	(132)
Share of profit of associate and joint venture		27	-	27	18	-	18
Profit / (loss) before taxation Income tax expense iv	5	997 (322)	(218) 109	779 (213)	811 (255)	(106) (42)	705 (297)
Profit / (loss) for the year		675	(109)	566	556	(148)	408
Attributable to: -     Equity shareholders of Lonmin Plc -     Minority interest		550 125	(95) (14)	455 111	453 103	(139) (9)	314 94
Earnings per share	6	351.9c		291.1c	295.9c		205.1c
Diluted earnings per share v	6	350.7c		290.2c	293.4c		203.3c
Dividends paid per share	7			119.0c			110.0c

Consolidated statement of recognised income and expense

for the year ended 30 September

	Note	2008 Total $m	2007 Total $m
Profit for the year		566	408
Change in fair value of available for sale financial assets		(127)	111
Net changes in fair value of cash flow hedges		16	(8)
Losses / (gains) on settled cash flow hedges released to the income statement		(4)	20
Foreign exchange on retranslation of associate		5	-
Deferred tax on items taken directly to the statement of recognised income and expense		16	(32)
Actuarial losses on post retirement benefit plan		-	(11)
Total recognised income for the year		472	488
Attributable to: -     Equity shareholders of Lonmin Plc -     Minority interest	9 9	352 120	392 96
	9	472	488

Footnotes: 

i    Underlying earnings are calculated on profit for the period excluding pension scheme payments relating to scheme settlements, profit on disposal of subsidiaries, revaluations and impairment of assets, takeover bid defence costs, foreign exchange on tax balances and effects of changes in corporate tax rates. For the prior period, special items also included profit on the sale of Marikana houses, pension scheme net refunds relating to scheme settlements and movements in the fair value of the embedded derivative associated with the convertible bonds as disclosed in note 3 to the accounts.

ii    EBITDA is operating profit before depreciation, amortisation and impairment.

iii    Operating profit is defined as revenue less operating expenses before impairment of available for sale financial assets, net finance costs and share of profit of associate and joint venture.

iv    The income tax expense substantially relates to overseas taxation and includes exchange gains of $88 million (2007 - exchange losses of $51 million) as disclosed in note 5.

v    In the prior period the calculation of diluted EPS included consideration of the movement in fair value of the embedded derivative within the convertible bonds subject to the limitation under IAS 33 - Earnings Per Share, that this cannot thereby create a figure exceeding basic EPS.

 

 

 

Consolidated balance sheet

as at 30 September

 

	Note	2008 $m	2007 $m
Non-current assets
Goodwill		113	186
Intangible assets		949	936
Property, plant and equipment		1,893	1,673
Investment in associate and joint venture		163	131
Available for sale financial assets		96	226
Other receivables		19	22
		3,233	3,174
Current assets
Inventories		319	186
Trade and other receivables		326	338
Assets held for sale		6	7
Tax recoverable		5	3
Derivative financial instruments		20	8
Cash and cash equivalents	8	226	222
		902	764
Current liabilities
Overdraft	8	-	(1)
Trade and other payables		(346)	(286)
Interest bearing loans and borrowings	8	-	(237)
Tax payable		(55)	(40)
		(401)	(564)
Net current assets		501	200
Non-current liabilities
Employee benefits		(21)	(24)
Interest bearing loans and borrowings	8	(529)	(359)
Deferred tax liabilities		(540)	(585)
Provisions		(50)	(46)
		(1,140)	(1,014)
Net assets		2,594	2,360
Capital and reserves
Share capital	9	156	156
Share premium	9	305	299
Other reserves	9	100	96
Retained earnings	9	1,586	1,417
Attributable to equity shareholders of Lonmin Plc	9	2,147	1,968
Attributable to minority interest	9	447	392
Total equity	9	2,594	2,360

 

