RNS Number:5206J
China Shoto plc
27 September 2006
Press Release 27 September 2006
China Shoto plc
("China Shoto" or "the Company" or "the Group")
Unaudited Interim Results
China Shoto plc (AIM:CHNS), a leading Chinese producer of industrial batteries
and power supply systems, announces its unaudited Interim Results for the six
months ended 30 June 2006.
Highlights
* Turnover up 141% to #28.4 million as a result of increased turnover in
existing business and new business lines (H1 2005: #11.8 million)
* Profit after tax up 25% to #2.0 million (H1 2005: #1.6 million)
* Established a new plant manufacturing batteries for electric bicycles, with
a capacity of 12,000 units per day
* Stake in FTD has been increased in 2006 from 30% to 51%, with FTD making
good progress signing a new contract to supply 150MW turbine to Shangdong
Haihua Group
* Successful placing completed in period raising #5 million (before expenses)
which have been or will be invested into the expansion of manufacturing
capacity
* Proposed interim dividend of 1.5 pence per share payable on 3 November 2006
* Average debtor days reduced from 122 to 102 days
Commenting on the unaudited Interim Results, Cao Guifa, Executive Chairman,
said: "Building on a strong performance in 2005 the Group has continued its
progress, which is an endorsement of our strategy of focusing our sales efforts
on growth opportunities in our core markets. We will continue to focus on
continuous and sustainable growth, both organically and, where appropriate,
through selective acquisitions. Our core objectives remain unchanged, to grow
shareholder value, and the whole of our team is committed to achieving this. I
am confident that we will continue to produce good returns and I look forward to
reporting continued progress for the whole year."
- Ends -
For further information:
China Shoto plc
Cao Guifa, Executive Chairman Tel: +44 (0) 20 7398 7700
www.chinashoto.com
Seymour Pierce Limited
Stuart Lane / John Depasquale Tel: +44 (0) 20 7107 8000
jdp@seymourpierce.com www.seymourpierce.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Laura Riascos Tel: +44 (0) 20 7398 7700
henry.ht@abchurch-group.com www.abchurch-group.com
Chairman's Statement
I am delighted to present China Shoto's interim results for the six months ended
30 June 2006. Building on a strong performance in 2005 the Group has continued
its progress, which is an endorsement of our strategy of focusing our sales
efforts on growth opportunities in our core markets.
Operational Review
AGM, Gel and Flooded Batteries: During the first half of the year our strongest
trading has been within our core business division of AGM, Gel and Flooded
batteries, which are mainly applied as backup batteries in the telecoms
industry. This division realised turnover of #14.5 million for the first six
months of 2006, representing 51% of the Group's total, and produced a gross
profit of #5.3 million, representing 69% of the Group's total.
The sales to telecom service providers are continuing to grow. China Mobile,
China Netcom, China Telecom and China Unicom continue to be the major clients of
the Group, the orders from which increased by 30% compared to the same period of
last year. The Group is the major supplier of batteries to these clients,
ranking first or second in the centralised tender ordering of China Mobile,
China Netcom and China Unicom in the first half of this year.
Power Type VRLA Batteries: In January 2006 Jiangsu Best Power Supply Co., Ltd.
("Best Co.") was set up, specialising in the production of power type VRLA
batteries for use powering electric bicycles. #3.2 million of the IPO proceeds
was used for the construction of the new plant covering 28,000 square meters and
also the purchase of manufacturing equipment. The plant was commissioned in May
and full daily production capacity of 12,000 units was achieved by 31 July. The
plant continues to run at full capacity with round the clock working.
The sales of power type batteries in this half year (without any significant
contribution from the new factory, which only came onstream in June) reached
#6.6 million. The Group's primary market for these batteries are electric
bicycle manufacturers in Tianjin, and in Jiangsu and Zhejiang provinces, and the
Group has also become the major supplier to one of the biggest manufacturers in
Beijing. In our primary market, we target those large manufacturers with an
annual production of over 100,000 bicycles. In addition we are gradually
increasing our share in the retail market for electric bicycles and accessories,
which we regard as the secondary market for these products and we intend to make
the secondary market the main market for the Company's power type batteries in
the future.
