TIDMAFS
RNS Number : 2688O
Amiad Water Systems Ltd
15 September 2011
15 September 2011
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Results for the six months to 30 June 2011
Amiad, a leading global producer of water treatment and
filtration solutions, announces its interim results for the six
months to 30 June 2011.
Financial Summary
-- Revenue increased by 56% to $59m (H1 2010: $37.9m; H2 2010:
$51.5m)
-- Operating profit was $5.5m (H1 2010: $2.1m; H2 2010:
$2.1m)
-- Profit before tax was $4.9m (H1 2010: $1.1m; H2 2010:
$2.3m)
-- Gross margins at 44% (H1 2010: 45%; H2 2010: 42%)
-- Fully diluted earnings per share was $0.18 (H1 2010: $0.04;
H2 2010: $0.103)
-- Interim dividend of $0.049 per share (H1 2010: $0.02; H2
2010: $0.058)
-- Cash and cash equivalents at 30 June 2011 were $15.0m (31
December 2010: $11.3m)
Operational Summary
-- The Company's revenues grew in all territories
-- Return to growth in the irrigation segment in the United
States
-- Operational progress in new and growing geographies and
segments, including:
o Secured new projects in the municipal segment in East Europe
and Russia, and for provision of drinking water in Vietnam
o Successfully commissioned a pre-filtration system, based on
Arkal disc technology, at a desalination plant in Adelaide,
Australia
o In the oil & gas industry, secured new projects in
Singapore and the second phase of an existing project in Central
Europe
o Providing SpinKlin Disc Filters, part of the Arkal family of
products, for the Aquapolo tertiary wastewater treatment plant in
Sao Paulo, Brazil
o Experienced increased interest in the ballast water industry,
particularly in the United States
-- Strategic:
o Acquired the remaining issued share capital of the Company's
subsidiary in France, established "Amiad Europe" and, post period
end, established "Amiad Brazil" as a wholly-owned subsidiary
o Post period end, adopted Amiad Water Systems Ltd as the
Company's name, reflecting the development and expansion of Amiad's
offering
Outlook for FY 2011
-- Increase in revenues expected to continue across all
segments
-- Further expansion into new markets, including ballast water,
and territories to deliver increased sales
-- Irrigation segment continuing to grow
-- Ongoing impact of raw material prices and currency
fluctuation
-- Board confident of achieving significant revenue growth,
ahead of market expectations
Commenting on the results, Arik Dayan, Chief Executive Officer
of Amiad, said: "As we have stated previously, 2010 was a landmark
year that laid the strategic foundations for future progress. The
first half results demonstrate the strength of this strategy with
growth in all segments and territories resulting in revenues and
profits exceeding market expectations.
"Looking ahead, we entered the second half of 2011 with a
greater backlog than at the same time last year as demand for clean
water - for drinking, irrigation and industrial use - continues to
increase throughout the world. As a result, Amiad is
well-positioned to achieve significant revenue growth for the full
year 2011 ahead of market expectations."
Enquiries
Amiad Water Systems Ltd.
------------------------------- -----------------
Arik Dayan, Chief Executive
Officer +972 4 690 9500
------------------------------- -----------------
Nomura Code Securities Ltd.
------------------------------- -----------------
Richard Potts, Giles Balleny +44 20 7776 1200
------------------------------- -----------------
Corfin Public Relations
------------------------------- -----------------
Harry Chathli, Claire Norbury +44 20 7596 2860
------------------------------- -----------------
Operational Review
Amiad achieved a number of milestones in the first half of 2011.
The Company's revenues rose in all territories. The growth in the
industrial and municipal segments was particularly strong in
Australia, Central America and Europe, including Eastern Europe.
The irrigation segment experienced an increase in revenue across
all geographies, which, significantly, included a return to growth
in the United States.
The Company continued to expand into new geographies and
segments, receiving increased interest in projects in the ballast
water industry and winning projects such as in the oil & gas
industry in East Asia and the municipal segment in East Europe.
