Source - RNS
RNS Number : 4769I
AvangardCo Investments Public Ltd
31 August 2016
 

 

August 31, 2016

 

AVANGARDCO INVESTMENTS PUBLIC LIMITED

 

FINANCIAL RESULTS FOR THE FIRST HALF OF 2016

 

Кyiv, Ukraine - AVANGARDCO INVESTMENTS PUBLIC LIMITED (LSE: AVGR) (the "Company" or "AVANGARDCO IPL"), the largest producer of shell eggs and dry egg products in Ukraine and number one producer in Europe, today announces its financial results for the first six months ended 30 June 2016.

 

H1 2016 Financial Highlights

 

§ Consolidated revenue amounted to US$64.8 mln, a decrease of 47% YoY (H1 2015: US$121.4 mln)

§ Export sales revenue amounted to US$31.7 mln, or 49% of the Company's consolidated revenue (H1 2015: US$44.2 mln or 36% of the Company's consolidated revenue)

§ Gross profit amounted to US$2.7 mln, a decline of 64% YoY (H1 2015: US$7.5 mln). Gross margin amounted to 4% (H1 2015: 6%)

§ Negative EBITDA of US$12.6 mln. (H1 2015: US$98.2 mln)

§ Net loss reduced to US$32.6 mln (H1 2015: US$152.4 mln)

 

H1 2016 Operational Highlights

 

§ Production of shell eggs totalled 1,249 mln units, a decline of 34% YoY (H1 2015: 1,892 mln units)

§ Sales of shell eggs amounted to 751 mln units, down by 56% YoY (H1 2015: 1,700 mln units)

§ Export of shell eggs amounted to 130 mln units, a decline of 37% YoY (H1 2015: 207 mln units)

§ The average sales price of shell eggs was UAH 1.34 per unit, excluding VAT, up by 24% YoY (H1 2015: UAH 1.08 per unit, excluding VAT)

§ The production of dry egg products amounted to 5,406 tonnes, an increase of 52% YoY (H1 2015: 3,562 tonnes)

§ Sales of dry egg products totalled 3,918 tonnes, down by 31% YoY (H1 2015: 5,691 tonnes)

§ Exports of dry egg products amounted to 3,469 tonnes, a decline of 14% YoY (H1 2015: 4,049 tonnes)

§ The average sales price of dry egg products was US$5.65kg, up by 5% YoY (H1 2015: US$5.40/kg)

§ As at 30 June 2016, the total poultry flock amounted to 13.7 mln hens, a decrease of 14% YoY (30 June 2015: 16.0 mln hens)

§ As at 30 June 2016, the number of laying hens amounted to 10.8 mln hens, down by 11% YoY (30 June 2015: 12.1 mln hens) 

 

Nataliya Vasylyuk, Chief Executive Officer of AVANGARDCO IPL, commented: 

"AVANGARDCO's financial and operating results reflect the difficult environment in which the Company continues to operate. The Company's H1 2016 results were affected by the Q2 sales price of shell eggs which fell below the 2015 level amid rising production costs. The lower sales price was due to increased domestic competition triggered by reduced shell egg exports from Ukraine and weaker domestic demand.

We have made good progress in optimising the Company's domestic and export sales structure. In the reporting period, we increased the share of export sales to 49% of the consolidated revenues, while we also significantly diversified our export destinations for shell eggs and egg products. Sales to the EU increased to 43% of export revenue, while the share of sales in the Middle East declined from 58% to 46% due to instability in the region.

We continue to streamline our domestic sales structure, selling almost half of our shell eggs to supermarket chains and reducing sales to the lower margin wholesale channel, as the average sales price to supermarkets is 10% - 20% higher compared to wholesale.

The ongoing challenging economic situation in Ukraine combined with the devaluation of the national currency and the reduction of tax incentives, continue to hinder the development of the Company, and there is still a difficult road to recovery. However, we continue to adjust our business processes in response to this so we are well placed to achieve revenue growth and profit once external conditions become more favourable."

Outlook:

In light of the ongoing political and economic uncertainty in Ukraine and low demand for shell eggs in the domestic market, the Company provides a conservative forecast for H2 2016.

 

We expect a partial recovery in the demand and sales price for shell eggs in the second half of the year.