The electric bicycle market continues to grow strongly. According to the latest
statistics from the Jiangsu Bicycle Association, the production volume of the
major 50 electric bicycle manufacturers in the first half of 2006 increased by
more than 75% compared to the same period of last year. To secure our expansion
in this market, Best Co. has set up 15 new offices in the last six months,
expanding its sales and service network to cover 27 provinces. At the same
time, the company has ensured that each of its main clients and potential major
clients have been visited personally by sales staff.
Turbine Business: Since 6 January 2006, the Group has increased its interest in
FTD from 30% to 51%. During the first half FTD's turnover was #6.6 million, and
gross profit was #0.9 million.
During the period FTD successfully completed contracts to supply 150 MW turbines
to Minjiang Power Plant and Yibin Power Plant. In March FTD signed a contract
to supply a 150MW turbine to Shandong Haihua Group, with a total contract value
of #4.1 million. In April, FTD signed a contract for the refurbishment of two
sets of 125MW turbines with Shandong Linyi Power Company, with a total contract
value of #3.5 million. FTD will continue its technology research, and develop
further series models of the 150MW turbine, which will be the main thrust of the
company's business in the foreseeable future.
Financial Review
During the period under review, Group turnover increased by 141% as a result of
strong growth from existing customers, especially our key customers in the
telecoms sector. Resulting from growing demand from the telecoms sector, the
turnover of AGM, GEL and flooded batteries increased by 27% compared to the same
period of last year. Booming sales of power type batteries and our recently
acquired turbine business FTD, together with a good performance from our
existing business, caused Group revenues to increase substantially.
The Group continues its efforts to accelerate the collection of accounts
receivables. With good quality clients located in Guangdong, Jiangsu, Hebei,
Zhejiang and Shanghai, representing an increased proportion of our customers, we
have succeeded in reducing average debtor days from 122 days (the average in
2005) to 102 days in the first half year.
Further Share Issue
Following our IPO, China Shoto successfully completed a further issue of 3.1
million ordinary shares at a placing price of 160 pence per share in the first
half, raising #5 million (before expenses). The new shares were admitted to
trading on AiM on 12 June 2006. Proceeds of this new issue have been or will be
used in clearly identified projects, mainly for the expansion of manufacturing
capacity.
Dividend policy
As stated in the annual report for 2005, it is the Board's intention to pay
interim and final dividends for the year ending 31 December 2006, with the
aggregate dividend payable currently intended to be 25% to 30% of the Company's
net income. Given the encouraging first half results, the Board has decided to
pay an interim dividend of 1.5 pence per share. The record date will be 6
October 2006, and the dividend will be paid on 3 November 2006. The Board
intends that a final dividend for the year will be declared at the announcement
of the full year results.
Outlook
We will continue to focus on continuous and sustainable growth, both organically
and, where appropriate, through selective acquisitions. In the first half year,
the Company acquired Yangzhou Zhenghe Power Supply Company, to increase both
production capacity and our product lines, with a smaller capital investment and
within a shorter timescale than internal development could provide. The GFM
horizontally-installed battery of Zhenghe is expected to have substantial
applications in the telecom and power industries. The Group is currently
negotiating to acquire the power type battery production line of Jiangsu
Shuangdeng Electrical Appliance and Cable Company. Following this acquisition
the total Group production capacity of power type batteries will be increased to
18,000 units per day.
Our core objectives remain unchanged, to grow shareholder value, and the whole
of our team is committed to achieving this. I am confident that we will
continue to produce good returns and I look forward to reporting continued
progress for the whole year.
Cao Guifa
Chairman
26 September 2006
Consolidated income statement
For the six months ended 30 June 2006
Notes Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(Unaudited) (Audited) (Audited)
#000 #000 #000
Revenue 3 28,367 11,760 28,413
Cost of sales 3 (20,624) (7,872) (18,161)
Gross profit 7,743 3,888 10,252
Other operating income 517 517 689
Selling and distribution expenses (3,351) (1,450) (3,879)
Administrative expenses (1,907) (738) (2,681)
Other operating expenses (5) (16) (20)
Share of results of associate - - 56
Profit from operations 2,997 2,201 4,417
Finance income 27 28 72
Finance costs (319) (393) (864)
Profit before tax 2,705 1,836 3,625
Tax (401) (284) (514)
Equity minority interests (259) - -
Net profit 2,045 1,552 3,111
Earnings per share in pence:
Basic 6 10.03p 10.09p 19.80p
Diluted 6 9.88p 10.06p 19.74p
All amounts relate to continuing operations.
