Robert Walters plc HALF-YEARLY FINANCIAL RESULTS 2011

02	Interim Management Report
04	Condensed Consolidated Income Statement
04	Condensed Consolidated Statement of Comprehensive Income and Expense
05	Condensed Consolidated Balance Sheet
06	Condensed Consolidated Cash Flow Statement
07	Condensed Consolidated Statement of Changes in Equity
08	Notes to the Condensed Set of Financial Statements
11	Responsibility Statement
12	Independent Review Report to Robert Walters plc
13	Our Offices

Robert Walters

Robert Walters is one of the world's leading professional recruitment consultancies, specialising in the placement of permanent, contract and temporary positions across all levels of seniority.

We recruit for the majority of the world's most prestigious blue-chip corporates and leading financial services organisations, through to SMEs and start-up companies.

Maintaining our specialist focus is critical to our growth and we recruit in the accounting, finance, banking, engineering, IT, human resources, legal, sales and marketing, supply chain and procurement, secretarial and support disciplines.

With a growing international network of offices, our global footprint now spans 44 offices in 21 countries.

FINANCIAL HIGHLIGHTS

Net fee income

£89.1m (2010: £72.3m)

Operating profit

£7.2m (2010: £5.2m)

Profit before taxation

£7.1m (2010: £5.1m)

Basic earnings per share 6.5p (2010: 4.8p)

Interim dividend

1.47p per share (2010: 1.4p)

Net cash £10.7m (30 June 2010: £12.9m)

INTERIM MANAGEMENT REPORT

The Group performed well during the first half of the year. Revenue was up 28% to £241.6m (2010: £188.8m) and gross profit ('net fee income') by 23% (21% in constant currency) to £89.1m (2010: £72.3m), resulting in an operating profit of £7.2m (£7.0m in constant currency) (2010: £5.2m) and a profit before taxation of £7.1m (£6.9m in constant currency) (2010: £5.1m). The Group has maintained a strong cash position with net cash of £10.7m as at 30 June 2011 (30 June 2010: £12.9m).

Market conditions, recruitment activity levels and client and candidate confidence varied from region to region during the first six months of the year. Net fee income and operating profit growth was largely driven by our international businesses which now represent 74% (2010: 70%) of the Group's net fee income. Permanent recruitment represents 71% (2010: 70%) of the Group's recruitment net fee income.

We have continued to grow market share and invest in the growth and diversification of the business. Headcount stands at 1,932 (2010: 1,539) and the Group has 44 offices in 21 countries. The planned office moves in Singapore and Sydney have been successfully completed and our major London head office move remains scheduled for later this month.

Asia Pacific (50% of net fee income)

Revenue was £109.9m (2010: £84.5m) and net fee income increased by 29% (24% in constant currency) to £44.5m (2010: £34.4m) delivering an operating profit of £5.8m (£5.6m in constant currency) (2010: £5.3m).

Net fee income increased across all territories despite the impact of recent natural disasters in Japan, Australia and New Zealand. Our market leading position in Asia was further reinforced with China and Thailand in particular delivering outstanding performances, both more than doubling net fee income. Our businesses in Australia and New Zealand also delivered significant uplifts in net fee income.

We continued to invest in growing our footprint across the region, opening our sixth office in Australia in Chatswood, Sydney, a fourth office in mainland China in Nanjing and our first office in Vietnam in Ho Chi Minh City. Further growth into new markets is planned for the second half of the year through office openings in Indonesia and Taiwan.

United Kingdom (26% of net fee income)

Revenue was £86.2m (2010: £69.5m) and net fee income increased by 6% to £22.9m (2010: £21.6m) delivering an operating profit of £0.3m (2010: £0.1m).

The UK business grew net fee income and operating profit against a difficult economic backdrop and cautious client and candidate sentiment. Across the financial and commercial sectors, recruitment was largely centred on replacement rather than new hires, however pockets of strong demand were evident across the risk, governance, compliance and legal disciplines.

Our Resource Solutions business continued to grow net fee income through the retention of existing clients and the winning of a number of new client engagements across both the commercial and financial sectors.

