In primary insurance – and here I am thinking especially of ERGO, which provides around 95% of our premium volume in this segment – the direction and the results are also right. ERGO’s excellent profit of €0.8bn is once again abovetarget, and has been accompanied by satisfying, profitable growth: the premium income written by the primary insurers was up 3.2% year on year to €17.3bn. Particularly in ERGO’s international expansion, we are beginning to reap the rewards of our strategy based on purposefully utilising diversification effects and synergies between primary insurance and reinsurance.
In addition to these internal measures, we are optimising the structure of our portfolio. We are successfully investing in operations closer to primary insurance, such as MGA (managing general agency) business, where we can apply our risk and market knowledge in profi table niches. By further developing these niche segments, we also largely detach ourselves from the cycle. This is where classic cars come in. The US insurer Midland, which we signed an agreement to acquire in October 2007, is a case in point. It offers specialty insurance products and services for such items as manufactured housing (material damage and similar covers) as well as protection for watercraft, snow mobiles, motorhomes, motorcycles – and classic cars.
The areas in which legal protection is of particular importance to South Koreans are road traffi c law and civil law (especially in connection with housing issues and the legal concerns of small businesses). D.A.S. aims to market its product to all sections of the population, with the main focus on car-owners, city tenants and the self-employed among the modern generation.
A further great advantage of the scheme is that the parametric trigger, being based solely on objective measurements such as wind speed or ground acceleration, enables cash payments to be made more quickly than under customary insurance models based on the actual losses incurred. Compensation can be paid after a storm as soon as the requisite independent readings are available and have been verifi ed, so that urgently needed measures for repairing the infrastructure, for example, can be fi nanced without much delay.
2007 already demonstrated the importance of such coverage for the region, even though it was a year with relatively low losses. After an earthquake shook the Caribbean on 29 November, the trigger was activated for the fi rst time for the islands of St. Lucia and Dominica – and the CCRIF paid immediately. As the claims burden for the CCRIF was within its retention of US$ 10m, the reinsurance cover was not affected. But the potential benefi ts of the CCRIF idea do not end there. This coverage model could be extended to other natural hazards or transferred to other regions. In other words, it presents many different opportunities for accessing new markets and client groups with innovative products, and generating profi table growth.
Changes on the Boards of Munich Re Group companies John Phelan retires from Munich Re’s Board of Management and as CEO of subsidiary Munich Re America on 31 December 2007. His successor in the USA is Anthony Kuczinsky. Dr. Peter Röder joins Munich Re’s Board of Management with responsibility for North American non-life reinsurance business, and business with global clients. Andreas Kleiner succeeds Dr. Röder as member of the Board of Management at ERGO International AG. On 1 January 2008, Dr. Lothar Meyer hands over to Dr. Torsten Oletzky as ERGO’s CEO. Pages 28 f., 31
Cooperation with UniCredit extended to central and eastern Europe Munich Re, the ERGO Insurance Group and the Italian UniCredit Group are to expand their partnership to include other growth markets in central and eastern Europe. This cooperation aims at extending bancassurance sales of ERGO’s insurance products in life and non-life via UniCredit’s subsidiaries in these countries. Page 91
Dr. jur. Heiner Hasford (until 28 February 2007) Born 1947, lawyer, with Munich Re since 1978 – Group Investments,
In 2007, the Supervisory Board fulfilled all the tasks and duties incumbent upon it under the law, the Articles of Association and the rules of procedure. We advised the Board of Management in its running of the Group and constantly monitored and supervised its management activities, which have become even more efficient since the introduction of the Board of Management committee structure in 2006.
The Audit Committee also fulfilled its duties extensively, meeting six times in 2007. At two meetings with the external auditor, it discussed in detail the Company financial statements and Group financial statements, the Company management report and Group management report, the auditor’s report and the Board of Management’s proposal for the appropriation of the net retained profits for the financial year 2006. The Head of Internal Audit submitted his annual report for 2006 to the Audit Committee for discussion. The Audit Committee closely considered the 2007 quarterly reports and, for the first time, commissioned the external auditor with the review of the half-year financial report, which it later discussed at length in the presence of the auditor. Besides this, the Audit Committee reviewed and monitored the auditor’s independence and commissioned the audit for the financial year 2007, deciding on its focal points and the auditor‘s fees. The Audit Committee also took delivery of reports from the auditor on its auditing and non-audit-related services. It continually monitored the Company’s risk situation, on which it obtained reports from the Board of Management at each meeting. Above all, it critically monitored the issue of exposure in markets affected by the subprime loan crisis. It received separate reports on the stabilisation of the new core administration system in reinsurance and the development of embedded values in life reinsurance business and in life and health primary insurance business. It also
Since 2001, our shares have also been included in the Dow Jones Sustainability and the FTSE4Good index family. These sustainability indices only accept companies that fulfil exacting ecological and social criteria and are among the best in their sector. Here Munich Re has played a pioneering role with its sustainability strategy and enjoys an excellent reputation among socially responsible investors (SRIs), who hold some 2% of our stock.