Consolidated balance sheet
As at 30 June 2006
Notes 30 June 30 June 31 December
2006 2005 2005
(Unaudited) (Audited) (Audited)
#000 #000 #000
Assets
Non current assets
Property, plant and equipment 9,559 8,142 8,559
Investment in associate - 425 512
Land use right 1,328 1,282 1,393
Other intangible assets 16 18 17
Deferred tax assets 27 22 36
Goodwill 4 184 - -
Total non-current assets 11,114 9,889 10,517
Current assets
Inventories 7,026 3,730 3,547
Trade receivables 20,051 9,626 11,953
Other receivables and prepayments 6,780 6,006 3,480
Due from related parties 3,010 1,648 1,963
Short-term investments 2,214 34 2,350
Cash and cash equivalents 10,274 2,131 8,300
Total current assets 49,355 23,175 31,593
Total assets 60,469 33,064 42,110
Liabilities
Current liabilities
Bank borrowings 13,433 10,610 12,083
Trade payables 6,862 3,226 3,919
Notes payable 5,642 3,036 4,126
Other payables and accruals 10,248 6,244 5,058
Due to related parties 180 478 765
Income tax payable 164 188 97
Total current liabilities 36,529 23,782 26,048
Total liabilities 36,529 23,782 26,048
Capital and reserves
Share capital 7 2,334 - 2,000
Share premium 8,704 - 3,875
Other reserves 2,916 4,454 2,916
Statutory reserves 4,024 3,552 4,024
Retained earnings 5,971 2,640 3,837
Foreign currency translation reserve (1,146) (1,364) (590)
(1,364)
Total equity
22,803 9,282 16,062
Minority interests-equity 1,137 - -
Total equity and liabilities 60,469 33,064 42,110
Consolidated cash flow statements
For the six months ended 30 June 2006
Notes Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(Unaudited) (Audited) (Audited)
#000 #000 #000
Net cash from operating activities (3,011) (889) 3,185
Cash flows from investing activities
Purchase of trade mark - - -
Purchase of associated undertakings - - (425)
Purchase of subsidiary undertakings (499) - -
Purchase of land use right - - (60)
Purchase of property, plant and equipment (1,025) (577) (954)
Purchase of short-term investment (88) - (2,336)
Proceeds from disposal of property, plant and
equipment - 1 93
Proceeds from disposal of short-term investment - - 21
Cash flows used in investing activities (1,612) (576) (3,661)
Cash flows from financing activities
Net cash inflow from share placing 5,163 - 4,337
Repayment of long-term bank borrowings - - -
Increase in short-term bank borrowings 1,350 (45) 674
Interest paid (319) (392) (864)
Dividends paid to external shareholders - - -
Cash flows from financing activities 6,194 (437) 4,147
Net increase in cash and cash equivalents 1,571 (1,902) 3,671
Cash and cash equivalents at beginning of period 8,300 3,845 3,845
Foreign exchange differences 403 188 784
Cash and cash equivalents at end of period 10,274 2,131 8,300
Notes to the consolidated financial statements
For the six months ended 30 June 2006
1. General information
China Shoto plc is a company incorporated in the United Kingdom on 10 May 2005
under the Companies Act 1985. The consolidated financial statements of the
Company for the six months ended 30 June 2006 comprise China Shoto plc (the '
Company') and its subsidiary undertakings (the 'Group'). The consolidated
interim financial statements were authorised for issue on 26 September 2006.
2. Accounting policies
The consolidated financial statements for the six months ended 30 June 2006 have
been prepared in accordance with those International Financial Reporting
Standards and Interpretations in force ('IFRS') and those parts of the Companies
Act 1985 applicable to companies preparing financial statements under IFRS.
Basis of consolidation
The consolidated financial statements include the financial statements of China
Shoto plc and all of its subsidiary undertakings as at 30 June 2006 using the
acquisition method of accounting. The results of subsidiary undertakings are
included from the date of acquisition.
