Source - LSE Regulatory
RNS Number : 1662L
Braime Group PLC
08 September 2021
 

Braime Group PLC

("Braime" or the "Company" and together with its subsidiaries the "Group")

 

Interim Results for the six months ended 30th June 2021

 

 

The Company presents its unaudited interims results for the six months ended 30 June 2021:

 

Performance

Group sales revenue for the first six months of 2021 increased by 13% to £18.2m when compared to £16.1m for the same period in 2020, while profit before tax increased to £885,000 compared to £372,000 for the same period in 2020.  The retained profit for the six-month period includes a £250,000 provision for repairs commitments to our chain cell operations which has become necessary while the new warehouse is being built.  The directors are pleased to report that following the upheaval of the previous year brought about by the global pandemic, the Group has seen a surge in customer demand which began in the spring of 2021, with all sectors performing strongly, particularly the automotive sector.  The underlying trading performance of the Group should also be viewed from the context of Sterling strengthening during 2021.  A significant proportion of the Group's income is earned in the USA, and consequently, Sterling strengthening against the US dollar (a closing rate of 1:1.389 as at June 2021 compared to 1:1.236 in June 2020) results in a reduction in profit for the Group when reported in Sterling. 

 

Dividends

In line with the Group's policy to maintain dividend growth, balanced alongside the Group's requirement for investment in capital to support long term growth, the directors have decided to increase the interim dividend from 4.00p to 4.25p per share.  This dividend will be paid on 14th October 2021 to the Ordinary and 'A' Ordinary shareholders on the register on the 1st October 2021.  The associated ex-dividend date is 30th September 2021.

 

Braime Pressings Limited

External sales revenue of £2.6m in the first 6 months of 2021 was 35% up on the same period last year driven by strong demand from the automotive sector.  Intercompany sales also increased by £238,000.  The manufacturing division made a profit before tax of £481,000 as a result of the higher demand for its products.  As reported last year, the Company recruited a new sales manager at the beginning of 2020 and after a challenging year the Company is now developing new sectors.

 

4B Division

Our distribution division's external sales revenue of £15.6m increased by 10% when compared to £14.2m for the same period last year.  Intercompany trading increased by 9.8% to £2.6m (£2.4m for the same period in 2020). The division has benefitted from an exceptional order of chain products from the Middle East early in the year.  The £1.4m increase in external sales has had a positive direct impact on profitability, with profit after tax for the 4B division for the six-month period increasing to £494,000 as compared to £307,000 for the same period last year.

 

Balance Sheet

Total net assets as at 30th June 2021 amounted to £15.4m (30th June 2020 - £14.9m).  Capital asset additions of £991,000 during the period relate to a large extent to the remainder of the €2.2m construction costs of the warehouse being £433,000 for 4B France which was fully completed in May 2021 as announced earlier in the year.   As announced last month, the Company has also commenced construction of a new climate-controlled warehouse and additional parking facilities at our head office facility in Leeds, UK which is anticipated to cost £1m and is being funded primarily from a £850,000 development loan from the Company's bankers.  At the half-year, the Group had spent £185,000 on improvements to its head office facilities.  Other investments relate to various items of manufacturing equipment and other IT capital expenditure.  

 

Inventory has decreased by £44,000 when compared to 30th June 2020 and increased by £219,000 when compared to 31st December 2020.  Trade receivables of £7.5m have increased by £918,000 when compared to 30th June 2020 and increased by £1,518,000 when compared to 31st December 2020.  The increase in trade debtors are a direct result of the increase in revenue in the first six months of 2021 and is in line with seasonal trend.  Overall debtor days are similar to prior periods. The increase in long-term borrowings during the year are in line with expectations, being the take up of new loans of £532,000 in relation to the final draw-down of the €1.7m loan facility in 4B France with Credit du Nord and BPI-France which, as mentioned in the 2019 annual report, was obtained to fund the warehouse construction (the balance having been funded out of profit).