During the first half, Amiad pursued its strategy to consolidate
existing subsidiaries with the acquisition of the outstanding
issued share capital of the Company's subsidiary in France, the
establishment of "Amiad Europe" for Western Europe and the
integration of Arkal's subsidiaries in China. In addition, post
period end, Amiad established a subsidiary in Brazil to target this
key market.
Amiad progressed its R&D programme and is on schedule to
launch a new series of filtration technologies by the year end.
Additionally, the first products and projects combining Amiad and
Arkal technology are showing good traction and are already
contributing to revenues.
Finally, post period end, the Company changed its name to Amiad
Water Systems Ltd to reflect the evolution and expansion of the
Amiad offering.
Global Activity
Asia
For Amiad, the Asian territory encompasses countries such as
China, India, Singapore and Vietnam operating through the Company's
Taixing, Amiad India and FCS subsidiaries.
Key project highlights in the first half included:
The Company secured several projects in China in the irrigation
segment in the north-west of the country. In addition, projects
were secured in the industrial segment to provide nozzle protection
in the steel mill industry and process water for washing coal in
the mining industry.
In India, Amiad successfully secured a project with VA Tech
Wabag, a leading water and water management company in India, which
was awarded a contract to build and operate a desalination plant in
Chennai. Construction of the plant is being overseen and
coordinated by Mecon Ltd, a government-owned company, on behalf of
Chennai Metropolitan Water Supply and Sewage Board. The project is
based on Arkal disc filtration technology, which will form an
integral part of the system. The facility, which will be one of the
largest desalination plants in Asia, will process water from the
Bay of Bengal to supply 100 million litres a day of purified water
to the city of Chennai. In addition, Amiad's subsidiary in India
assembled its first filter series following the completion of the
product assembly in the second half of 2010.
Amiad moved forward with its project to provide filtration
services to a dairy processing farm in Vietnam to ensure clean and
clear drinking water for the cattle. Located in western Nghe An,
the farm, which will house approximately 30,000 milking cows, is
the largest of its kind in Southeast Asia. For the initial phase of
the project, Amiad developed a filtration system for the plant's
quarantine zone. Under the second phase, Amiad provided filtration
systems for three milking barns. The Company is now working on the
final stage of the project, which is due to be completed in
2012.
Amiad also won a significant project in East Asia, through its
subsidiary in Singapore, to provide filtration technology to treat
injection water for a floating production, storage and offloading
unit in the offshore oil & gas industry.
North America
For Amiad, the North American territory encompasses the United
States and Canada operating through the Company's Amiad USA Inc and
PEP Filters subsidiaries.
In the US, Amiad received a particular interest for projects in
the ballast water industry. The Company also experienced a return
to growth in the irrigation segment.
South America
For Amiad, the South American territory encompasses countries
such as Argentina, Brazil, Chile, Peru, Uruguay and the Caribbean
Islands operating primarily through the Company's operations in
Israel and from its two subsidiaries: Amiad Andina in Chile and the
recently established Amiad Sistemas de Agua LTDA ("Amiad Brazil")
in Brazil.
In the Caribbean, Amiad installed a water treatment facility,
using Arkal and Amiad technology, to filter cloudy water from a
local river to provide residents with potable water. The Company
successfully completed the commissioning and testing phase of the
project. The system has a flow rate of approximately 350 cubic
metres per hour.
As announced on 13 June 2011, Amiad secured a project to provide
its proprietary Arkal SpinKlin Disc Filters for the Aquapolo
tertiary wastewater treatment project in Sao Paulo, Brazil. The
facility, one of the largest of its kind in the Southern
Hemisphere, produces reclaimed water for industrial purposes.
EMEA
For Amiad, the EMEA territory encompasses countries such as
France and Spain in Europe, Russia and former CIS countries in East
Europe, Turkey, Israel and others in the Middle East and
Africa.
In France, Amiad recently secured a contract for a second phase
of an existing project in the oil & gas segment for the
provision of a salt leaching brine filtration system at an
underground liquid hydrocarbon storage facility. The project is to
be delivered in the second half of 2011.