The acquisition of Leadstar Enterprises Limited by China Shoto plc on 30
November 2005 has been accounted for as a reverse acquisition, in accordance
with IFRS 3 'Business Combinations', on the basis that the management, who are
the former majority shareholders of Leadstar Enterprises Limited, retained
effective control of the Group. The fair value of the assets of China Shoto plc
at the date of the business combination were equivalent to the fair value of the
company and the fair value of the notional number of equity instruments which
would have been issued by Leadstar Enterprises Limited to acquire China Shoto
plc, and therefore no goodwill arises in respect of this business combination.
The comparative financial statements and the results up to the date of the
business combination represent those of the Leadstar Enterprises Limited group.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of
acquisition over the Group's interest in the fair value of the identifiable
assets and liabilities of a subsidiary or associated undertaking at the date of
acquisition. Goodwill is recognised as an asset and reviewed for impairment at
least annually. Any impairment is recognised immediately in the income
statement, through administrative expenses and is not subsequently reversed.
Any excess of the Group's interest, in the net fair value of the identifiable
assets and liabilities acquired, over cost will be recognised as income after
considering the future losses and expenses identified in the Group's acquisition
plan and the aggregate fair value of acquired identifiable non-monetary assets.
Subsidiary undertakings
An entity is treated as a subsidiary undertaking when the Group has the power,
directly or indirectly, to govern the financial and operating policies of an
entity so as to obtain benefits from its activities. In assessing control,
potential voting rights that are currently exercisable or convertible are taken
into account. The financial statements of subsidiary undertakings are included
in the consolidated financial statements from the date that control commences
until the date that control ceases.
Foreign currencies
The functional currency of the subsidiary undertakings is Renminbi ('RMB'), and
the unaudited financial statements of the subsidiary undertakings have been
drawn up in RMB. As sales and purchases are denominated primarily in RMB and
receipts from operations are usually retained in RMB, the directors are of the
opinion that RMB reflects the economic substance of the underlying events and
circumstances relevant to the Group. Monetary assets and liabilities maintained
in currencies other than RMB are translated into RMB at the rates of exchange
ruling at the balance sheet date.
Transactions in currencies other than RMB are translated at rates ruling on the
transaction dates. All resulting exchange differences are dealt with in the
income statements.
The presentation currency of the Group is pounds sterling and therefore the
financial statements have been translated from RMB to pounds sterling at the
following exchange rates:
Period-end rates Average rates
30 June 2005 #1 = RMB 14.8351 #1 = RMB 15.4989
31 December 2005 #1 = RMB 13.9122 #1 = RMB 14.8270
30 June 2006 #1 = RMB 14.6280 #1 = RMB 14.2700
Assets and liabilities are translated into sterling at the closing rate, and all
income and expenses are translated at the average rate during the financial
period, being an approximation for the actual rates at the date of the
transactions. All resulting exchange differences are taken to the Exchange
reserve within equity.
The functional currency and the presentation currency of the Company is pounds
sterling. Monetary assets and liabilities maintained in currencies other than
pounds sterling are translated into pounds sterling at the approximate rates of
exchange ruling at the balance sheet date. Transactions in currencies other than
pounds sterling are translated at rates ruling on the transaction dates. All
resulting exchange differences are dealt with in the income statement.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and impairment losses. The cost of an asset comprises its purchase price and
any directly attributable costs of bringing the asset to its working condition
and location for its intended use.
Depreciation is calculated on the straight-line method so as to write off the
cost of property, plant and equipment reduced by the estimated residual value of
the assets over their estimated useful lives. The estimated residual value and
annual depreciation rates used for this purpose are as follows:
Item Estimated residual value Useful life Annual depreciation rates
Building 10% 40 2.25%
Machinery 10% 10 9%
Motor vehicles 10% 5 18%
Office equipment 10% 5 18%
From 1 January 2006, the Group changed the useful life of buildings from 20
years to 40 years to reflect the actual useful life of buildings. This change of
useful life will affect the depreciation expense in both the current and future
periods.
3. Segment reporting
Segment reporting is presented in the consolidated interim financial statements
in respect of the Group's business segments, which are the primary basis of
segment reporting. The business segment reporting format reflects the Group's
management and internal reporting structure.