Europe (22% of net fee income)

Revenue was £42.9m (2010: £33.0m) and net fee income increased by 34% (34% in constant currency) to £19.4m (2010: £14.4m) delivering an operating profit of £1.0m (£1.0m in constant currency) (2010: operating loss of £0.1m).

The Group's performance across Europe was underpinned by strong growth in France, the region's largest business. Walters People, our junior clerical recruitment business continued to perform well, particularly in France and we have consolidated two satellite offices in Paris into a significantly larger office to facilitate further growth. We continue to actively investigate growth opportunities for Walters People in both existing and new markets.

Spain and Switzerland both more than doubled net fee income and our new business in Germany has made an excellent start. We plan to expand our presence in this important market with the opening of an office in Frankfurt during the second half of the year.

The Americas and South Africa (2% of net fee income)

Revenue was £2.5m (2010: £1.8m) and net fee income increased by 31% (36% in constant currency) to £2.4m (2010: £1.8m) delivering an operating profit of £0.1m (£0.1m in constant currency) (2010: operating loss of £0.1m).

Robert Walters plc HALF-YEARLY FINANCIAL RESULTS 2011

In New York, recruitment activity levels in the first quarter were muted particularly in the financial services market, however our business recovered well during the second quarter. In South Africa, we moved into new, larger premises to support local expansion.

Our recently established business in Sao Paulo, the Group's first office in South America, has made a promising start. We plan to build on this foundation to grow our presence both within Brazil and other South American markets over the course of the next few years.

Cash flow

The Group maintained a strong net cash position of £10.7m as at 30 June 2011 (30 June 2010: £12.9m) despite a significant overall increase in contractor numbers. Working capital in the period has increased by £12.4m, the Company purchased £0.2m of its own shares at an average price of £2.88 per share, paid a dividend of £2.5m and £5.9m tax. Group capital expenditure was £3.9m reflecting a number of major office moves.

Dividend

The interim dividend will be increased by 5% to 1.47p per share (2010: 1.4p) and will be paid on 21 October 2011 to those shareholders on the Company's register on 9 September 2011.

Treasury management, currency risk and other principal risks and uncertainties affecting the business

The Group does not have material transactional exposures although is exposed to translation differences on the profits and cash flows generated in its overseas operations, the main functional currencies of the Group being pounds sterling, the euro, the Australian dollar and the Japanese yen.

The other principal risks and uncertainties affecting the business activities of the Group remain those detailed within the Operating and Financial Review section of the Annual Report & Accounts for the year ended 31 December 2010, namely the strength of the employment market, temporary labour law and staff attraction and retention across the Group. The Board does not foresee a material change in respect of these factors for the remainder of the year.

Outlook

We are committed to expanding in those markets offering the best prospects for growth and our future investment plans reflect this. Further offices in Indonesia, Taiwan and Germany are planned during the second half of the year.

Philip Aiken Chairman 3 August 2011

Robert Walters Chief Executive

CONDENSED CONSOLIDATED INCOME STATEMENT

		2011	2010	2010
		6 mths to	6 mths to	12 mths to
		30 June	30 June	31 December
		Unaudited	Unaudited	Audited
	Notes	£'000	£'000	£'000
Continuing operations
Revenue	4	241,618	188,803	424,203
Cost of sales		(152,489)	(116,496)	(268,819)

Gross profit	4	89,129	72,307	155,384
Administrative expenses		(81,910)	(67,062)	(142,176)
Operating profit	4	7,219	5,245	13,208
Finance income		24	84	349
Finance costs		(172)	(122)	(534)
Profit (loss) on foreign exchange			(95)	104
		17
Profit before taxation		7,088	5,112	13,127
Taxation	5	(2,304)	(1,681)	(4,316)
Profit for the period		4,784	3,431	8,811

Attributable to:
Owners of the Company		4,543	3,343	8,613
Non-controlling interest		241	88	198
		4,784	3,431	8,811