 

Cash flow

Cash at the end of the period was £764,000.  Cash generated from operations before working capital movements was £1.3m during the period.  An increase in trade receivables of £1,518,000, an increase in inventories of £219,000 offset by an increase in trade payables of £1,138,000 saw working capital reduce by £599,000 since the year end.  These are a consequence of the increased level of trading activity during the period.  Investment in capital projects mentioned above gave rise to capital outflows of £991,000 and the Group repaid £234,000 of loans whilst the take up of new loans of £532,000 in France mentioned above, provided proceeds from borrowings.  Overall, net cash reduced by £433,000 during the six months to 30th June 2021.   The business has sufficient headroom within its £3.5m bank overdraft facility and management remains focused in ensuring that working capital requirements, particularly for stock, are carefully monitored and controlled. 

 

Principal exchange rates

The Group reports its results in Sterling, its presentational currency.  The Group operates in six other currencies and the average of the principal exchange rates in use during the half year and as at 30th June 2021 are shown in the table below, along with comparatives.  Since a significant proportion of the Group revenues are in the USA, the Group has incurred foreign exchange losses from the strengthening of Sterling against the US dollar since 31st December 2020.  

 

 

Currency

 

Symbol

Avg rate

HY 2021

Avg rate

HY 2020

Avg rate

FY 2020

Closing rate

30th Jun 2021

Closing rate

30th Jun 2020

Closing rate

31st Dec 2020

Australian Dollar

AUD

1.813

       1.922

       1.867

1.840

1.795

       1.763

Chinese Renminbi (Yuan)

CNY

8.993

8.857

8.880

8.941

8.714

8.890

Euro

EUR

1.156

1.140

       1.126

1.165

1.100

       1.112

South African Rand

ZAR

20.257

21.334

     21.309

19.711

21.468

     20.030

Thai Baht

THB

43.064

39.993

     40.404

44.290

38.152

     40.838

United States Dollar

USD

1.389

1.259

1.290

1.382

1.236

       1.365

 

Key performance indicators

The Group uses the following key performance indicators to assess the performance of the Group as a whole and of the individual businesses:

 

 

Key performance indicator

 

Note

 

Half year 

2021 

 

Half year 

2020 

 

Full year 

2020 

Turnover growth

1

13.0% 

(5.6%)

(1.9%) 

Gross margin

2

47.2% 

47.4% 

46.7%  

Operating profit

3

£0.98m 

£0.45m 

£1.38m  

Stock days

4

170 days 

191 days 

182 days  

Debtor days

5

59 days 

63 days 

56 days  

 

Notes to KPI's

1.             Turnover growth

The Group aims to increase shareholder value by measuring the year on year growth in Group revenue.  Revenues are up due to the strong demand in the manufacturing sector and improvements in the global economic climate as the impact of the COVID pandemic recedes.

 

2.             Gross margin

Gross profit (revenue less change in inventories and raw materials used) as a percentage of revenue is monitored to maximise profits available for reinvestment and distribution to shareholders.  Gross margin has decreased slightly over the same period last year but has improved when compared to the full year results in 2020.  The directors continue to monitor the margins carefully for further movement.

 

3.             Operating profit

Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value.  Operating profits have improved as a direct result of the increase in sales in both the manufacturing and the 4B division.

 

4.             Stock days

The average value of inventories divided by raw materials and consumables used and changes in inventories of finished goods and work in progress expressed as a number of days is monitored to ensure the right level of stocks are held in order to meet customer demands whilst not carrying excessive amounts which impacts upon working capital requirements.  Stock days have reduced with sales increasing but inventories remaining largely unchanged.

 

5.             Debtor days

The average value of trade receivables divided by revenue expressed as a number of days.  This is an important indicator of working capital requirements.  Debtor days at 59 days are slightly below the standard payment terms of 60 days.  Management remain focused on reducing this to improve cash.

 

Other metrics monitored weekly or monthly include quality measures (such as customer complaints), raw materials buying prices, capital expenditure, line utilisation, reportable accidents and near-misses.

 

Ongoing impact of the COVID pandemic

Due to the support of our staff, the business succeeded in operating throughout the pandemic, with only limited numbers working from home, where possible.  With the exception of our staff at 4B Asia Pacific, "normal work" patterns have returned across the group, while we continue to act cautiously to try to minimise the effects of the ongoing epidemic. Nevertheless, our sales activities continue to be negatively affected by the remaining travel restrictions and the lack of trade exhibitions, both of which greatly limit our ability to engage with our customers.