The Group is comprised of the following business segments:
AGM VRLA batteries sales ('AGM ')
Flooded batteries and Gel VRLA batteries sales ('FGB')
Power-type VRLA batteries ('PTB')
Turbine design and refurbishment business ('Turbine business')
Others
Six months ended 30 June 2006
AGM Sale FGB Sales PTB Sales Turbine Others Total
business
#000 #000 #000 #000 #000 #000
Revenue 12,343 2,124 6,633 6,642 625 28,367
Cost of sales (7,606) (1,534) (5,190) (5,776) (518) (20,624)
Gross profit 4,737 590 1,443 866 107 7,743
Six months ended 30 June 2005
AGM Sale FGB Sales PTB Sales Turbine Others Total
business
#000 #000 #000 #000 #000 #000
Revenue 10,564 861 51 - 284 11,760
Cost of sales (6,960) (645) (42) - (225) (7,872)
Gross profit 3,604 216 9 - 59 3,888
Year ended 31 December 2005
AGM Sale FGB Sales PTB Sales Turbine Others Total
business
#000 #000 #000 #000 #000 #000
Revenue 23,636 2,261 1,468 - 1,048 28,413
Cost of sales (14,657) (1,634) (1,144) - (726) (18,161)
Gross profit 8,979 627 324 - 322 10,252
4. Acquisition of subsidiaries
Acquisition of Beijing Full Three Dimension Engineering Co. Ltd ("FTD")
FTD became an associated undertaking of the Group on 23 June 2005. Since 6
January 2006, the Group has increased its interest in FTD from 30% to 51%.
Accordingly it has been treated as a subsidiary undertaking from that date. In
calculating the goodwill arising on acquisition the fair value of the net assets
of FTD have been assessed and adjusted from book value where necessary. No
profits were generated by FTD in the 6 day period from 1 January 2006 to 6
January 2006. In the six months to 30 June 2006, FTD contributed #272,712 to
consolidated profit after tax.
1 January 30 June
2006 2005
#000 #000
(unaudited) (audited)
Cost of investment on acquisition 272 425
Share of net assets on acquisition (243) (270)
Goodwill arising 29 155
Acquisition of Yangzhou Zhenghe Power Co. Ltd ("YZP")
On 31 March 2006, the Group acquired 59% of YZP. It has been treated as a
subsidiary undertaking from that date. In calculating the goodwill arising on
acquisition the fair value of the net assets of YZP have been assessed and
adjusted from book value where necessary. In the three months to 30 June 2006,
YZP incurred a loss of #3,857 which has been included within the consolidated
income statement. Included within other operating income is #287,000 which
represents, the excess of the Group's interest in the net fair value of YZP's
identifiable assets, liabilities and contingent liabilities over cost, arising
on this acquisition. In accordance with IFRS this has been recognised
immediately within the consolidated income statement.
31 March
2006
#000
(unaudited)
Cost of investment in subsidiary 227
Share of net assets on acquisition (514)
Excess of the Group's interest in the net fair value of YZP's (287)
identifiable assets, liabilities and contingent liabilities over
cost
5 Dividends
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
#000 #000 #000
(unaudited) (audited) (audited)
Interim dividends paid - 310 310
Exchange adjustments - - 35
310 345
A subsidiary undertaking, Hong Kong Wealth Source Development Ltd. declared a
dividend of #31.00 per ordinary share amounting to #310,000 on 30 June 2005 to
its shareholders at that date. All the dividends were set against the debt due
from those shareholders. The interim dividends paid in 2004 relate to dividends
paid by various subsidiary undertakings to former shareholders following the
establishment of the Group.
6 Earnings per share
Earnings for the purpose of basic and diluted earnings per share are the net
profit for the financial period for the six months ended 30 June 2006 of
#2,045,000 (2005: #1,552,000).