Earnings per share (pence):	7
Basic		6.5	4.8	12.5
Diluted		5.8	4.3	11.1

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AND EXPENSE

	2011	2010	2010
	6 mths to	6 mths to	12 mths to
	30 June	30 June	31 December
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Profit for the period	4,784	3,431	8,811
Exchange differences on translation of overseas operations	452	(260)	2,694
Total comprehensive income and expense for the period	5,236	3,171	11,505

Attributable to:
Owners of the Company	4,995	3,083	11,307
Non-controlling interest	241	88	198
	5,236	3,171	11,505

CONDENSED CONSOLIDATED BALANCE SHEET

	2011 30 June Unaudited	2010 30 June Unaudited	2010 31 December Audited
Notes	£'000	£'000	£'000
Non-current assets
Intangible assets	8,968	8,618	8,632
Property, plant and equipment	7,147	3,698	4,909
Deferred tax assets	7,844	4,033	8,515
	23,959	16,349	22,056
Current assets
Trade and other receivables	112,729	86,571	100,410
Corporation tax receivables	101	705	106
Cash and cash equivalents	22,355	21,027	31,906
	135,185	108,303	132,422
Total assets	159,144	124,652	154,478
Current liabilities
Trade and other payables	(81,010)	(61,457)	(78,852)
Corporation tax liabilities	(1,621)	(922)	(5,548)
Bank overdrafts and loans 9	(11,701)	(7,750)	(6,828)
	(94,332)	(70,129)	(91,228)
Net current assets	40,853	38,174	41,194

Non-current liabilities Bank loans 9	–	(331)	(195)
Deferred tax liabilities	(844)	(680)	(844)
	(844)	(1,011)	(1,039)
Total liabilities	(95,176)	(71,140)	(92,267)
Net assets	63,968	53,512	62,211

Equity Share capital	17,113	17,058	17,092
Share premium	21,247	20,696	21,040
Other reserves	(73,410)	(73,410)	(73,410)
Own shares held	(13,982)	(14,419)	(14,115)
Treasury shares held	(19,860)	(18,865)	(19,860)
Foreign exchange reserves	11,701	8,295	11,249
Retained earnings	120,720	114,069	120,017
Equity attributable to owners of the Company	63,529	53,424	62,013
Non-controlling interest	439	88	198
Total equity	63,968	53,512	62,211

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	2011	2010	2010
	6 mths to	6 mths to	12 mths to
	30 June	30 June	31 December
	Unaudited	Unaudited	Audited
Note	£'000	£'000	£'000
Cash (used) generated by operating activities 8	(2,214)	748	15,683
Income taxes (paid) refunded	(5,890)	147	(519)
Net cash (used) generated by operating activities	(8,104)	895	15,164
Investing activities
Acquisition of subsidiary (net of cash acquired)	–	(299)	(299)
Interest paid	(149)	(38)	(185)
Purchases of computer software	(643)	(97)	(560)
Purchases of property, plant and equipment	(3,234)	(479)	(2,696)
Net cash used by investing activities	(4,026)	(913)	(3,740)
Financing activities
Equity dividends paid	(2,457)	(2,292)	(3,250)
Proceeds from issue of equity	228	134	496
Proceeds from bank loans	4,818	5,578	4,651
Repayment of bank loans	(132)	(136)	(268)
Release (purchase) of own shares and treasury
(net of proceeds of option exercises)	211	(1,780)	(2,537)
Net cash generated (used) by financing activities	2,668	1,504	(908)
Net (decrease) increase in cash and cash equivalents	(9,462)	1,486	10,516

Cash and cash equivalents at beginning of the period	31,906	19,812	19,812
Effect of foreign exchange rate changes	(89)	(271)	1,578
Cash and cash equivalents at end of the period	22,355	21,027	31,906