 

While we have adopted new means of marketing during the pandemic, these do not replace the benefits of direct contact with our customers. This direct contact has always been central to our process of continuously developing new product and of bringing these products to market. We hope that our ability to visit our customers and display our products at trade exhibitions will gradually become possible in the coming months.

 

Short term Impact of Brexit

The group is heavily dependent on the import of raw materials to manufacture our products, and on the import of finished product, both of which are then exported globally, and a large proportion of group sales are made in sales to overseas markets.  Our trained and experienced staff were able to make and automate the relatively simple changes to our existing documentation required to continue our exports to the EU. Where we were able to deliver in full truck loads, our exports to the EU continued almost seamlessly.

 

However, where we had to ship part loads on trucks, shared with UK exporters who were less familiar with export documentation, our own deliveries were significantly delayed by incorrect or incomplete documentation provided by other exporters. We were also taken by surprise by the lack of knowledge within many European freight companies. No doubt this lack of preparedness was caused by the months, and indeed years, of uncertainty and political brinkmanship and by the last-minute nature of the Trade Agreement.  We have now largely adapted to this situation by re-scheduling our exports and delivering on dedicated trucks wherever possible, and by switching to more competent international freight companies. 

 

Outlook for the second half of 2021

We are benefitting from a large increase in the volume of sales, due in part to the Brexit Bounce, and, in part, due to the ongoing introduction of new products.  The benefits of this increase in the volume of sales are tempered by the quite unprecedented rise in the cost of many key raw materials, including steel and plastic resin, which have both increased by around 35% and also by an equally unprecedented jump in the cost of freight, particularly sea freight, which affects both import and export. In some case, the cost of freight is 700% higher than 12 months ago.

 

Both inflationary problems will reduce our margins in the short term. We are trying to pass on increases to our customers, but there is an inevitable delay in this process. Meanwhile these price increases will almost certainly lead eventually to a drop in the volume of sales.  The huge increase in the cost of delivering goods over long distances, creates major challenges for our export focused group - but also creates potential new opportunities, for our manufacturing business.

 

 

For further information please contact:

 

Nicholas Braime/Cielo Cartwright

0113 245 7491

 

W. H. Ireland Limited

Katy Mitchell

0113 394 6628

 

 

Braime Group PLC

Consolidated income statement for the six months

ended 30th June 2021

 

 

 

Note

Unaudited 
6 months to 

30th June 
2021 

Unaudited 
6 months to 

30th June 
2020 

Audited 

year to 

31st December 

2020 



£'000 

£'000 

£'000 






Revenue


 18,212 

16,114 

32,803 






Changes in inventories of finished goods and work in progress


 

 51 

 

492 

 

(63)

Raw materials and consumables used


(9,661)

(8,954)

(17,428)

Employee benefits costs


(4,366)

(4,406)

(8,408)

Depreciation expense


(655)

(646)

(1,280)

Other expenses


(2,597)

(2,146)

(4,277)

Other operating income


                          - 

30 






Profit from operations


989 

454 

1,377 






Finance costs


(106)

(82)

(191)

Finance income


                          - 






Profit before tax


885 

372 

1,195 






Tax expense


(220)

(114)

(341)






Profit for the period


665 

258 

854 






Profit attributable to:





Owners of the parent


608 

242 

823 

Non-controlling interests


57 

16 

31 



665 

258 

854 






Basic and diluted earnings per share

2

46.18p 

16.81p 

59.31p 

 

 

Braime Group PLC

Consolidated statement of comprehensive income for the six months

ended 30th June 2021

Unaudited 

6 months to 

 30th June 

2021 

Unaudited 

6 months to 

 30th June 

2020 

Audited 

year to 

31st December 

2020 


£'000 

£'000 

£'000 





Profit for the period

665  

258 

854 





Items that will not be reclassified subsequently to profit or loss




Net pension remeasurement gain on post-employment benefits

66 





Items that may be reclassified subsequently to profit or loss




Foreign exchange (losses)/gains on re-translation of overseas operations

(97)

404 

(133)





Other comprehensive income for the period

(97)

404 

(67)





Total comprehensive income for the period

568 

662 

787 





Total comprehensive income attributable to:




Owners of the parent

489 

656 

744 

Non-controlling interests

79 

43 


568 

662 

787 

 

The foreign currency movements arise on the re-translation of overseas subsidiaries' opening balance sheets at closing rates.