Investor relations activities and Changing Gear is also reflected in our daily investor relations work. Munich Re shareholder service organised more than 30 roadshows during 2007 to present the goals of
Business performance Overview and key figures 69 Reinsurance 74 Life and health 76 Property-casualty 80 Primary insurance 87 Asset management 92 Investments of the Munich Re Group 92 Third-party investments 98
Risk report Risk management objectives and methods 139 Risk management processes and exposures 143 Financial strength 156 Assessment of risk situation 156 e_05_Lagebericht_43-61 44e_05_Lagebericht_43-61 44 07.03.2008 16:50:05 Uhr07.03.2008 16:50:05 Uhr
According to our own estimates, Munich Re’s share of the world market – i.e. the global reinsurance market, since reinsurance has by nature always been an international business – amounted to around one-seventh in terms of 2007 premium. However, the global premium income of the reinsurance markets is difficult to quantify because data is insufficient or simply not available, while the market statistics of individual countries are of limited comparability, as they are based on different parameters. What is more, premium volume alone is not an adequate indicator for assessing reinsurance companies’ importance in particular markets.
Judy Võ Employee of Munich Reinsurance Company e_05_Lagebericht_43-61 58e_05_Lagebericht_43-61 58 07.03.2008 16:50:08 Uhr07.03.2008 16:50:08 Uhr
Reinsurance performed very satisfactorily in 2007, even though we were affected by considerably more large losses from natural catastrophes than in the previous year, prime examples being Winter Storm Kyrill, a series of severe weather events in New South Wales, Australia, the floods in the UK, and Hurricane Dean. Thanks to good results in our underwriting business, high gains on investments, and one-off income of around €287m from the German Business Tax Reform Act 2008, we comfortably surpassed our profit target of €2.3–2.6bn for the year with a total of €3.3bn. In the property-casualty segment, business experience was very positive overall. Rates have declined marginally in recent renewals, owing to continuing competitive pressure, but we have nevertheless firmly adhered to risk-adequate prices, terms and conditions. Despite the significantly heavier claims burden of 5.0% (1.3%) from natural catastrophes, we posted a combined ratio of 96.4% (92.6%), well within our target of 97%. The even lower figure of the previous year was the result of exceptionally low claims expenditure, partly due to chance. The life and health segment recorded a good result, improving on the previous year’s level, mainly thanks to the very good profit achieved by the Life Division. The European Embedded Value (EEV) of our life reinsurance business increased by €0.7bn to €6.7bn.
The lower tax expenses of €808m (1,648m), or 17.0% (31.9%) of the pre-tax profit, reflect the positive one-off effect of the German Business Tax Reform Act 2008, which results in a change in valuation of deferred taxes for the German Group companies due to the lower tax rate applicable in Germany as from 1 January 2008. This change produces tax income of €425m for the Munich Re Group.
In reinsurance, gross premiums written in 2007 show a decrease of 3.1% to €21.5bn (22.2bn), particularly due to the strength of the euro against many other currencies. If exchange rates had remained the same, premium volume would have increased by 1.5% compared with the previous year.
About 34% of our total premium income emanated from life and health and 66% from property-casualty business.
The USA remains by far the largest single market for us, but we expect strong growth mainly in the Gulf region and Asia.
Although we terminated several large treaties for which we were not able to realise our pricing expectations and treaty conditions, premium income in health in the year under review experienced a marginal year-on-year increase to €1.3bn owing to new business and organic growth.
For 2008, the premium income level was virtually unchanged. Price erosion owing to the restructuring of the ERGO subsidiaries’ reinsurance programme was compensated for by significant increases in premium volume with external clients. Moreover, we expect innovative solutions to generate new business potential in the medium term.