 

The Company continues to focus on ensuring the profitability and competitiveness of its business in the current challenging environment and the fulfillment of its financial obligations. In this regard, the strategy for H2 2016 includes:

 

§ Keeping the number of laying hens at 11.0 mln, with flat production and sales of shell eggs in H2 to prevent a surplus in the domestic shell egg market and a lower sales price.

§ Moderately growing sales of dry egg products together with their inventories formed in Q2 2016. The price of dry egg products is expected to be stable.

§ Expanding the Company's geographical outreach and export sales, by growing sales of shell eggs to Azerbaijan and egg products into the EU and the Far East. This will also help to reduce dependency on the volatile situation in the Middle East.

§ Continuing to increase sales via all available distribution channels, focusing on higher margin supermarkets, and on additional export opportunities in existing and new markets.

###

 

The management team will host an investor and analyst conference call at 14.00 pm (London), 16.00 pm (Kiev/Moscow) and 09.00 am (New York) on Wednesday, 31 August 2016, including a question and answer session.

 

Name:                       

AVANGARDCO 1H 2016 FINANCIAL RESULTS

ID:                                    

ID 70770288

USA

1877 328 4999

UK Standard International

+44 (0) 1452 561 488

A live webcast of the presentation will be available at: 

https://webconnect.webex.com/webconnect/onstage/g.php?MTID=e7e243f1031adc25bd809e46cfdca6256

 

Please register approximately 15 minutes prior to the start of the call.

 

Financial results for the first six months of 2016 ended 30 June 2016 are available on the Company's website at: http://avangard.co.ua/eng/for-investors/financial-overview/financial-reports/interim-reports/

 

###

Financial results overview

 

Units

Q2 2016*

 Q2 2015*

Change

H1 2016

H1 2015

Change

Consolidated Revenue

US$ '000

24,822

49,248

(50%)

64,777

121,397

(47%)

Gross Profit/(Loss)

US$ '000

(5,713)

(6,847)

-

2,676

7,512

(64%)

Gross Profit Margin

%

-

-

-

4%

6%

(2p.p.)

EBITDA

US$ '000

(22,556)

(103,280)

-

(12,608)

(98,191)

-

EBITDA Margin

%

-

-

-

-

-

-

Operating Profit/(Loss)

US$ '000

(26,521)

(109,340)

-

(20,973)

(110,446)

-

Operating Margin

%

-

-

-

-

-

-

Net Profit/(Loss)

US$ '000

(28,825)

(99,711)

-

(32,607)

(152,432)

-

Net Profit Margin

%

-

-

-

 -

-

*recalculated at the average UAH/USD exchange rate for the second quarter of 2015 and 2016

 

Q2 2016:

 

Currency

30 June
 2016

Weighted average for Q2 2016

30 June
 2015

Weighted average for Q2 2015

US dollar to Ukrainian Hryvnia

24.854

 

25.262

 

21.015

 

21.611

 

 

In Q2 2016, the Company's consolidated revenue decreased by 50% YoY and amounted to US$24.8 mln (Q2 2015: US$49.2 mln), largely due to the decrease in sales of shell eggs by 56% YoY and the drop in the average sales price of shell eggs in the Ukrainian Hryvnia and US dollar by 8% YoY and 20% YoY respectively.  

Gross loss amounted to US$5.7 mln (Q2 2015: US$6.8 mln) as a result of decreased revenue and an increase in the cost per unit of production (in Q2 2016 the average sales price of shell eggs in the domestic market was lower than the cost of sales).

In Q2 2016, the loss from operating activities amounted to US$26.5 mln (Q2 2015: US$109.3 mln) and resulted from the provisions for doubtful debts for accounts receivables.

The negative EBITDA amounted to US$22.6 mln (Q2 2015: US$103.3 mln).

In Q2 2016 the Company's net loss was US$28.8 mln (Q2 2015: US$99.7 mln).

 

H1 2016:

 

Currency

   30 June
 2016

Weighted average for the 6 months ended

30 June 2016

30 June
 2015

Weighted average for the 6 months ended 30 June 2015

US dollar to Ukrainian Hryvnia

24.854

25.458

21.015

21.365

 

In H1 2016, the Company's consolidated revenue decreased by 47% YoY, amounting to US$64.8 mln (H1 2015: US$121.4 mln). This was due to the devaluation of the Ukrainian Hryvnia against the US dollar and the decline in sales volumes of shell eggs and dry egg products by 56% YoY and 31% YoY, respectively. At the same time, the revenue was supported by the growth in the average sales price of shell eggs and egg products in US dollar terms by 4% YoY and 5% YoY respectively, as well as the increased share of exports to 49% of the consolidated revenue (H1 2015: 36%).