Consolidated cash flow statement

for the year ended 30 September

	Note	2008 $m	2007 $m
Profit for the year		566	408
Taxation	5	213	297
Share of profit after tax of associate and joint venture		(27)	(18)
Finance income	4	(13)	(25)
Finance expenses	4	6	132
Impairment of available for sale financial assets	3	19	-
Depreciation and amortisation		96	87
Other impairment	3	174	-
Change in inventories		(133)	(51)
Change in trade and other receivables		12	58
Change in trade and other payables		37	70
Change in provisions		-	4
Profit on sale of assets held for sale		-	(1)
Profit on sale of subsidiary		(2)	-
Share-based payments		6	24
Other non cash charges		(7)	(2)
Cash flow from operations		947	983
Interest received		11	16
Interest paid		(23)	(41)
Tax paid		(229)	(266)
Cash flow from operating activities		706	692
Cash flow from investing activities
Acquisition of subsidiaries (net of cash acquired)		-	(393)
Proceeds from disposal of subsidiaries		3	-
Purchase of intangible assets		(24)	(6)
Purchase of property, plant and equipment		(354)	(270)
Proceeds from disposal of available for sale financial assets		-	51
Purchase of available for sale financial assets		(17)	(72)
Proceeds from disposal of assets held for sale		1	5
Cash used in investing activities		(391)	(685)
Cash flow from financing activities
Equity dividends paid to Lonmin shareholders	9	(186)	(171)
Dividends paid to minority	9	(65)	(41)
Proceeds from current borrowings	8	-	237
Repayment of current borrowings	8	(237)	-
Proceeds from non-current borrowings	8	170	71
Issue of ordinary share capital	9	6	68
Cash used in financing activities		(312)	164
Increase in cash and cash equivalents		3	171
Opening cash and cash equivalents	8	221	43
Effect of exchange rate changes	8	2	7
Closing cash and cash equivalents	8	226	221

• 1.   Basis of preparation

The financial information presented has been prepared on the basis of International Financial Reporting Standards (IFRSs) as adopted by the EU.

•  2.   Segmental analysis

The Group's primary operating segment is the mining of platinum group metals. The majority of the Group's operations are based in South Africa.

	2008
Analysis by business group	Platinum $m	Corporate ii $m	Exploration $m	Total $m
Revenue ? external sales	2,231	-	-	2,231
Operating profit	892	(101)	(27)	764
Segment total assets	3,369	25	741	4,135
Segment total liabilities	(1,100)	(267)	(174)	(1,541)
Capital expenditure i	389	-	36	425
Depreciation and amortisation	96	-	-	96
Share of profit of associate and joint venture	27	-	-	27
Share of net assets of associate and joint venture	163	-	-	163
	2007
Analysis by business group	Platinum $m	Corporate ii $m	Exploration $m	Total $m
Revenue ? external sales	1,941	-	-	1,941
Operating profit	880	(63)	(23)	794
Segment total assets	3,211	41	686	3,938
Segment total liabilities	(1,066)	(339)	(173)	(1,578)
Capital expenditure i	353	-	19	372
Depreciation and amortisation	87	-	-	87
Share of profit of associate and joint venture	18	-	-	18
Share of net assets of associate and joint venture	131	-	-	131
	2008
Analysis by geographical location	South Africa $m	UK $m	Other $m	Total $m
Revenue ? external sales	2,231	-	-	2,231
Segment total assets	4,091	10	34	4,135
Capital expenditure i	425	-	-	425
	2007
Analysis by geographical location	South Africa $m	UK $m	Other $m	Total $m
Revenue ? external sales	1,941	-	-	1,941
Segment total assets	3,867	41	30	3,938
Capital expenditure i	372	-	-	372

Footnotes: 

Revenue by destination is analysed by geographical area below:
	2008 $m	2007 $m
The Americas	580	419
Asia	798	705
Europe	349	314
South Africa	496	482
Zimbabwe	8	21
	2,231	1,941

• 3.   Special Items

'Special items' are those items of financial performance that the Group believes should be separately disclosed on the face of the income statement to assist in the understanding of the financial performance achieved by the Group and for consistency with prior years. 

 

	2008 $m	2007 $m
Operating profit:	(199)	(2)
- Sale of houses i	-	1
- Sale of subsidiary ii	2	-
- Pensions iii	(9)	2
- Defence costs iv	(18)	-
- Impairment v	(174)	(5)
Impairment of available for sale financial assets vi	(19)	-
Finance costs:
- Movement in fair value of embedded derivative vii	-	(104)
Loss on special items before taxation	(218)	(106)
Taxation related to special items (note 5)	109	(42)
Special loss before minority interest	(109)	(148)
Minority interest	14	9
Special loss for the year attributable to equity shareholders of Lonmin Plc	(95)	(139)

Footnotes:

 

 