 

Braime Group PLC

Consolidated balance sheet at 30th June 2021

Unaudited  

6 months to  

30th June  

2021  

Unaudited  

6 months to  

30th June  

2020  

Audited 

year to 31st 

December 

2020 


£'000  

£'000  

£'000 





Non-current assets




Property, plant and equipment

8,216 

7,246 

7,830 

Intangible assets

31 

44 

37 

Right of use assets

683 

190 

487 





Total non-current assets

8,930 

7,480 

8,354 





Current assets




Inventories

9,083 

9,127 

8,864 

Trade and other receivables

7,472 

6,554 

5,855 

Cash and cash equivalents

1,673 

1,558 

1,533 





Total current assets

18,228 

17,239 

16,252 





Total assets

27,158 

24,719 

24,606 





Current liabilities




Bank overdraft

909 

736 

335 

Trade and other payables

5,344 

4,586 

4,744 

Other financial liabilities

2,661 

2,042 

2,133 

Corporation tax liability

70 

47 

78 





Total current liabilities

8,984 

7,411 

7,290 





Non-current liabilities




Financial liabilities

2,479 

2,031 

2,075 

Deferred income tax liability

276 

382 

278 





Total non-current liabilities

2,755 

2,413 

2,353 





Total liabilities

11,739 

9,824 

9,643 





Total net assets

15,419 

14,895 

14,963 





Capital and reserves




Share capital

360 

360 

360 

Capital reserve

257 

257 

257 

Foreign exchange reserve

(270)

408 

(151)

Retained earnings

15,296 

14,211 

14,800 

Total equity attributable to the shareholders of the parent company

15,643 

 15,236 

15,266 

Non-controlling interests

(224)

                  (341)

(303)

Total equity

15,419 

14,895 

14,963 

 

 

 

Braime Group PLC

Consolidated cash flow statement for the six months

ended 30th June 2021

 

 

 

Note

Unaudited 

6 months to 

30th June 

2021 

Unaudited 

6 months to 

30th June 

2020 

Audited 

year to 

31st December 

2020 



£'000 

£'000 

£'000 

Operating activities





Net profit


665 

258 

854 






Adjustments for:





Depreciation


655 

646 

1,280 

Foreign exchange (losses)/gains


(4)

  299 

(170)

Finance income


(2)

                            - 

(9)

Finance expense


106 

82 

191 

(Gain)/loss on sale of plant, machinery and motor vehicles


(5)

                            - 

 1 

Adjustment in respect of defined benefit scheme


                            - 

71 

Income tax expense


220 

114 

341 

Income taxes paid


(329)

(8)

(168)

Operating profit before changes in working capital and provisions


 

1,306 

 

1,391 

 

2,391 






Increase in trade and other receivables


(1,518)

(915)

(356)

Increase in inventories


(219)

(554)

(291)

Increase in trade and other payables


1,138 

787 

942 








(599)

(682)

295 






Cash generated from operations


707 

709 

2,686 






Investing activities





Purchases of property, plant, machinery and motor vehicles


(991)

(855)

 (2,057)

Sale of plant, machinery and motor vehicles


13 

Interest received




(984)

(847)

(2,040)






Financing activities





Proceeds from long term borrowings


532 

900 

1,117 

Repayment of borrowings


(234)

(116)

(419)

Repayment of hire purchase creditors


(109)

(118)

(217)

Repayment of lease liabilities


(127)

(172)

(228)

Bank interest paid


(55)

(63)

(124)

Lease interest paid


(37)

(12)

(38)

Hire purchase interest paid


(15)

(7)

(29)

Dividends paid


(112)

(115)

(173)



(157)

297 

(111)

(Decrease)/increase in cash and cash equivalents


(434)