 

In H1 2016, the Company's export revenues decreased by 28% YoY to US$31.7 mln (H1 2015: US$44.2 mln) as a result of the decline in export sales of shell eggs and dry egg products by 37% YoY and 14% YoY respectively.

 

In H1 2016, the cost of sales fell by 49% YoY and amounted to US$59.1 mln (H1 2015: US$116.0 mln) due to lower sales volumes of shell eggs and egg products.

As a result of the decrease in the consolidated revenue and the increase in the cost of sales per unit, the Company's gross profit was down by 64% to US$2.7 mln (H1 2015: US$7.5 mln), with the gross profit margin at 4% (H1 2015: 6%).

In H1 2016, a loss from operating activities amounted to US$21.0 mln (H1 2015: US$110.4 mln), which was affected by provisions for doubtful debts of US$21.2 mln in addition to the aforementioned reasons.

Negative EBITDA amounted to US$12.6 mln (H1 2015: US$98.2 mln).

In H1 2016, the Company's net loss reduced to US$32.6 mln (H1 2015: US$152.4 mln), primarily resulting from softer operational results in Q2 2016 due to lower sales volumes and unfavourable prices in the domestic market.

 

Cash flow and debt structure:

 

As at 30 June 2016, net cash ouflow from operating activities amounted to US$0.8 mln (30 June 2015: cash inflow of US$3.3 mln) due to the reduced operating profit from unfavourable pricing in the domestic market in Q2 2016 and the continued growth of cost per unit of output.

 

Net cash used in investing activities amounted to US$9.2 mln for maintenance capex (30 June 2015: US$14.9 mln).

 

Net cash used in financing activities was US$4.5 mln (30 June 2015: US$6.2 mln).

 

As at 30 June 2016, net cash outflow amounted to US$14.5 mln (30 June 2015: US$17.8 mln.). Cash and cash equivalents decreased to US$17.2 mln (30 June 2015: US$52.2 mln) due to cash outflow from operating, financing and investing activities.

 

As at 30 June 2016, the Company's total debt amounted to US$343.4 mln (31 December 2015: US$336.4 mln). Net debt amounted to US$326.3 mln (31 December 2015: US$305.0 mln).

 

The Company's Eurobond issue, which has a maturity date of 29 October 2018, amounted to 61% of the Company's total debt.

 

Segment review

 

Shell Eggs Segment

 

 

Units

As at 30.06.2016

As at 30.06.2015

Change

Total Poultry Flock

Heads (mln)

13.7

16.0

(14%)

Laying Hens

Heads (mln)

10.8

12.1

(11%)

 

As at 30 June 2016, the total poultry flock was down by 14% YoY to 13.7 mln heads (30 June 2015: 16.0 mln heads) and the number of laying hens decreased by 11% YoY to 10.8 mln heads (30 June 2015: 12.1 mln heads) due to a lower demand for shell eggs in Ukraine. Approximately 80% of laying hens are now located at the newly built and more efficient Avis and Chornobaivske poultry complexes.

 

 

Units

Q2 2016

Q2 2015

Change

H1 2016

H1 2015

Change

Total Production

Units (mln)

622

841

(26%)

1,249

1,892

(34%)

Processing

Units (mln)

325

205

59%

459

303

51%

Sales

Units (mln)

276

634

(56%)

751

1,700

(56%)

Export

Units (mln)

55

99

(44%)

130

207

(37%)

Average Sales Price

UAH (excl. VAT)

1.00

1.09

(8%)

1.34

1.08

24%

 

The production volume of shell eggs decreased by 26% YoY to 622 mln units in Q2 2016 (Q2 2015: 841 mln units) and by 34% YoY to 1,249 mln units in H1 2016 (H1 2015: 1,892 mln units) due to the reduction in the number of laying hens.

 

In Q2 2016, sales of shell eggs decreased by 56% YoY to 276 mln units (Q2 2015: 634 mln units) and by 56% YoY to 751 mln units in H1 2016 (H1 2015: 1,700 mln units). This was a result of the reduction in exports with lower consumer demand in Ukraine, affected by usual seasonality alongside constrained household budgets.