At the same time, the share of investments in fixed-interest securities available for sale in our total investment portfolio declined by €2.3bn to €94.6bn (96.9bn).
In the period under review, we set up the Centre of Competence for Private Equity at MEAG, thus further expanding the scope of investment available. We envisage new investments in the low-to-middle three-digit million euro range in this asset class each year.
Valuation Fair value Carrying Valuation Fair value Carrying reserves amount reserves amount €m 31.12.2007 31.12.2007 31.12.2007 Prev. year Prev. year Prev. year 1 Including owner-occupied property.
– Net unrealised gains were €1,146m lower than at the beginning of the year. Higher interest rates meant that net unrealised gains on our fixed-interest securities available for sale fell significantly. Net unrealised gains in our share portfolio also decreased, despite the favourable stock-market performance, owing to our profit-taking.
Composition of the issued capital As at 31 December 2007, Munich Reinsurance Company’s share capital of €587.7m was divided into 217,888,670 registered, no-par-value, fully paid shares. The shares are endowed with full voting and dividend rights, with the exception of the 10,064,599 shares held by the Munich Re Group itself at 31 December 2007 (Section 71b of the German Stock Companies Act). Each voting share carries one vote at the Annual General Meeting. Article 5 para. 1 of the Articles of Association excludes the right of shareholders to have share certificates issued for their shares. Shareholders’ participation in the Company’s profit is based on the proportion of the share capital they hold (Section 60 of the German Stock Companies Act).
Shareholdings exceeding 10% Under the German Securities Trading Act, any investor whose shareholding – of the voting rights through acquisition, disposal or other means – attains, exceeds or falls below specified percentages of the voting rights in our Company must notify us and the German Federal Financial Supervisory Authority. The lowest threshold for this notification obligation was previously 5%. As at 20 January 2007, it was reduced to 3%. We have neither been notified nor do we know of any direct or indirect shareholdings in our Company equal to or exceeding 10%.
– The Annual General Meeting of 28 April 2005 authorised the Board of Management to issue, with the consent of the Supervisory Board, convertible bonds or bonds with warrants on one or more occasions up to 27 April 2010 for a maximum nominal amount of €3bn with an unlimited maturity period. Shareholders are generally entitled to a subscription right in respect of these bonds, but the Board of Management is authorised, with the consent of the Supervisory Board, to exclude this subscription right in the cases specified in the authorisation. The holders of such bonds may be granted conversion or option rights in respect of new shares issued by the Company up to a maximum amount of €100m of the share capital, in accordance with the respective bond or warrant conditions; as a precautionary measure, capital of €100m was conditionally authorised under Article 4 para. 4 of the Articles of Association.
The Munich Re Group is subject not only to the supervisory requirements applying to individual insurance companies but also to supervision at Group level. Munich Reinsurance Company as the parent has introduced suitable control methods and when reporting to the German Federal Financial Supervisory Authority (BaFin), which is also responsible for the Munich Re Group, includes supplementary aspects at Group level, such as shareholdings, consolidated financial data and intra-Group transactions. Solvency in the case of an insurance company is generally understood to be the ability of the company to always meet the obligations assumed under its contracts. In concrete terms, this means an insurance company must fulfil specific minimum capital requirements. The aim of the “adjusted solvency” rules is to prevent the multiple use of equity to cover risks from underwriting business at different levels of the Group hierarchy. To calculate the adjusted solvency, the minimum equity required for the volume of business (required solvency margin) is compared with the eligible equity actually available (actual solvency margin) on the basis of the IFRS consolidated financial statements. In determining the eligible capital elements, the IFRS equity is adjusted; specifically, it is increased by portions of the subordinated liabilities and reduced by intangible assets. The Munich Re Group’s eligible capital is more than three times higher than the legal requirement.
Thanks to the excellent Group result and raising of subordinated capital, the solvency ratio has changed only marginally despite the share buy-backs.
Overall in the year under review, cash – which encompasses cash with banks, cheques and cash in hand – rose by €362m to €2,505m.