In Slovakia, Amiad completed the commissioning of a filtration
system at a wastewater facility, for the reclamation of municipal
sewage, in the city of Strazke. The Company's unique system,
installed within a heated structure to prevent freezing in winter
temperatures that can reach -20[deg]C, filters the waste to meet
the environmental criteria for release into a nearby river. The
facility began continuous operation at the beginning of July
2011.
Australia
For Amiad, this territory encompasses Australia and New Zealand
operating through the Company's Amiad Australia subsidiary.
This region experienced particular growth - for both revenues
and profit - in the industrial and municipal segments in
Australia.
The Company successfully commissioned a pre-filtration system,
based on Arkal disc technology, at a desalination plant in
Adelaide. The facility is designed to treat ocean water to reduce
the reliance of the southern Australian states on water from the
River Murray and other rain-dependent sources. The Amiad solution
was incorporated from the design through construction phases of the
pre-filtration system.
Strategic
During the first half of 2011, Amiad continued to execute on its
stated strategy of expanding its presence through gaining full
control of its subsidiaries in order to have a local presence and
establish direct sales channels in competitive markets.
As announced on 7 February 2011, Amiad acquired the remaining
34% of the issued share capital of its French subsidiary, Amiad
France SARL. Subsequently, the Company consolidated all central and
western European activity under the newly established Amiad Water
Systems Europe SAS ("Amiad Europe"). Located in France, the
subsidiary continues to be managed by Dr Bruno Jauneaud, the former
Chief Executive Officer of Amiad France SARL.
Similarly in China, Amiad completed the integration of the Arkal
subsidiaries with the Company's existing infrastructure. Amiad now
has approximately 90 employees in China and one manufacturing
facility.
In August 2011, the Company founded Amiad Sistemas de Agua LTDA
("Amiad Brazil"), a wholly-owned subsidiary in Brazil, to enhance
the sale and marketing of Amiad's products in the non-irrigation
segments. The water industry in Brazil is a fast-growing market
that is receiving increasing interest and investment. By
establishing a presence in Brazil, Amiad will be better positioned
to be able to access this market and meet this demand.
As announced on 13 September 2011, the Company has adopted Amiad
Water Systems Ltd as its new company name to reflect the
development and expansion of Amiad's offering following the merger
with Arkal Filtration Systems. The enlarged business, operating in
a greater number of market segments and geographies, aims to
provide a wider range of products based on innovative solutions
that can form the core of any water treatment system worldwide.
Based on distinct, but synergistic and complementary
technologies, Amiad now operates under three brands:
-- "Amiad" - screen technology based products, providing a
variety of filtration solutions for the industrial, municipal and
irrigation segments;
-- "Arkal (by Amiad)" - disc filtration and polymer casing
products, providing solutions for irrigation, municipal, ballast
water and marine applications; and
-- "Filtomat (by Amiad)" - solutions for the industrial and
municipal segments, based on a unique patented microfiber
technology that allows filtration to a finer degree, and provides
screen filters to the irrigation segment.
Financial Review
Revenues for the six months ended 30 June 2011 increased by 56%
to $59.0m compared with $37.9m for the first half of 2010 and by
14.6% sequentially (H2 2010: $51.5m). Fully diluted earnings per
share increased to $0.18 (H1 2010: $0.04).
Operating profit for the period more than doubled to $5.5m (H1
2010: $2.1m) and profit before tax more than quadrupled to $4.9m
(H1 2010: $1.1m).
The period saw the return to growth of the underlying Amiad
business, with an increase in revenues of approximately 20% on a
like-for-like basis. Revenues for the first half of 2010 included a
two month contribution from Arkal of approximately $7.0m compared
with a six month contribution of approximately $22m for the first
half of 2011.
Gross margins decreased to 44% compared with 45% for the first
half of 2010 due to increased sales in the irrigation segment,
which is traditionally a lower margin business.
As of 30 June 2011, cash and cash equivalents in the bank were
$15.0m compared with $11.3m at 31 December 2010, reflecting the
acquisition of Arkal, and continuing efforts to increase
organisational efficiency, streamline operations and maintain tight
control of costs.