159 

535 

Cash and cash equivalents, beginning of period


1,198 

663 

663 

Cash and cash equivalents (including overdrafts), end of period

 

3

 

764 

 

822 

 

1,198 

 

 

Braime Group PLC

Consolidated statement of

changes in equity for the

six months ended

30th June 2021

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 


£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 31st December

2020

 

360 

 

257 

 

(151)

 

14,800 

 

15,266 

 

(303)

 

14,963 









Comprehensive income
















Profit

608 

608 

57 

665 









Other comprehensive income
















Foreign exchange (loss)/gain

on re-translation of overseas operations

 

 

 

 

 

 

(119)

 

 

 

 

(119)

 

 

22 

 

 

(97)

Total other comprehensive

income

 

 

 

(119)

 

 

(119)

 

22 

 

(97)

Total comprehensive

income

 

 

 

(119)

 

608  

 

489 

 

79 

 

568 

Transactions with owners








Dividends

(112)

(112)

(112)

Total transactions with owners

(112)

(112)

(112)

Balance at 30th June 2021

360 

257 

(270)

15,296 

15,643 

(224)

15,419 









 

 

Braime Group PLC

Consolidated statement of

changes in equity for the

six months ended

30th June 2020

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 


£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 31st December 2019

 

360 

 

257 

 

(6)

 

14,084 

 

14,695 

 

(346)

 

14,349 









Comprehensive income
















Profit

242 

242 

16 

258 









Other comprehensive income
















Foreign exchange gain/(loss) on re-translation of overseas

operations

 

 

 

 

 

 

414 

 

 

 

 

414 

 

 

(11)

 

 

403 

Total other comprehensive

income

 

 

 

414 

 

 

414 

 

(11)

 

403 

Total comprehensive

income

 

 

 

414 

 

242 

 

656 

 

 

661 

Transactions with owners








Dividends

(115)

(115)

(115)

Total transactions with owners

 

 

 

 

(115)

 

(115)

 

 

(115)

Balance at 30th June 2020

360 

257 

408 

14,211 

15,236 

(341)

14,895 









 

Braime Group PLC

Consolidated statement of

changes in equity for the

year ended 31st December

2020

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 


£'000 

£'000

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 1st January 2020

360 

257 

(6)

14,084 

14,695 

(346)

14,349 









Comprehensive income
















Profit

823 

823 

31 

854 









Other comprehensive income
















Net pension remeasurement

gain recognised directly in

equity

 

 

 

 

 

 

 

 

66 

 

 

66 

 

 

 

 

66 

Foreign exchange losses on

re-translation of overseas

operations

 

 

 

 

 

 

(145)

 

 

 

 

(145)

 

 

12 

 

 

(133)

Total other comprehensive

income

 

 

 

(145)

 

66 

 

(79)

 

12 

 

(67)

Total comprehensive

income

 

 

 

(145)

 

889 

 

744 

 

43 

 

787 

Transactions with owners








Dividends

(173)

(173)

(173)

Total transactions with owners

 (173)

 (173)

 (173)

Balance at 31st December

2020

 

360 

 

257 

 

(151)

 

14,800 

 

15,266 

 

(303)

 

14,963 









1.      Accounting policies

Basis of preparation

The interim financial report has been prepared using accounting policies that are consistent with those used in the preparation of the full financial statements to 31st December 2020 and those which management expects to apply in the Group's full financial statements to 31st December 2021.

 

This interim financial report is unaudited.  The comparative financial information set out in this interim financial report does not constitute the Group's statutory accounts for the period ended 31st December 2020 but is derived from the accounts.  Statutory accounts for the period ended 31st December 2020 have been delivered to the Registrar of Companies.  The auditors have reported on those accounts.  Their audit report was unqualified and did not contain any statements under Section 498 of the Companies Act 2006.

 

The Group's condensed interim financial information has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted for the use in the European Union and in accordance with IAS 34 'Interim Financial Reporting' and the accounting policies included in the Annual Report for the year ended 31st December 2020, which have been applied consistently throughout the current and preceding periods.  The Group has adopted the following new or amended standards as of 1st January 2021 -

 

·           Amendments to IFRS9, IAS39, IFRS7, IFRS4 and IFRS16 - Interest rate benchmarks - introduces practical expedient and exemptions from hedge accounting requirements - effective accounting periods beginning on or after 1 January 2021

 

The application and interpretations surrounding the new or amended standards is not expected to have a material impact on the Group's reported financial performance or position.  However, they may give rise to additional disclosures being made in the financial statements.