We continued to be the preferred partner in knowledge for many clients throughout the world in 2007. In Munich and at our many offices and subsidiaries, we offer a large number of seminars and workshops each year on fundamental topics in all lines of insurance. Held in various languages, these place the emphasis on dialogue between our clients and Munich Re experts. We also stage numerous specialist events at our clients’ offices every year – forums, symposiums and seminars – dealing with current developments in the individual markets and ensuring a continual transfer of knowledge.
Munich Re’s Geo Risks Research unit, for example, is the link between geoscientific research and operative underwriting. Besides analysing and evaluating risks, advising underwriters and clients, and developing new service tools, this centre of competence also addresses all climate-change issues of relevance to the Munich Re Group. The Centre of Competence for Biosciences focuses on recent and future trends in genetic engineering and their impact on society and the insurance industry. New centres of competence have also been created in life reinsurance. Their main tasks include analysing insurance portfolios, the findings of which are used to produce new actuarial assumptions and to optimise underwriting, developing products (for risks that are currently uninsurable for instance, such as diabetes under critical illness covers) and improving our clients’ business processes (e.g. by using Allfinanz in medical underwriting).
The divisional units utilise our security experts’ know-how in order to explore new fields of business and assess the information security risks at potential client companies.
In the case of 100% achievement of objectives (annual bonus, medium-term bonus) and based on the imputed value of the share-price-linked compensation (long-term incentive plan) at the granting date, the weightings of the individual components in terms of total remuneration are as follows: basic remuneration approx. 25%, annual bonus approx. 35%, medium-term bonus approx. 20%, and long-term incentive plan approx. 20%. Annual bonus, medium-term bonus and long-term incentive plan together form a wellbalanced incentive system.
Other remuneration In the case of seats held on other boards, remuneration for board memberships must be paid over to the Company or is deducted in the course of regular compensation computation. Excepted from this is remuneration for memberships explicitly recognised by the Company as personal, which do not exist at present. In the event of a change of control, the members of the Board of Management have no contractual entitlement to payments. As far as the share-price-based remuneration is concerned, the conditions provide for special exercise options in the case of a change of control. Details of this are provided in the notes to the consolidated financial statements on page 245.
– For six months after leaving the Board, previous monthly basic remuneration (only for Board members appointed prior to 2006)
12 Retired from the Board of Management on 31 December 2006; the benefi ts in kind shown were for the previous year.
Name Pension Personnel commitments as expenses for as at 1 January the provision €
Remuneration of Supervisory Board members in the financial year 2007 in accordance with Article 15 of the Articles of Association1
In the emerging markets, however, demand for insurance cover should remain comparatively high.
Result and premium of the If exchange rates develop more stably in 2008 than in the past financial year, Munich Re Group we expect gross premiums written in reinsurance and primary insurance in 2008 to be in the range of €37.5–38.5bn (total consolidated premium). Adjusted to eliminate the effects of exchange rates, the increase would be more marked than in 2007. Proceeding on the basis of statistically expectable claims experience and a slight overall price reduction, we project a combined ratio in the order of 98% in property-casualty reinsurance and of under 95% in propertycasualty primary insurance. In life primary and reinsurance business and in health primary insurance, we aim to achieve EEV earnings of between 8% and 9% (in relation to the value of the business in force at the beginning of the year). On the investment side, we anticipate a return of around 4.5% (in relation to the average market values of the investments).
Of key importance within these requirements and processes is our Strategic Risk Management Framework (SRMF), developed several years ago and since constantly refined. Through close integration into strategic and operative planning, SRMF enables the Munich Re Group’s risk appetite to be determined and the limits derived from it to be monitored. The risk appetite established for the Group can thus be broken down for the operative units, with a view not only to limiting our risks but also to taking business opportunities. The calibration of the limits defined in SRMF gives consideration to the interests both of our clients and of our shareholders. Consequently, the main limits involve securing our capital strength and avoiding “financial distress”, i.e. restricting the likelihood of an economic loss for the year. These main limits are supplemented by limits for individual risks, e.g. concentration limits and limits for market and credit risks.
Such surveys consist partly of standardised reports based on risk questionnaires, meetings and workshops held with the individual departments and subsidiaries. These are supplemented by various top-down assessments from senior management on concrete topics. The findings thus obtained are additionally reconciled with our operative corporate planning process. Besides this, there is an internal ad-hoc reporting process to ensure we can take immediate action if risks or hazards emerge suddenly. Thanks to information from the risk assessments, the Board of Management is notified at an early stage about risk-relevant developments, and risk-reduction measures can be recommended and coordinated. It is the role of the central Integrated Risk Management Unit to challenge and verify the findings of the risk assessments using its own knowledge of the risks, together with such tools as structured interviews and independent analysis.