Dividend
The Directors have decided to declare a dividend out of the
Company's profits for the six months ended 30 June 2011 of $0.049
gross per share (H1 2010: $0.02 gross per share), with an ex
dividend date of 21 September 2011, a record date of 23 September
2011 and a payment date of 11 October 2011.
Outlook
Amiad entered the second half of 2011 with a higher order
backlog than at the comparable point of the previous year and sales
are expected to continue to increase across all segments. As a
result, with the return to growth in key traditional markets, such
as the irrigation segment in the US, and the expansion into new
industries, such as ballast water, and territories, Amiad expects
to achieve revenue growth exceeding market expectations.
The Company anticipates raw material prices will remain high and
currency pressures will continue due to the strengthening of the
Israeli Shekel against the US dollar. In addition, the increasing
contribution to revenues from the irrigation segment will have an
impact on gross margins, which are expected to be in the range of
42% to 45%.
Despite this, the Board of Amiad remains confident of achieving
strong revenue growth, ahead of market expectations, for the full
year 2011.
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2011
December
June 30 31,
------------------
2011 2010 2010
-------- -------- ----------
(Unaudited) (Audited)
------------------ ----------
U.S. dollars in thousands
------------------------------
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents 15,005 11,191 11,293
Financial assets at fair value through
profit
or loss 636 2,692 2,513
Accounts receivable and accruals:
Trade 40,432 31,413 36,428
Other 4,154 2,394 3,134
Inventories 26,523 19,843 23,285
Income tax assets 1,855 1,268 900
-------- ------- --------
T o t a l current assets 88,605 68,801 77,553
-------- ------- --------
NON-CURRENT ASSETS:
Investments in associates 10 10 10
Loan to a related party 647 620 642
Severance pay fund 357 19 373
Long-term receivables 543 364 498
Property and equipment 7,520 6,703 6,850
Intangible assets 18,219 19,446 18,743
Deferred income tax assets 1,376 1,308 928
-------- ------- --------
T o t a l non-current assets 28,672 28,470 28,044
-------- ------- --------
T o t a l assets 117,277 97,271 105,597
======== ======= ========
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2011
December
June 30 31,
------------------
2011 2010 2010
-------- -------- ----------
(Unaudited) (Audited)
------------------ ----------
U.S. dollars in thousands
------------------------------
Liabilities and equity
CURRENT LIABILITIES:
Short-term credit and current maturities
of
borrowings from banks 19,300 11,168 16,659
Accounts payable and accruals:
Trade 25,212 17,555 18,331
Other 9,422 6,770 9,040
Dividend payable 1,310 968
Current income tax liability 782 1,205 1,498
-------- ------- ---------
T o t a l current liabilities 56,026 37,666 45,528
-------- ------- ---------
NON-CURRENT LIABILITIES:
Borrowings from banks and others
(net of current maturities) 9,955 13,235 11,861
Put option liability 2,379 2,071 2,220
Deferred income tax liabilities 9 933
-------- ------- ---------
T o t a l non-current liabilities 12,343 16,239 14,081
-------- ------- ---------
T o t a l liabilities 68,369 53,905 59,609
-------- ------- ---------
EQUITY:
Capital and reserves attributable
to
equity holders of the Company:
Share capital 2,789 2,780 2,780
Capital reserves 24,692 24,467 24,467
Currency translation reserve 949 (78) 708
Transaction with non controlling
interest (180)
Retained earnings 20,517 15,866 17,743
-------- ------- ---------
48,767 43,035 45,698
NON CONTROLLING INTEREST 141 331 290
-------- ------- ---------
T o t a l equity 48,908 43,366 45,988
-------- ------- ---------
T o t a l liabilities and equity 117,277 97,271 105,597
======== ======= =========
.