•     4.   Net finance costs

	2008 $m	2007 $m
Finance income:	13	25
Interest receivable	5	16
Expected return on defined benefit pension scheme assets	-	8
Movement in fair value of other receivables	1	1
Other interest receivable	7	-
Finance expenses:	(6)	(28)
On bank loans and overdrafts	(22)	(40)
Bank fees	(1)	(5)
Capitalised interest	23	23
Discounting on provisions	(4)	(3)
Unwind of discounting on convertible bonds	-	(3)
Exchange differences on other receivables	(4)	-
Exchange differences on net debt	2	7
Pension scheme interest payable	-	(7)
Special items:	-	(104)
Movement in fair values of derivative financial instruments (note 3)	-	(104)
Total finance expenses	(6)	(132)
Net finance costs	7	(107)

Interest expenses incurred have been capitalised on a group basis to the extent that there is an appropriate qualifying asset.

The weighted average interest rate used by the Group for capitalisation is 4.7% (2007 - 6.0%).

  5.    Taxation

 

 

	2008 $m	2007 $m
United Kingdom:
Current tax expense at 28% (2007 ? 30%)	126	42
Less amount of the benefit arising from double tax relief available	(126)	(42)
Total UK tax expense	-	-
Overseas:
Current tax expense at 28% (2007 ? 29%)	261	200
Corporate tax expense	224	186
Tax on dividends remitted	37	14
Deferred tax expense:	61	55
Origination and reversal of temporary differences	49	55
Tax on dividends remitted	12	-
Special items ? UK and overseas:	(109)	42
Utilisation of losses from prior years to offset deferred tax liability i	(2)	(9)
Exchange on current taxation ii	(19)	10
Exchange on deferred taxationii	(69)	41
Change in tax rate iii	(19)	-
Actual tax charge	213	297
Tax charge excluding special items	322	255
Effective tax rate	27%	42%
Effective tax rate excluding special items	32%	31%
A reconciliation of the standard tax charge to the tax charge was as follows:

	2008	2008	2007	2007
		$m		$m
Tax charge at standard tax rate	28%	218	29%	204
Overseas taxes on dividends remitted by subsidiary companies	5%	37	2%	14
Overseas taxes on dividends unremitted by subsidiary companies	2%	12	-	-
Special items as defined above	(14%)	(109)	6%	42
Tax effect of impairment relating to Baobab shaft	6%	49	-	-
Tax effect of impairment of available for sale financial assets	-	5	-	-
Tax effect of movements in the fair values of financial instruments	-	-	4%	31
Tax effect of other timing differences	-	1	1%	6
Actual tax charge	27%	213	42%	297

 The Group's primary operations are based in South Africa. Therefore, the relevant standard tax rate for the Group was the South African statutory tax rate of 28% (2007 - 29%). The secondary tax rate on dividends remitted by South African companies was 10.0% (2007 - 12.5%).

FootnoteS:

i      The Group holds a number of available for sale financial assets which are marked to market. In the prior year the value of these investments increased significantly resulting in the recognition of unrealised gains through the statement of recognised income and expense. This resulted in the recognition of an associated deferred tax liability except to the extent that there were available losses which, in the opinion of the Directors, could be utilised to offset against such gains. In the current year most of the investment decreased in value resulting in the unwind of the associated deferred tax balances. Losses below initial carrying value have not created deferred tax assets because future profits arising in relevant statutory entities are not considered sufficiently certain.

ii    Overseas tax charges are predominantly calculated based on Rand financial statements. As the Group's functional currency is US Dollar this leads to a variety of foreign exchange impacts being the retranslation of current and deferred tax balances and monetary assets, as well as other translation differences.  The Rand denominated deferred tax balance in US Dollars at 30 September 2008 is $373 million (30 September 2007 - $391 million).

 

iii    The corporation tax rate changed to 28% for the current financial year (2007 - 29%). This resulted in a net release of deferred tax liabilities of $19 million. This tax saving has been reported as special.

  6.    Earnings per share

Earnings per share have been calculated on the profit attributable to equity shareholders amounting to $455 million (2007 - $314 million) using a weighted average number of 156,311,052 ordinary shares in issue (2007 - 153,097,437 ordinary shares).

Diluted earnings per share is based on the weighted average number of ordinary shares in issue adjusted by dilutive outstanding share options and shares issuable. In the prior year shares issuable on conversion of the convertible bonds were anti-dilutive and so were excluded from diluted earnings per share in accordance with IAS 33 - Earnings Per Share.