 

In Q2 2016, the volume of shell eggs for processing increased by 59% YoY to 325 mln units (Q2 2015: 205 mln units) and in H1 2016 by 51% YoY to 459 mln units (H1 2015: 303 mln units). This was in response to the market situation and to avoid the accumulation of inventories and damage of shell eggs, as egg products have a longer shelf life than eggs.

 

In H1 2016, the Company sold shell eggs to supermarkets and to wholesale customers as well as for export. In line with its strategy, the share of sales through supermarkets has increased significantly reaching 54% of total sales (H1 2015: 39%), whilst the share of sales to the lower margin wholesale channel reduced to 29% (H1 2015: 49%).

 

The share of shell egg export sales rose to 17% (H1 2015: 12%) due to the diversification of its export destinations into Iraq, UAE, Moldova, Azerbaijan and Liberia. However, in Q2 2016, exports of shell eggs decreased by 44% YoY to 55 mln units (Q2 2015: 99 mln units) and by 37% YoY to 130 mln units in H1 2016 (H1 2015: 207 mln units). The main reason for this decline was the unstable situation in Iraq, one of the Company's key markets for shell egg exports.

 

In Q2 2016, the average sales price of shell eggs decreased by 8% YoY to 1.00 UAH per unit, excluding VAT (Q2 2015: 1.09 UAH per unit, excluding VAT) in addition to seasonality this was caused by lower domestic demand combined with oversupply of shell eggs in the domestic market due to the decline of exports from Ukraine. In H1 2016, the average sales price of shell eggs rose by 24% YoY to 1.34 UAH per unit, excluding VAT (H1 2015: 1.08 UAH per unit, excluding VAT) due to a higher Q1 2016 sales price and an increased proportion of sales to supermarkets and for export.

In H1 2016, the shell egg segment's revenue decreased by 54% YoY to US$39.4 mln. (H1 2015: US$85.7 mln) as a result of reduced sales. The segment's net loss amounted to US$18.8 mln (H1 2015: US$34.4 mln.) due to the reduced sales, higher costs and provisions for doubtful debts.

Dry Egg Products Segment

 

 

Units

Q2 2016

Q2 2015

Change

H1 2016

H1 2015

Change

Dry egg products production

Tonnes

3,832

2,412

59%

5,406

3,562

52%

Sales volume

Tonnes

2,280

2,440

(7%)

3,918

5,691

(31%)

Export

Tonnes

2,082

1,928

8%

3,469

4,049

(14%)

Average Sales Price

US$/Kg

5.64

5.67

(1%)

5.65

5.40

5%

 

 

In Q2 2016, the volume of dry egg products increased by 59% YoY to 3,832 tonnes (Q2 2015: 2,412 tonnes) and in H1 2016 it rose by 52% YoY to 5,406 tonnes (H1 2015: 3,562 tonnes). The production of dry egg products was increased in response to unfavourable sales conditions for shell eggs in Ukraine to avoid the accumulation of inventories.

 

In Q2 2016, sales of dry egg products decreased by 7% YoY to 2,280 tonnes (Q2 2015: 2,440 tonnes). In H1 2016, sales of dry egg products decreased by 31% YoY to 3,918 tonnes (H1 2015: 5,691 tonnes including 2,129 tonnes of inventories) due to untypically high sales in H1 2015.

 

In Q2 2016, the export of dry egg products rose by 8% YoY to 2,082 tonnes (Q2 2015: 1,928 tonnes). In H1 2016, the export of dry egg products declined by 14% YoY to 3,469 tonnes (H1 2015: 4,049 tonnes) and amounted 89% of the total sales (H1 2015: 71% of the total sales). The decline in exports was mainly due to reduced sales to the Middle East resulting from the unstable situation in the region. In the reporting period, the Company expanded its geographic sales outreach to 13 countries in the EU, Asia and the Far East, the Middle East and North Africa. The Company continues to increase its sales to the European market which in H1 2016 amounted to 67% of exports of dry egg products.

 

In Q2 2016, the average sales price of dry egg products decreased by 1% YoY US$5.64/kg (Q2 2015: US$5.67/kg). In H1 2016, the average sales price of dry egg products rose by 5% YoY to US$5.65/kg (H1 2015: US$5.40/kg) due to a different sales breakdown within product mix and geography, as well as an increased share of export sales.