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2011
Six months ended Year ended
June 30 December 31,
-------------------
2011 2010 2010
-------- --------- -------------
(Unaudited) (Audited)
------------------- -------------
U.S dollars in thousands
except per share data
----------------------------------
REVENUE 59,048 37,944 89,431
COST OF SALES 32,932 20,833 50,638
--------- --------- ---------
GROSS PROFIT 26,116 17,111 38,793
RESEARCH AND DEVELOPEMEMNT 1,107 419 958
SELLING AND MARKETING COSTS 13,717 9,769 22,746
ADMINISTRATIVE AND GENERAL EXPENSES 5,763 4,794 11,608
OTHER LOSSES (INCOME) NET 6 3 (777)
--------- --------- ---------
OPERATING PROFIT 5,523 2,126 4,258
--------- --------- ---------
FINANCE INCOME 635 72 1,248
FINANCE COSTS (1,243) (1,071) (2,030)
--------- --------- ---------
FINANCE COST, NET (608) (999) (782)
--------- --------- ---------
PROFIT BEFORE INCOME TAX 4,915 1,127 3,476
INCOME TAX EXPENSES 823 340 419
--------- --------- ---------
PROFIT FOR THE PERIOD 4,092 787 3,057
========= ========= =========
OTHER COMPREHENSIVE INCOME:
Currency translation differences 230 (347) 595
Currency translation differences realised
Due to business combination (139)
TOTAL COMPREHENSIVE INCOME FOR THE
--------- --------- ---------
PERIOD 4,322 440 3,513
========= ========= =========
PROFIT FOR THE PERIOD ATTRIBUTED TO:
Equity holders of the Company 4,084 749 3,077
Non controlling interest 8 38 (20)
--------- --------- ---------
4,092 787 3,057
========= ========= =========
U.S dollars
------------------------
EARNINGS PER SHARE:
Attributable to the equity holders
of
the Company during the period:
Basic 0.18 0.037 0.143
====== ======= =======
Diluted 0.18 0.037 0.134
====== ======= =======
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2011
Attributable to equity holders of the Company
------------------------------------------------------------------------
Transaction
Currency with Non- Total
Number non
of Share Capital translation controlling Retained controlling shareholders'
shares capital reserve reserve interest earning Total interest equity
------------ -------- -------- ------------ ------------ ---------- ------------ ------------ --------------
U.S dollars in thousands
------------------------------------------------------------------------------------------------------
BALANCE AT JANUARY 1, 2011
(audited) 22,521,690 2,780 24,467 708 17,743 45,698 290 45,988
============ ======== ======== ============ ========== ============ ============ ==============
CHANGES DURING THE SIX
MONTH ENDED JUNE 30, 2011
(unaudited):
Comprehensive income -
Profit for the year 4,084 4,084 8 4,092
Other comprehensive
income -
Currency translation
differences 232 232 (2) 230
------------ -------- -------- ------------ ---------- ------------ ------------ --------------
Total comprehensive
income 232 4,084 4,316 6 4,322
Transaction with owners:
Dividend ($ 0.058
per share) (1,310) (1,310) (1,310)
Subsidiary
transaction 69,000 9 225 9 (180) 63 (155) ( 92)
------------ -------- -------- ------------ ------------ ---------- ------------ ------------ --------------
Total transactions with
owners 69,000 9 225 9 (180) (1,310) (1,247) (155) (1,402)
------------ -------- -------- ------------ ------------ ---------- ------------ ------------ --------------
BALANCE AT JUNE 30, 2011
(unaudited) 22,590,690 2,789 24,692 949 (180) 20,517 48,767 141 48,908
============ ======== ======== ============ ============ ========== ============ ============ ==============
BALANCE AT JANUARY 1,
2010 19,237,531 2,342 13,305 243 16,085 31,975 147 32,122
============ ======== ======== ============ ============ ========== ============ ============ ==============
CHANGES DURING THE SIX
MONTH ENDED JUNE 30, 2010
(unaudited):
Comprehensive income -
Profit for the year 749 749 38 787
Other comprehensive
income -
Currency translation
differences (321) (321) (26) (347)
------------ ---------- ------------ ------------ --------------
Total comprehensive
income (321) 749 428 12 440
Transaction with owners:
Dividend ($ 0.043
per share) (968) (968) (968)
Issue of ordinary
shares related to
business
combination 3,284,159 438 11,162 11,600 11,600
Non controlling
interest arising on
business
combination 172 172
-------- -------- ---------- ------------ ------------ --------------
Total transactions with
owners 438 11,162 (968) 10,632 172 10,804
