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A: Background

A1: Basis of preparation, audit status and exchange rates

These condensed consolidated interim financial statements for the six months ended 30 June 2016 have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards Board (IASB) and as endorsed by the European Union (EU). The Group’s policy for preparing this interim financial information is to use the accounting policies adopted by the Group in its last consolidated financial statements, as updated by any changes in accounting policies it intends to make in its next consolidated financial statements as a result of new or amended IFRS that are applicable or available for early adoption for the next annual financial statements and other policy improvements. EU-endorsed IFRS may differ from IFRSs issued by the IASB if, at any point in time, new or amended IFRS have not been endorsed by the EU. At 30 June 2016, there were no unendorsed standards effective for the period ended 30 June 2016 affecting the condensed consolidated financial statements of the Group, and there were no differences between IFRS endorsed by the EU and IFRS issued by the IASB in terms of their application to the Group.

The IFRS basis results for the 2016 and 2015 half years are unaudited. The 2015 full year IFRS basis results have been derived from the 2015 statutory accounts. The auditors have reported on the 2015 statutory accounts which have been delivered to the Registrar of Companies. The auditors’ 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 498(2) or (3) of the Companies Act 2006.

The exchange rates applied for balances and transactions in currencies other than the presentational currency of the Group, pounds sterling (GBP), were:

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  Closing rate at 30 Jun 2016 Average for the 6 months to 30 Jun 2016   Closing rate at 30 Jun 2015 Average for the 6 months to 30 Jun 2015 Closing rate at 31 Dec 2015 Average for 12 months to 31 Dec 2015
Local currency: £              
Hong Kong 10.37 11.13   12.19 11.81 11.42 11.85
Indonesia 17,662.47 19,222.95   20,968.02 19,760.02 20,317.71 20,476.93
Malaysia 5.39 5.87   5.93 5.55 6.33 5.97
Singapore 1.80 1.98   2.12 2.06 2.09 2.10
China 8.88 9.37   9.75 9.48 9.57 9.61
India 90.23 96.30   100.15 95.76 97.51 98.08
Vietnam 29,815.99 31,996.45   34,345.42 32,832.81 33,140.64 33,509.21
Thailand 46.98 50.81   53.12 50.21 53.04 52.38
US 1.34 1.43   1.57 1.52 1.47 1.53

Certain notes to the financial statements present half year 2015 comparative information at Constant Exchange Rates (CER), in addition to the reporting at Actual Exchange Rates (AER) used throughout the condensed consolidated financial statements. AER are actual historical exchange rates for the specific accounting period, being the average rates over the period for the income statement and the closing rates at the balance sheet date for the balance sheet. CER results are calculated by translating prior period results using the current period foreign exchange rate, ie current period average rates for the income statement and current period closing rates for the balance sheet.

The accounting policies applied by the Group in determining the IFRS basis results in this report are the same as those previously applied in the Group’s consolidated financial statements for the year ended 31 December 2015, except for the adoption of the new and amended accounting pronouncements for Group IFRS reporting as described below.

A2: Adoption of new accounting pronouncements in 2016

The Group has adopted the following new accounting pronouncements which were effective in 2016:

  • Annual improvements to IFRSs 2012 – 2014 cycle;
  • Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38); and´╗┐
  • Disclosure Initiative (Amendments to IAS 1).

The adoption of these pronouncements has had no impact on these financial statements.

Section 3

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B: Earnings performance

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