 

In H1 2016, as a result of the decrease in sales, the dry egg product segment's revenues decreased by 28% YoY to US$22.1 mln (H1 2015: US$30.7 mln).

 

The segment's net loss amounted to US$2.4 mln (H1 2015: US$34.5 mln) and was affected by reduced sales alongside higher costs.

 

- Ends -

 

For investor's inquiries:

Valeriya Nikitina

AVANGARDCO IPL

Investor Relations Manager

phone: +38 044 393 40 50

mob.: +38 067 223 46 88

e-mail: [email protected]

 

FTI Consulting London

Elena Kalinskaya / Nicola Krafft

phone: +44 (0) 20 3727 1000

e-mail: [email protected]

 

 

# # #

Information for editors

AVANGARDCO IPL is one of the largest agro-industrial companies in Ukraine, specialising in the production of shell eggs and dry egg products. As at 30 June 2016, the Company holds a 31% share of the industrial shell egg market and a 84% share of the dry egg product market in Ukraine. The Company's laying hens flock is one of the largest globally.

AVANGARDCO IPL has a vertically integrated production cycle. The Company's facilities are located in 14 regions of Ukraine and the Autonomous Republic of Crimea. The Company has 19 laying farms, 3 hatcheries, 10 rearing farms, 6 feed mills, 3 long-term storage facilities and the Imperovo Foods egg processing plant, which is one of the most technologically-advanced facilities for processing eggs in Europe.

The Company exports its products to the Middle East, Africa, Asia, the CIS and EU.    

The Company's shares, in the form of Global Depositary Receipts, have been trading on the London Stock Exchange since May 2010. The Eurobond issue for approximately US$200 mln with a maturity on 29 October 2018 was included in the official list of the UK Listing Authority (UKLA) and admitted to trading on a regulated market of the London Stock Exchange on 1 November 2010.

# # #

 

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of AVANGARDCO IPL. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might", the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general eonomic conditions, our competitive environment, risks associated with operating in the Company's geographical locations, rapid

 

 

 

 

 

 

 

Condensed consolidated statement of financial position

AS AT 30 JUNE 2016

(in USD thousand, unless otherwise stated)

 

 

30 June 2016

31 December 2015

ASSETS

 

 

Property, plant and equipment

397,105

404,930

Non-current biological assets

6,153

13,403

Deferred tax assets

5,668

2,761

Held to maturity investments

7,619

9,257

Other non-current assets

6

6

Non-current assets

416,551

430,357

 

 

 

Inventories

65,141

58,149

Current biological assets

13,610

13,736

Trade accounts receivable, net

31,448

56,665

Prepaid income tax

39

72

Prepayments and other current assets, net

13,846

21,027

Taxes recoverable and prepaid

18,168

12,858

Cash and cash equivalents

17,178

31,307

Current assets

159,430

193,814

TOTAL ASSETS

575 981

624,171

 

 

 

EQUITY

 

 

Share capital

836

836

Share premium

201,164

201,164

Reserve capital

115,858

115,858

Retained earnings

888,948

921,435

Effect of translation into presentation currency

(1,035,301)

(1,018,085)

Equity attributable to owners of the Company

171,505

221,208

Non-controlling interests

12,677

13,847

Total equity

184,182

235,055

 

 

 

LIABILITIES

 

 

Long-term bond liabilities

210,728

202,871

Long-term loans

56,871

64,423

Deferred tax liabilities

384

410

Deferred income

1,278

1,384

Dividends payable

29,542

29,542

Long-term finance lease

21

28

Non-current liabilities

298,824

298,658

 

 

 

Current portion of non-current liabilities

25,912

19,125

Short-term loans

50,000

50,000

Trade payables

2,538

3,375

Other accounts payable

14,525

17,958

Current liabilities

92,975

90,458

TOTAL LIABILITIES

391,799

389,116

TOTAL EQUITY AND LIABILITIES

575,981

624,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed consolidated statement of profit and loss and other comprehensive income

FOR 6 Months ENDED 30 JUNE 2016

(in USD thousand, unless otherwise stated)

 

 

6 months ended

 

30 June 2016

30 June 2015

Revenue

64,777

121,397

(Loss)/profit from revaluation of biological assets at fair value

(3,023)

2,068

Cost of sales

(59,078)

(115,953)

GROSS PROFIT

2,676

7,512

 