In addition to other key indicators, combined ratios are important for us in monitoring the premium/claims risk in property-casualty (re)insurance.
Our credit reinsurance business is not directly affected by the subprime loan crisis. Munich Re has not written reinsurance of financial guarantee companies in the USA (so-called credit enhancement business) since 2003, and we do not expect any significant losses from the remaining run-off business.
Meanwhile, disposals have reduced the remaining exposure in subprimerelated securities to under €340m, which is approximately 0.2% of our overall investment portfolio.
II. Investments in affi liated companies (4) and associates 1,168 1,303 –135 –20.5
II. Deposits retained on ceded business (26) 2,231 2,241 –10 – 0.4
Thereof: Amounts due to banks relating to disposal groups (16) 19 231 –212 – 91.8
In connection with the acquisition of the shareholding in Allfinanz, deferred taxes of €4.8m have been recognised, as well as other intangible assets of €42.8m and goodwill of €9.7m. The amounts capitalised are based on our expectations with regard to Allfinanz’s contribution to our worldwide strategy for life insurance. Allfinanz’s leading technical expertise in combination with Munich Re’s global presence and superior risk management will provide our life insurance clients with unique added value. Munich Re will now share in Allfinanz’s earnings growth. In addition, it will benefit from the enhanced quality of the reinsurance business and the additional volume that can be generated through Munich Re and Allfinanz joining forces.
The first-time application of IFRS 7, Financial Instruments: Disclosures, requires additional disclosures on financial instruments and, in particular, on risks from financial instruments. Application of this standard does not involve any change in accounting policies. For disclosures on the type and extent of risks e_19_AnhangI_171-181.indd 178e_19_AnhangI_171-181.indd 178 07.03.2008 18:41:30 Uhr07.03.2008 18:41:30 Uhr
from financial instruments and their management, we also refer to the information in the risk report.
In the financial year 2007, we adjusted previous-year figures retrospectively for the following items in accordance with IAS 8, without impact on profit or loss: a) We have improved the method for initial consolidations where a revaluation is not material. This gives rise to a shift within equity of €62m. b) The establishment of provisions for deferred premium refunds is now treated separately from deferred taxes. This change results in more reliable and relevant information, since it means that this liability is also recognised in profits retained by subsidiaries. As a consequence, net retained earnings and other reserves have been adjusted by €78m for 2005 and by €5m for 2006.
Consolidated balance sheet 31.12.2006 Total Changes due to 31.12.2006 as originally changes adjustments pursuant recognised pursuant to to IAS 8 in 2006 IAS 8 in 2005 €m b) c) d)
The goodwill results mainly from the acquisition of Munich Re America in November 1996 and from the acquisition of the additional shares in the ERGO Insurance Group in 2001 and 2002. The additions of €59m derive mainly from our acquisition of shareholdings in the Bell & Clements Group, Cairnstone Inc. and Allfinanz, which we describe in detail in our notes on the consolidated companies.
For the purpose of impairment testing, IFRS 3 in conjunction with IAS 36 requires that the goodwill be allocated to the cash-generating units expected to derive benefit (in the form of cash flows) from the business combination. To ascertain whether there is any impairment, the carrying amount (including allocated goodwill) of a cash-generating unit is compared with that unit’s recoverable amount. The recoverable amount is the higher of
Underlying assumptions for the cash fl ow prognoses at the time of the impairment test
Growth rate used for extrapolating beyond the 0 –1.5% fl ow planning based on fi nancial 1.5% as maximum growth factor as per Circular 2108/2003 of the German Insurance Association plans/forecasts
Over fi ve years and up to ten years 13,979 11,289
Carrying amounts Fair values €m 31.12.2007 Prev. year 31.12.2007 Prev. year
Rating of fi xed-interest securities according to fair values €m 31.12.2007 Prev. year
In the case of the hotels with a book value of €55m first classified in disposal groups as “held for sale” in the third quarter of 2007, we currently expect ownership to be transferred in the first half of 2008. Subsequent valuation of these assets at the reporting date gave rise to write-downs of €10m.