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

				Own	Treasury	Foreign			Non
	Share	Share	Other	shares	shares	exchange	Retained		controlling	Total
	capital £'000	premium £'000	reserves £'000	held £'000	held £'000	reserves £'000	earnings £'000	Total £'000	interest £'000	equity £'000
Balance at
1 January 2010	17,034	20,586	(73,410)	(12,763)	(18,865)	8,555	112,197	53,334	–	53,334
Profit for the period	–	–	–	–	–	–	3,343	3,343	88	3,431
Foreign currency translation differences	–	–	–	–	–	(260)	–	(260)	–	(260)
Total comprehensive income and expense
for the period	–	–	–	–	–	(260)	3,343	3,083	88	3,171
Dividends paid	–	–	–	–	–	–	(2,292)	(2,292)	–	(2,292)
Own shares purchased (net of proceeds of option exercises)	–	–	–	(2,000)	–	–	220	(1,780)	–	(1,780)
Adjustment in respect
of share schemes	–	–	–	344	–	–	601	945	–	945
New shares issued	24	110	–	–	–	–	–	134	–	134
Unaudited balance at 30 June 2010	17,058	20,696	(73,410)	(14,419)	(18,865)	8,295	114,069	53,424	88	53,512
Profit for the period	–	–	–	–	–	–	5,270	5,270	110	5,380
Foreign currency
translation differences	–	–	–	–	–	2,954	–	2,954	–	2,954
Total comprehensive income and expense
for the period	–	–	–	–	–	2,954	5,270	8,224	110	8,334
Dividends paid	–	–	–	–	–	–	(958)	(958)	–	(958)
Own shares purchased (net of proceeds of option exercises)	–	–	–	–	(995)	–	(220)	(1,215)	–	(1,215)
Adjustment in respect
of share schemes	–	–	–	304	–	–	1,856	2,160	–	2,160
New shares issued	34	344	–	–	–	–	–	378	–	378
Balance at
31 December 2010	17,092	21,040	(73,410)	(14,115)	(19,860)	11,249	120,017	62,013	198	62,211
Profit for the period	–	–	–	–	–	–	4,543	4,543	241	4,784
Foreign currency
translation differences	–	–	–	–	–	452	–	452	–	452
Total comprehensive income and expense
for the period	–	–	–	–	–	452	4,543	4,995	241	5,236
Dividends paid	–	–	–	–	–	–	(2,457)	(2,457)	–	(2,457)
Own shares purchased	–	–	–	(211)	–	–	–	(211)	–	(211)
Adjustment in respect
of share schemes	–	–	–	344	–	–	(1,383)	(1,039)	–	(1,039)
New shares issued	21	207	–	–	–	–	–	228	–	228
Unaudited balance at 30 June 2011	17,113	21,247	(73,410)	(13,982)	(19,860)	11,701	120,720	63,529	439	63,968

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS

1. Statement of accounting policies

Basis of preparation

The annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements has been prepared in accordance with the International Accounting Standard 34 'Interim Financial Reporting', as adopted by the European Union.

The accounting policies applied by the Group are as set out in detail in the Annual Report for the year ended 31 December 2010.

The Group was profitable for the period and has considerable financial resources including £10.7m of net cash at 30 June 2011 together with a diverse range of clients and suppliers across different geographic locations and sectors. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully.

After making enquiries, the Directors have formed a judgement, at the time of approving the half-yearly financial results, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months. For this reason the Directors continue to adopt the going concern basis in preparing the condensed set of financial statements.

2. Financial information

The financial information on pages 4 to 11 was formally approved by the Board of Directors on 3 August 2011. The financial information set out in this document does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts prepared under IFRS for the year ended 31 December 2010 for Robert Walters plc have been delivered to the Registrar of Companies. The auditors' report on these accounts was not qualified, did not draw attention to any matters by way of emphasis and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.

The financial information in respect of the period ended 30 June 2011 is unaudited but has been reviewed by the Company's auditors. Their report is attached on page 12. The financial information in respect of the period ended 30 June 2010 is also unaudited.

3. Currency conversion

The reporting currency of the Group is pounds sterling and the condensed set of financial statements has been prepared on this basis.

The condensed consolidated income statement for the period ended 30 June 2011 has been prepared using, among other currencies, average exchange rates of €1.1491 to the pound (period ended 30 June 2010: €1.1492; year ended 31 December 2010: €1.1660); ¥132.460 to the pound (period ended 30 June 2010: ¥139.635; year ended 31 December 2010: ¥135.751) and AUD\$1.5648 to the pound (period ended 30 June 2010: AUD\$1.7095; year ended 31 December 2010: AUD\$1.6850).

