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August 09, 2012 4:30 am ET
John McFarlane - Chairman
Patrick C. Regan - Chief Financial Officer, Finance Director, Director and Chairman of Disclosure Committee
Trevor John Matthews - Executive Director of Developed Markets, Executive Director and Chief Executive Officer of Aviva UK
Nick Holmes - Nomura Securities Co. Ltd., Research Division
Ashik Musaddi - JP Morgan Chase & Co, Research Division
Oliver Steel - Deutsche Bank AG, Research Division
James Pearce - UBS Investment Bank, Research Division
Andrew Broadfield - Barclays Capital, Research Division
Gordon Aitken - RBC Capital Markets, LLC, Research Division
Barrie Cornes - Panmure Gordon & Co. plc, Research Division
Andrew Crean - Autonomous Research LLP
Colin L. Simpson - Goldman Sachs Group Inc., Research Division
Jon Hocking - Morgan Stanley, Research Division
Marcus Barnard - Oriel Securities Ltd., Research Division
Good morning, everyone. Now it's just 1 month since I last spoke to you about the plans through to 2014. And as you'd expect, well, there's been a lot of activity inside the company in that period. The consequences of that are going to find their way into announcements not today, but over the coming months.
So first, let me deal with the interim result. Operating performance was largely in line with expectations. Of course, the main new news was the write-down of the goodwill in the U.S., following a review of its recoverability.
As I also said last month, there was a desire to hold the dividend, and that's what we've done in the half.