In the financial year 2007, companies of the ERGO Insurance Group acquired 6,660 shares at an average price of €135.06 each to cover future commitments from the long-term incentive plans launched since 2002 and sold 61,612 shares at a price of €132.71 each. Together with the remaining Munich Re shares acquired to safeguard the stock appreciation rights granted in 2002– 2006, the ERGO Insurance Group had a total portfolio of 322,556 shares at
Life and health Property-casualty Life and health Property-casualty €m1 31.12.2007 Prev. year 31.12.2007 Prev. year 31.12.2007 Prev. year 31.12.2007 Prev. year 31.12.2007 Prev. year 1 After elimination of intra-Group transactions across segments.
Change in consolidated group – – 8 – – – – 134 8 134
Further information on the underwriting risks and discount rates can be found in Note (37) Risks from insurance contracts in the life and health segment.
Change in the reimbursement rights for defi ned benefi t plans €m 2007 Prev. year
In addition to foreign currency exchange gains of €1,520m (901m), the other income mainly includes income from services rendered of €346m (297m), interest and similar income of €121m (152m), income from the release/reduction of miscellaneous provisions and adjustments of values for receivables of €138m (82m), and income from owner-occupied property that is sometimes leased out amounting to €114m (137m).
Provision for deferred premium refunds – – – 1 2,047 2,169 21 23 2,068 2,193
Claims and benefi ts paid 335 120 1,008 554 69 61 267 322 1,679 1,057
The current tax is derived from the tax results of the financial year, to which the local tax rates of the respective subsidiaries are applied. Deferred tax is also calculated using the local tax rates. Sometimes for simplicity‘s sake we use uniform tax rates for individual circumstances or subsidiaries. Changes in tax rates and tax legislation that have already been adopted by the government at the balance sheet date are generally taken into account.
Tax expenses were increased by a one-off effect of €99m from the write-down of deferred tax assets involving loss carry-forwards at our subsidiary Munich American Reassurance Company.
We measure sensitivity to changes in biometric assumptions in life insurance and for long-term contracts in health insurance using an embedded value analysis; cf. page 234 f.
Covered by deposits retained on assumed reinsurance 6,170 9,772 e_28_Anhang_230_241.indd 231e_28_Anhang_230_241.indd 231 07.03.2008 18:43:20 Uhr07.03.2008 18:43:20 Uhr
The development of our claims reserves in the past and the corresponding run-off results are shown under (21) Provision for outstanding claims.
Reference is made to the page 139 of the risk report for information on our risk management processes.
The relevant initial share price for the stock appreciation rights is calculated from the average of closing prices for Munich Re shares in Frankfurt Xetra trading over the last three months prior to plan commencement. The initial price for the 2007 long-term incentive plan is €134.07 (108.87). As a result of Munich Reinsurance Company’s capital increase in the financial year 2003, the initial share prices for the stock appreciation rights issued up to then and the number of stock appreciation rights already granted were adjusted in accordance with the conditions. In the year under review, a total of 341,737 (443,609) stock appreciation rights were granted, 91,919 (150,687) of these to Board of Management members. The future obligations arising from the long-term incentive plans are covered by Munich Re shares.
Number of rights on 31 Dec. 2007 42,892 23,823 60,297 149,579 166,199 111,399
Quelle Lebensversicherung AG, Schwechat 52.08 % 5,709 607 e_29_Anhang_242_252 249e_29_Anhang_242_252 249 07.03.2008 18:35:26 Uhr07.03.2008 18:35:26 Uhr
Integrated risk management (IRM) Holistic management of insurance risks in life and non-life business and of investment risks. IRM essentially rests on four pillars ➔ asset-liability management, active capital management, ➔ accumulation control, and operational risks.
Minority interests in equity That part of the equity and earnings of subsidiaries that is attributable and earnings to shareholders outside the Group.
USA Munich Reinsurance America Inc. 555 College Road East Princeton, NJ 08543-5241
Life and Health 2, 26, 46, 70 ff., 83, 89, 131, 134 ff., 150 f. Life and health insurance 65 ff., 87, 95 f., 138, 151, 188 f., 215
22 April 2009 Annual General Meeting 23 April 2009 Dividend payment 6 May 2009 Interim report as at 31 March 2009 4 August 2009 Interim report as at 30 June 2009 4 August 2009 Half-year press conference 5 November 2009 Interim report as at 30 September 2009