The condensed consolidated balance sheet as at 30 June 2011 has been prepared using the exchange rates on that day of €1.1133 to the pound (30 June 2010: €1.1348; 31 December 2010: €1.1675); ¥129.748 to the pound (30 June 2010: ¥133.69; 31 December 2010: ¥126.165) and AUD\$1.5121 to the pound (30 June 2010: AUD\$1.7599; 31 December 2010: AUD\$1.5225).

4. Segmental information

	2011	2010	2010
	6 mths to	6 mths to	12 mths to
	30 June	30 June	31 December
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
i) Revenue:
Asia Pacific	109,926	84,509	191,316
UK	86,241	69,489	157,892
Europe	42,912	32,967	71,326
The Americas and South Africa	2,539	1,838	3,669
	241,618	188,803	424,203

ii) Gross profit:
Asia Pacific	44,505	34,428	75,586
UK	22,851	21,639	45,805
Europe	19,380	14,412	30,408
The Americas and South Africa	2,393	1,828	3,585
	89,129	72,307	155,384

iii) Profit before taxation:
Asia Pacific	5,819	5,317	11,268
UK	306	136	1,258
Europe	1,032	(90)	754
The Americas and South Africa	62	(118)	(72)

Operating profit Net finance costs	7,219 (131)	5,245 (133)	13,208 (81)

Profit before taxation	7,088	5,112	13,127

iv) Total assets:
Asia Pacific	47,475	36,598	39,762
UK	55,962	46,189	53,830
Europe	23,185	14,718	18,422
The Americas and South Africa	2,222	1,382	1,937
Unallocated corporate assets	30,300	25,765	40,527
	159,144	124,652	154,478

v) Total liabilities:
Asia Pacific	(16,709)	(15,514)	(19,526)
UK	(48,754)	(32,961)	(42,139)
Europe	(14,122)	(11,644)	(15,638)
The Americas and South Africa	(1,425)	(1,338)	(1,549)
Unallocated corporate liabilities	(14,166)	(9,683)	(13,415)
	(95,176)	(71,140)	(92,267)

vi) Revenue by business grouping:
Robert Walters	206,126	165,446	366,912
Resource Solutions	35,492	23,357	57,291
	241,618	188,803	424,203

For the purposes of segmental information, unallocated corporate assets and liabilities include cash, bank loans and corporate and deferred tax balances.

Total tax charge for the period	2,304	1,681	4,316
Current tax Deferred tax	2,059 245	1,604 77	7,301 (2,985)
	Unaudited £'000	Unaudited £'000	Audited £'000
	30 June	30 June	31 December
	6 mths to	6 mths to	12 mths to
	2011	2010	2010
5. Taxation

The tax charge is based on the expected annual tax rate of 32.5% (2010: 32.9%) on profit before taxation.

6. Dividends
	2011 6 mths to 30 June Unaudited £'000	2010 6 mths to 30 June Unaudited £'000	2010 12 mths to 31 December Audited £'000
Amounts recognised as distributions to equity holders in the period: Final dividend for 2010 of 3.5p (2009: 3.35p) Interim dividend for 2010 of 1.4p (2009: 1.4p)	2,457 –	2,292 –	2,292 958
	2,457	2,292	3,250
Proposed interim dividend for 2011 of 1.47p (2010: 1.4p)	1,031	959	n/a

The proposed interim dividend was approved by the Board on 3 August 2011 and has not been included as a liability at 30 June 2011.

7. Earnings per share

The calculation of earnings per ordinary share is based on the profit for the period attributable to owners of the Company and the weighted average number of shares of the Company.