 

2.      Earnings per share and dividends

        Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of Braime Group PLC as the numerator.

 

        The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 (2020 - 1,440,000).  There are no potentially dilutive shares in issue.

 


6 months to 

30th June 

2021 


£'000 

Dividends paid on equity shares


Ordinary shares


Interim of 7.80p per share paid on 25th May 2021

37 



'A' Ordinary shares


Interim of 7.80p per share paid on 25th May 2021

75 

Total dividends paid

112 




Year to 

31st December 

2020 


£'000 

Dividends paid on equity shares


Ordinary shares


Interim of 8.00p per share paid on 5th June 2020

38 

Interim of 4.00p per share paid on 16th October 2020

19 


57 



'A' Ordinary shares


Interim of 8.00p per share paid on 5th June 2020

77 

Interim of 4.00p per share paid on 16th October 2020

39 


116 

Total dividends paid

173 

 

3.      Cash and cash equivalents


 Unaudited 

6 months to 

30th June 

2021 

 Unaudited 

6 months to 

30th June 

2020 

Audited 

year to 

  31st December 

2020 


£'000 

£'000 

£'000 

Cash at bank and in hand

1,673 

1,558 

1,533 

Bank overdrafts

(909)

(736)

(335)


764 

822 

1,198 

 

4.      Segmental information


Unaudited 6 months to 

30th June 2021 


Central 

Manufacturing

Distribution 

Total 


£'000 

£'000 

£'000 

£'000 






Revenue





External

2,642 

15,570 

18,212 

Inter company

1,006 

1,933 

2,615 

5,554 





Total

1,006 

4,575 

18,185

23,766 






Profit





EBITDA

36  

517 

1,091 

1,644 

Finance costs

(34)

(17)

(55)

(106)

Finance income

Depreciation

(296)

(19)

(340)

(655)

Tax expense

(16)

(204)

(220)






(Loss)/profit for the period

(310)

481 

494 

665 






Assets





Total assets

5,512 

5,895 

15,751 

27,158 

Additions to non-current assets

379 

11 

942 

1,332 

Liabilities





Total liabilities

888 

3,141 

7,710 

11,739 

 


Unaudited 6 months to 

 30th June 2020 


Central 

Manufacturing

Distribution 

Total 


£'000 

£'000 

£'000 

£'000 






Revenue





External

1,953 

14,161 

16,114 

Inter company

1,016 

1,695 

2,381 

5,092 






Total

1,016 

3,648 

16,542 

21,206 






Profit





EBITDA

352 

(18)

767  

1,101 

Finance costs

(53)

(15)

(14) 

(82)

Finance income

Depreciation

(300)

(11)

(335)

(646)

Tax expense

(14)

10 

(111)

(115)






(Loss)/profit for the period

(15)

(34)

307 

258 






Assets





Total assets

5,449 

4,551 

14,719 

24,719 

Additions to non-current assets

242 

634 

878 

Liabilities





Total liabilities

926 

2,384 

6,514 

9,824 

 


Audited year to 

31st December 2020 


Central 

Manufacturing

Distribution 

Total 


£'000 

£'000 

£'000 

£'000 






Revenue





External

3,762 

29,041 

32,803 

Inter company

1,772 

3,068 

5,159 

9,999 






Total

1,772 

6,830 

34,200 

42,802 






Profit





EBITDA

309 

(163)

2,511 

2,657 

Finance costs

(105)

(31)

(55)

(191)

Finance income

Depreciation

(592)

(28)

(660)

(1,280)

Tax expense

32 

(373)

(341)






(Loss)/profit for the period

(356)

(215)

1,425 

854 






Assets





Total assets

5,178 

4,200 

15,228 

24,606 

Additions to non-current assets

415 

54 

2,020 

2,489 

Liabilities





Total liabilities

801 

2,025 

6,817 

9,643 

 

 

 

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