 

	2008				2007
	Profit for the year $m	Number of shares	Per share amount cents		Profit for the year $m	Number of shares	Per share amount cents
Basic EPS	455	156,311,052	291.1		314	153,097,437	205.1
Share option schemes	-	496,389	(0.9)		-	1,324,642	(1.8)
Diluted EPS	455	156,807,441	290.2		314	154,422,079	203.3
	2008				2007
	Profit for the year $m	Number of shares	Per share amount cents		Profit for the year $m	Number of shares	Per share amount  cents
Underlying EPS	550	156,311,052	351.9		453	153,097,437	295.9
Share option schemes	-	496,389	(1.2)		-	1,324,642	(2.5)
Diluted underlying EPS	550	156,807,441	350.7		453	154,422,079	293.4

Underlying earnings per share has been presented as the Directors consider it important to present the underlying results of the business. Underlying earnings per share is based on the profit attributable to equity shareholders adjusted to exclude special items (as defined in note 3) as follows:

 

 

Headline earnings and the resultant headline earnings per share are specific disclosures defined and required by the Johannesburg Stock Exchange. These are calculated as follows:

 

	Year ended 30 September 2008 $m	Year ended 30 September 2007 $m
Earnings attributed to ordinary shareholders (IAS 33 earnings)	455	314
Less profit on sale of subsidiary (note 3)	(2)	-
Less profit on sale of available for sale financial assets	-	(2)
Add back impairment of assets (note 3)	193	5
Tax related to the above items	1	(1)
Headline earnings	647	316

	2008		2007
	$m	Cents per share	$m	Cents per share
Prior year final dividend, paid in the year	94	60.0	85	55.0
Interim dividend, paid in the year	92	59.0	86	55.0
Total dividend paid in the year	186	119.0	171	110.0
Interim dividend, paid in the year		59.0		55.0
Proposed final dividend for the year		0.0		60.0
Total dividend in respect of the year		59.0		115.0

 

	As at 1 October 2007 $m	Subsidiary acquired $m	Cash flow $m	Foreign exchange and non-cash movements $m	As at 30 September 2008 $m
Cash and cash equivalents	222	-	2	2	226
Overdrafts	(1)	-	1	-	-
	221	-	3	2	226
Current borrowings	(237)	-	237	-	-
Non-current borrowings	(359)	-	(170)	-	(529)
Net debt as defined by the Group	(375)	-	70	2	(303)

Net debt as defined by the Group comprises cash and cash equivalents, bank overdrafts repayable on demand, interest bearing loans and borrowings and convertible bonds grossed up for capitalised fees.

On 15 November 2006 Lonmin Plc gave notice to force redemption of all outstanding convertible bonds at their principal amount. This led to the issuance of 10,576,900 shares and a reduction in net debt as defined by the Group of $213 million.

  9.    Total Equity

 

Footnotes:

        i    During the year 231,338 share options were exercised (2007 - 1,876,433) on which $6 million of cash was received (2007 - $33 million).

ii    In November 2006 the Company issued notice regarding the redemption of all outstanding convertible bonds. Conversion of the convertible bonds resulted in the issuance of 10,576,900 shares with an associated nominal share capital of $11 million and the recognition of $205 million share premium.

iii    As explained in note 3, the convertible bonds contained an embedded derivative, movements in the fair value of which were recognised through the income statement. On conversion of the convertible bonds the embedded derivative was extinguished with all cumulative prior movements in fair value which had been taken through the income statement reversing in equity.

iv    During the prior year 586,730 share options were exercised under the International Finance Corporation option agreement. As the shares were issued at a discount only $35 million of cash was received.

Other reserves represent the capital redemption reserve of $88 million (2007 - $88 million) and a $12 million hedging reserve asset net of deferred tax (2007 - $8 million asset).

Minority interests represent an 18% shareholding in Eastern Platinum Limited, Western Platinum Limited and Messina Limited throughout 2008 and 2007 and, from 1 February 2007, a 26% shareholding in Akanani Mining (Pty) Limited.

10. Statutory Disclosure

The financial information set out above does not constitute the Company's statutory accounts for the years ended 30 September 2008 and 2007 but is derived from those accounts.  Statutory accounts for 2007 have been delivered to the registrar of companies, and those for 2008 will be delivered in due course. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.

END FR BRBLTMMTBBIP

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