The weighted average number of ordinary shares used in the calculation of
earnings per share has been derived as follows:
Weighted average number of ordinary shares - basic Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
(unaudited) (audited) (audited)
Number Number Number
15,384,615 10p ordinary shares issued to the vendors of
Leadstar Enterprises Limited 15,384,615 15,384,615 15,384,615
2 #1 ordinary shares issued on incorporation, and
subsequently split into 20 10p ordinary shares 20 3 13
4,615,385 10p ordinary shares issued on placing 4,615,385 - 328,767
100,000 10p share options exercised on 10 April 2006 44,751 - -
100,000 10p share options exercised on 5 May 2006 30,939 - -
3,143,750 10p ordinary shares issued on placing 312,638 - -
20,388,348 15,384,618 15,713,395
Weighted average number of ordinary shares -
diluted
Weighted average number of ordinary shares - basic 20,388,348 15,384,618 15,713,395
Dilutive effect of share options 320,746 48,600 48,600
20,709,094 15,433,218 15,761,955
7. Share capital
30 June 30 June 31 December
2006 2005 2005
#000 #000 #000
(unaudited) (audited) (audited)
Authorised
100,000,000 Ordinary shares of 10p each 10,000 - 10,000
Allotted, called up and fully paid:
23,343,770 (2005 : 20,000,020) Ordinary shares 2,334 - 2,000
of 10p each
Number Number Number
Issued on incorporation - 2 #1 ordinary shares 2 - 2
Sub-division into 10 ordinary shares 18 - 18
30 November 2005
Issue of 10p ordinary shares on reverse
acquisition of Leadstar Enterprises Ltd 15,384,615 - 15,384,615
6 December 2005
Issue of 10p ordinary shares on placing 4,615,385 - 4,615,385
10 April 2006
Exercise of share options 100,000 - -
5 May 2006
Exercise of share options 100,000 - -
12 June 2006
Issue of 10p ordinary shares on placing 3,143,750 - -
23,343,770 - 20,000,020
8 Group companies
The companies comprising the Group are as follows:
Name of the companies Place and date of Principal activities Proportion of
incorporation interests to
the Group
at 30 June 2006
Leadstar Enterprises Limited British Virgin Investment holding 100%
Islands
18 March 2005
Jiangsu Shuangdeng Group Co. Ltd China, Investment holding 100%
16 September 2003
Hong Kong Wealth Source Development Co. Hong Kong, China, Investment holding 100%
Ltd 24 September 1997
Glory Trinity Engineering Ltd Hong Kong, China, Investment holding 100%
26 February2003
Jiangsu Shuangdeng Power Supply Co. Ltd China, Manufacturing, sales 100%
9 December 1995 and development of
AGM batteries
Jiangsu Longyuan Shuangdeng Power China, Manufacturing AGM 100%
Supply Co. Ltd 2 August 1999 batteries
Jiangsu Fuste Power Supply Co. Ltd China, Manufacturing and 100%
23 October 2001 sales of GEL and GFX
batteries
Nanjing Shuangdeng Science and Technology China, Technology research 100%
R&D Institute Co. Ltd 18 June 2001 and development,
manufacture and sales
of UPS
Jiangsu Best Power Supply Co., Ltd China, Manufacturing and 100%
13 January 2006 sales power-aided
bicycle batteries
Beijing Full Three Dimension Engineering China, Design and 51%
Co. Ltd 13 April 1995 reconstruction of
turbines
Yangzhou Zhenghe Power Co., Ltd China, Manufacturing, sales 59%
2 November 2001 and development of
GFM batteries
9 Subsequent events
On July 2006 the trade and assets of Jiangsu Longyuan Shuangdeng Power Supply
Co. Ltd were transferred into Jiangsu Shuangdeng Power Supply Co. Ltd.
On 26 September the company decided to pay an interim dividend of 1.5 pence per
share to its shareholders. The record date will be 6 October 2006, and payment
date will be 3 November 2006.
10 Other
The comparative figures for the period ended 31 December 2005 were derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. Those accounts received an unqualified audit report which did not
contain statements under sections 237(2) or (3) (accounting record or returns
inadequate, accounts not agreeing with records and returns or failure to obtain
necessary information and explanations) of the Companies Act 1985.
Copies of this document will be made available to the public free of charge for
a period of one month at the offices of Seymour Piece Limited, Bucklersbury
House, 3 Queen Victoria Street, London EC4N 8EL.
This information is provided by RNS
The company news service from the London Stock Exchange
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