------------ -------- -------- ------------ ---------- ------------ ------------ --------------
BALANCE AT JUNE 30, 2010
(unaudited) 22,521,690 2,780 24,467 (78) 15,866 43,035 331 43,366
============ ======== ======== ============ ========== ============ ============ ==============
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2011
Attributable to equity holders of the
Company
----------------------------------------------------------
Currency Non- Total
Number Share Capital translation Retained controlling shareholders'
of
shares capital reserve reserve earning Total interest equity
--------- ---------- -------- ------------ --------- ----------- ------------ --------------
U.S dollars in thousands
--------- ------------------------------------------------------------------------------------------
Balance at 1 January 2010 19,237,531 2,342 13,305 243 16,085 31,975 147 32,122
============ ======= ======== ========= =========== =========== ===== ===========
Comprehensive income -
Profit for the year - - - - 3,077 3,077 (20) 3,057
Other comprehensive
income:
Currency translation
differences - - - 604 - 604 (9) 595
Currency translation
differences realized
due to business
combination - - - (139) - (139) - (139)
------------ ------- -------- --------- ----------- ----------- ----- -----------
Total comprehensive
income 465 3,077 3,542 (29) 3,513
Transaction with owners:
Non controlling
interest arising
on business
combination 172 172
Issuance of shares
related to
business
combination 3,284,159 438 11,162 11,600 11,600
Dividend ($0.063
per share) - - - - (1,419) (1,419) - (1,419)
------------ ------- -------- --------- ----------- ----------- ----- -----------
Total transaction with
owners 3,289,159 438 11,162 - (1,419) 10,181 172 10,353
------------ ------- -------- --------- ----------- ----------- ----- -----------
Balance at 31 December 2010 22,521,690 2,780 24,467 708 17,743 45,698 290 45,988
============ ======= ======== ========= =========== =========== ===== ===========
AMIAD FILTRATION SYSTEMS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2011
Six months ended Year ended
December
June 30 31,
--------------------
2011 2010 2010
--------- --------- ------------
(Unaudited) (Audited)
-------------------- ------------
U.S dollars in thousands
----------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operations 5,037 6,320 6,535
Interest paid (479) (277) (719)
Interest received 168
Income tax paid ( 1,757) (1,042) (1,322)
--------- -------- -------------
Net cash generated from operating
activities 2,969 5,001 4,494
--------- -------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of subsidiary - Arkal
(net of cash acquired) (9,159) (9,159)
Acquisition of subsidiary - India
(net of cash acquired) (182) (182)
Acquisition of subsidiary - China
(net of cash acquired) (2,267)
Acquisition of associates (10) (10)
Purchases of property and equipment (1,544) (573) (1,144)
Purchases of intangible assets (283) (50) (175)
Investments grants received
Proceeds of financial assets at
fair value through
profit or loss, net 1,933 9 868
Investment in short-term deposit
Proceeds from sale of property and
equipment 24 85 109
Collection of long-term loan granted
to a related party 28 26 53
Long-term receivable (42) (54) (82)
--------- -------- -------------
Net cash generated from (used in)
investing activities 116 (9,908) (11,989)
--------- -------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Acquisition of non controlling
interest - Amiad France (92)
Dividends paid to equity holders of
the Company (1,419)
Receipt of long-term borrowings and
other liabilities 110 11,026 12,304
Repayments of long term borrowings (2,378) (995) (2,771)
Short-term borrowings (repayments)
from banks, net 2,916 (2,403) 2,007
--------- -------- -------------
Net cash generated from financing
activities 556 7,628 10,121
--------- -------- -------------
EXCHANGE LOSS (GAIN) ON CASH AND
CASH
EQUIVALENTS 71 (105) 92
--------- -------- -------------
NET INCREASE (DECREASE) IN CASH AND
CASH
EQUIVALENTS 3,712 2,616 2,718
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR 11,293 8,575 8,575
--------- -------- -------------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD 15,005 11,191 11,293
========= ======== =============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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