	2011	2010	2010
	6 mths to	6 mths to	12 mths to
	30 June	30 June	31 December
	Unaudited	Unaudited	Audited
	£'000	£'000	£'000
Profit for the period attributable to owners
of the Company	4,543	3,343	8,613

	Number	Number	Number
	of shares	of shares	of shares
Weighted average number of shares:
Shares in issue throughout the period	85,463,121	85,168,703	85,168,703
Shares issued in the period	52,680	103,802	145,800
Treasury and own shares held	(16,107,233)	(16,346,053)	(16,667,426)

For basic earnings per share	69,408,568	68,926,452	68,647,077
Outstanding share options	7,835,802	8,820,946	8,996,317
For diluted earnings per share	77,244,370	77,747,398	77,643,394

2011 6 mths to 30 June Unaudited £'000	2010 6 mths to 30 June Unaudited £'000	2010 12 mths to 31 December Audited £'000
7,219	5,245	13,208
1,323	1,488	3,074
83	10	76
1,541	766	1,368

10,166	7,509	17,726
(11,359)	(20,321)	(30,953)
(1,021)	13,560	28,910
(2,214)	748	15,683

9. Bank loans

In June 2010, the Group entered into a committed, three-year, £20m receivables financing agreement. At 30 June 2011, £9.9m was drawn down under this facility.

10. Related party transactions

There have been no related party transactions or changes in the related party transactions described in the latest Annual Report that have had a material effect on the financial position or performance of the Group in the first six months of the financial year.

11. Registered office

The Company's registered office is located at 55 Strand, London WC2N 5WR.

RESPONSIBILITY STATEMENT

We confirm to the best of our knowledge:

a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';
b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) the interim management report and note 10 includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board,

Alan Bannatyne Group Finance Director 3 August 2011

Independent Review Report to Robert Walters plc

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial results for the six months ended 30 June 2011 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income and expense, the condensed consolidated balance sheet, the condensed consolidated cash flow statement, the condensed consolidated statement of changes in equity, and related notes 1 to 11. We have read the other information contained in the half-yearly financial results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial results are the responsibility of, and have been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial results in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in the half-yearly financial results has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial results for the six months ended 30 June 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Deloitte LLP Chartered Accountants and Statutory Auditor London, United Kingdom 3 August 2011

OUR OFFICES

Australia

Adelaide Level 20 25 Grenfell Street Adelaide SA 5000 t +61 (0) 8 8216 3500

Brisbane

Level 27 Waterfront Place 1 Eagle Street Brisbane QLD 4000 t +61 (0) 7 3032 2222

Melbourne Level 29 360 Collins Street

Melbourne VIC 3000 t +61 (0) 3 8628 2100

Perth Level 10 109 St Georges Terrace Perth WA 6000 t +61 (0) 8 9266 0900

Sydney Level 53 Governor Phillip Tower 1 Farrer Place Sydney 2000 t +61 (0) 2 8289 3100

Level 15 67 Albert Avenue Chatswood NSW 2067 t +61 (0) 2 8423 1000

Belgium Brussels Avenue Louise 149 Box 33 B-1050 Brussels t +32 (0) 2 511 66 88

Walters People Avenue Louise 149 Box 32 B-1050 Brussels t +32 (0) 2 542 40 40

Walters People Access 40 54 Gossetlaan 1702 Groot-Bijgaarden t +32 (0) 2 609 79 00

Walters People Leuvensesteenweg 555 Entrance 3 1930 Zaventem t +32 (0) 2 613 08 00

BRAZIL

São Paulo Rue do Rócio 350 - 4th floor - Vila Olímpia São Paulo SP – 04552-000 t +55 (11) 2655 0888

China Beijing Unit 1001, North Tower, Kerry Centre No 1, Guang Hua Road Chaoyang District Beijing China 100020 t +86 10 5282 1888

Nanjing 36th Floor Suite D/E 1 Hanzhong Road Baixia District Nanjing China 210029 t +86 25 8801 5888

Shanghai Suite 17B Crystal Century Plaza 567 Wei Hai Road Shanghai China 200041 t +86 21 5153 5888

Suzhou Suite 2106 Zhongyin Huilong Building No. 8 Suhua Road Suzhou Industrial Park Jiangsu China 215021 t +86 512 6873 5888

France

Lyon 94 Quai Charles de Gaulle 69006 Lyon Cedex 06 France t +33 (0) 4 72 44 04 18