 

 

General administrative expenses

(3,876)

(3,188)

Distribution expenses

(2,974)

(7,187)

Income from government grants and incentives

48

48

Income from special VAT treatment

3,982

4,575

Other operating expenses

(20,829)

(112,206)

LOSS FROM OPERATING ACTIVITIES

(20,973)

(110,446)

 

 

 

Finance income

1,512

2,121

Finance costs

(15,307)

(14,908)

Losses on exchange

(708)

(31,717)

NET FINANCE COSTS

(14,503)

(44,504)

 

 

 

LOSS BEFORE TAX

(35,476)

(154,950)

 

 

 

Income tax credit

2,869

2,518

LOSS FOR THE PERIOD

(32,607)

(152,432)

 

 

 

OTHER COMPREHENSIVE INCOME FOR THE PERIOD

 

 

Items that are or may be reclassified subsequently to profit or loss

 

 

Effect from translation into presentation currency

(18,266)

(192,636)

 

 

 

TOTAL COMPREHENSIVE INCOME

(50,873)

(345,068)

 

 

 

LOSS ATTRIBUTABLE TO

 

 

Owners of the Company

(32,487)

(148,055)

Non-controlling interests

(120)

(4,377)

 

(32,607)

(152,432)

 

 

 

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:

 

 

Owners of the Company

(49,823)

(329,802)

Non-controlling interests

(1,050)

(15,266)

 

(50,873)

(345,068)

 

 

 

 

 

 

Loss per share, USD (basic and diluted)

(5)

(23)

 

 

 

 

 

 

 

 

 

 

Condensed consolidated statement of cash flows

FOR 6 MONTHS ENDED 30 JUNE 2016

(in USD thousand, unless otherwise stated)

 

 

6 months ended

 

30 June 2016

30 June 2015

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

Loss before income tax

(35,476)

(154,950)

Adjustments for:

 

 

Depreciation of property, plant and equipment

7,738

12,255

Change in allowance for irrecoverable amounts

21,180

46,108

Loss on disposal of current assets

255

4

(Profit)/loss on disposal of property, plant and equipment

(169)

6

Impairment of current assets

627

37,503

Effect of fair value adjustments on biological assets

3,023

(2,068)

Gains realised from accounts payable written-off

(32)

(90)

Amortization of deferred income  on government grants

(48)

(48)

Discount bonds amortization

1,002

808

Impairement of funds

-

28,863

Discount on VAT government bonds amortization

(758)

(1,034)

Interest income

(754)

(1,087)

Interest payable on loans and bonds

14,295

14,081

Losses on exchange

708

36,685

Operating profit before working capital changes

11,591

17,036

Decrease/(increase) in trade receivables

2,312

(24,452)

Decrease in prepayments and other current assets

3,196

2,206

(Increase)/decrease in taxes recoverable and prepaid

(3,569)

18,672

Increase in inventories

(9,062)

(14,892)

Decrease in deferred income

(9)

-

Decrease in trade payables

(672)

(484)

Decrease in biological assets

3,260

5,986

Decrease in finance leases

-

(1)

(Decrease)/increase in other accounts payable

(5,239)

1,207

Cash generated from operations

1,808

5,278

Interest paid

(2,543)

(1,884)

Income tax paid

(17)

(45)

Net cash (used in)/generated from operating activities

(752)

3,349

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

Payments and receipts - property, plant and equipment

(11,091)

(16,092)

Proceeds from sale of non-current assets

343

-

Interest received

1,532

1,187

Net cash used in investing activities

(9,217)

(14,905)

 

 

 

Condensed consolidated statement of cash flows (cont.)

FOR 6 Months ENDED 30 JUNE 2016

(in USD thousand, unless otherwise stated)

 

 

6 months ended

 

30 June 2016

30 June 2015

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

New loans received

-

9,419

Repayment of  loans

(1,968)

(5,647)

Interest paid for bonds issued

(2,575)

(10,000)

Net cash used in financing activities

(4,543)

(6,228)

 

 

 

Net decrease in cash and cash equivalents

(14,512)

(17,784)

 

 

 

Cash and cash equivalents at 1 January

31,307

117,856

Impairement of funds

-

(29,344)

Effect from translation into presentation currency

383

(18,553)

Cash and cash equivalents at 30 June

17,178

52,175

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR URRWRNNAWOAR