Paris 25 rue Balzac 75008 Paris France t +33 (0) 1 40 67 88 00 Walters People Mezzanine 16 rue Washington 75008 Paris France t +33 (0) 1 40 76 05 05 Walters People 43 Avenue du centre 78180 Montigny-le-Bretonneux t +33 (0) 1 30 48 21 80

Strasbourg 3rd Floor Centre d'Affaire Delta Bleu 5 Place du Corbeau 67000 Strasbourg France t +33 (0) 3 88 65 58 25

Germany Düsseldorf Benrather Straße 12 40213 Düsseldorf Germany t +49 (0) 211 3018 0000

HONG KONG 20/F Nexxus Building 41 Connaught Road Central Hong Kong t +852 2103 5300

Ireland Dublin 2nd Floor Riverview House 21-23 City Quay Dublin 2, Ireland t +353 (0) 1 633 4111

Japan Osaka Pias Tower 15th Floor 3-19-3 Toyosaki Kita-ku, Osaka-shi Osaka 531-0072 Japan t +81 (0) 6 4560 3100

Tokyo Shibuya Minami Tokyu Building 14th Floor 3-12-18 Shibuya Shibuya-ku Tokyo 150-0002 Japan t +81 (0) 3 4570 1500

KOREA Seoul 27F, West Center Center 1 Building 67 Suha-dong Jung-gu Seoul Korea 100-210 t +82 (0) 2 6030 8811 Luxembourg 20 rue Eugene Ruppert L-2453 Luxembourg t +352 (0) 2647 8585

Malaysia Kuala Lumpur Level 45, Tower 2 Petronas Twin Towers Kuala Lumpur City Center 50088 Kuala Lumpur t +603 2380 8700

Netherlands Amsterdam WTC Toren H Zuidplein 28 1077 XV Amsterdam Netherlands t +31 (0) 20 644 4655

Eindhoven Begijnenhof 4-6 5611 EL Eindhoven Netherlands t +31 (0) 40 7999 910

Rotterdam 3rd Floor Groothandelsgebouw Stationsplein 45 PO Box 746 3000 AS Rotterdam Netherlands

t +31 (0) 10 7998 090 New Zealand Auckland Level 9 22 Fanshawe Street Auckland

t +64 (0) 9 302 2280 Wellington Level 8 Featherston House 119-123 Featherston Street Wellington t +64 (0) 4 499 7711

Singapore 6 Battery Road 22-01 Singapore 049909 t +65 6228 0200

South Africa Johannesburg World Trade Center Johannesburg Cor West Road South and Lower Road Morningside Sandton 2196 t +27 (0) 11 783 3570

Spain

Madrid Plaza de la Indepencia 2, 3º planta 28001 Madrid t +34 (0) 91 309 7988

SWITZERLAND

Zürich Brandschenkenstrasse 6 8001 Zürich Switzerland t +41 (0) 44 809 35 00

Thailand

Bangkok 1 Zuellig House 3rd Floor Unit 302 Silom Road Bangrak Bangkok 10500 Thailand t +66 (0) 2 344 4800

United Kingdom Birmingham 9th Floor 11 Brindley Place Birmingham B1 2LP t +44 (0) 121 281 5000

Guildford

1st Floor Meridian House 9-11 Chertsey Street Guildford, Surrey, GU1 4HD t +44 (0) 1483 510 400

London (Head Office) 55 Strand London WC2N 5WR t +44 (0) 20 7379 3333

Manchester Suite 4A 6th Floor 55 King Street Manchester M2 4LQ t +44 (0) 161 214 7400

United States New York 16th Floor Suite 1606 7 Times Square Tower New York NY 10036 USA t +1 212 704 9900

VIETNAM Ho Chi Minh City Level 14, Unit 1403 39 Le Duan Street District 1 Ho Chi Minh City t +84 8 3520 7900

AUSTRALIA BELGIUM BRAZIL CHINA FRANCE GERMANY HONG KONG IRELAND JAPAN KOREA LUXEMBOURG MALAYSIA NETHERLANDS NEW ZEALAND SINGAPORE SOUTH AFRICA SPAIN SWITZERLAND THAILAND UK USA VIETNAM