TIDMAG99

RNS Number : 7948H

GlaxoSmithKline Capital PLC

31 July 2023

Publication of GlaxoSmithKline Capital plc

Interim Management Report 2023

Today, 31 July 2023, GlaxoSmithKline Capital plc (the "Company") published on the GSK Group ("GSK") website, www.gsk.com *, its Interim Management Report in respect of the period ended 30 June 2023.

In compliance with Listing Rule 9.6.1 of the UK Financial Conduct Authority ("FCA"), copies of the Company's Interim Management Report, have been submitted to the UK Listing Authority's NSM submission portal via the Electronic Submission System (ESS). A copy can be viewed at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

In accordance with the FCA's Disclosure and Transparency Rules 4.2 and 6.3.5, Appendix A to this announcement contains the Company's Interim Management Report, which includes a description of the principal risks and uncertainties affecting it together with a responsibility statement.

V A Whyte

Company Secretary

31 July 2023

* https://www.gsk.com/en-gb/company/codes-standards-and-reports/#gsk-capital-plc-annual-reports

Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described in the Company's Annual Report on Form 20-F for 2022, GSK's Q2 Results for 2023 and any impacts of the COVID-19 pandemic.

APPIX A

GlaxoSmithKline Capital plc

(Registered number: 02258699)

Interim Management Report

for the half year ended 30 June 2023

Registered office address:

980 Great West Road

Brentford

Middlesex

TW8 9GS

GlaxoSmithKline Capital plc

(Registered number: 02258699)

Interim Management Report

for the half year ended 30 June 2023

 
  Contents                             Pages 
 
  Interim report                       1-2 
  Income statement                     3 
  Statement of comprehensive income    4 
  Balance sheet                        5 
  Statement of changes in equity       6 
  Cash flow statement                  7 
  Notes to the financial statements    8-13 
 

GlaxoSmithKline Capital plc

(Registered number: 02258699)

Results announcement and interim management report for the half year ended 30 June 2023

Performance

GlaxoSmithKline Capital plc (the "Company") is a member of the GSK Group (the "Group"). The principal activities of the Company during the financial year were the issuance of notes under the Group's European Medium Term Note programme and the provision of financial services to other companies within the Group.

The Directors do not envisage any change to the nature of the business in the foreseeable future.

Review of business

The Company made a profit for the half year ended 30 June 2023 of GBP5,408,000 (2022: GBP7,653,000), which will be transferred to reserves. The Directors are of the opinion that the current level of activity and the period end financial position are satisfactory and will remain so in the foreseeable future.

No dividend is proposed to the holders of ordinary shares in respect of the period ended 30 June 2023 (2022: GBPnil).

At 30 June 2023, the Company had in issue GBP8,277,153,000 European Medium Term Notes and GBP2,560,633,000 US Medium Term Notes (31 December 2022: GBP9,230,890,000 and GBP2,688,409,000 respectively), which mature at dates between 2023 and 2045. All notes currently in issue pay interest on a fixed rate basis.

In May 2023, the Company repaid a EUR 750 million 0.125% EUR Medium Term Note.

In addition, the Company further repurchased the following bond holdings on 13th February 2023:

-- GBP75,783,000 of the GBP 1 billion 5.250% European Medium Term Note 2033

-- GBP68,700,000 of the GBP 700 million 6.375% European Medium Term Note 2039

Principal risks and uncertainties

The Directors of GSK plc manage the risks of the Group at a group level, rather than at an individual statutory entity level. For this reason, the Company's Directors believe that a discussion of the Group's risks would not be appropriate for an understanding of the development, performance or position of the Company's business. The principal risks and uncertainties of the Group, which include those of the Company, are discussed in the Group's 2022 annual report which does not form part of this report.

Directors' responsibility statement

The Board of Directors approved this document on 27 July 2023.

The Directors confirm that, to the best of their knowledge, this unaudited condensed financial information for the six months ended 30 June 2023 has been prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting" and that the interim management report herein includes a true and fair view of the information required by Disclosure and Transparency Rules (DTR) 4.2.7.

The Directors of the Company are:

Mrs J Brown

Edinburgh Pharmaceutical Industries Limited

Glaxo Group Limited

By order of the Board

Mr A Walker

For and on behalf of Glaxo Group Limited

Corporate Director

27 July 2023

Internet

This Announcement and other information about the GSK Group are available on the website at: http://www.gsk.com.

GlaxoSmithKline Capital plc

Income statement

for the half year ended 30 June 2023

 
                                               Period ended    Period ended 
                                               30 June 2023    30 June 2022 
                                       Note         GBP'000         GBP'000 
------------------------------------  ----- 
 
 Other operating income / (expense)     2           (1,234)           1,810 
 Finance income                         3           174,189         221,731 
 Finance expense                        4         (165,886)       (214,093) 
------------------------------------  -----  --------------  -------------- 
 Operating profit                                     7,069           9,448 
------------------------------------  -----  --------------  -------------- 
 
 Profit before taxation                               7,069           9,448 
 
 Taxation on profit                     5           (1,661)         (1,795) 
                                      ----- 
 
 Profit for the financial period                      5,408           7,653 
------------------------------------  -----  --------------  -------------- 
 

GlaxoSmithKline Capital plc

Statement of comprehensive income

for the half year ended 30 June 2023

 
                                                  Period ended    Period ended 
                                                  30 June 2023    30 June 2022 
                                                       GBP'000         GBP'000 
 
 Profit for the financial period                         5,408           7,653 
 
 Items that may be subsequently reclassified 
  to the income statement: 
 Fair value movements on cash flow hedges                    -               - 
 Reclassification of cash flow hedges to the 
  income statement                                       1,209           1,769 
 Deferred tax on fair value movements on cash 
  flow hedges                                            (302)           (336) 
----------------------------------------------  --------------  -------------- 
 Other comprehensive income for the financial 
  period                                                   907           1,433 
 
 Total comprehensive income for the financial 
  period                                                 6,315           9,086 
----------------------------------------------  --------------  -------------- 
 

GlaxoSmithKline Capital plc

Balance sheet

as at 30 June 2023

 
                                                                 31 December 
                                                 30 June 2023           2022 
                                          Note        GBP'000        GBP'000 
---------------------------------------  -----  -------------  ------------- 
 
 Non-current assets 
 Deferred tax assets                                    2,665          2,968 
 Loans and receivables                     6        8,666,051      9,794,173 
 Total non-current assets                           8,668,716      9,797,141 
---------------------------------------  -----  -------------  ------------- 
 
 Current assets 
 Loans and receivables                     6        2,290,864      2,236,637 
 Prepayments and accrued income            7           74,885        113,755 
 Cash and cash equivalents                                  1              1 
---------------------------------------  -----  -------------  ------------- 
 Total current assets                               2,365,750      2,350,393 
---------------------------------------  -----  -------------  ------------- 
 
 Total assets                                      11,034,466     12,147,534 
---------------------------------------  -----  -------------  ------------- 
 
 Current liabilities 
 Corporation tax                                      (3,884)        (2,223) 
 Accruals and deferred income              9         (66,833)      (106,364) 
 Short-term borrowings                     8      (2,206,444)    (2,145,952) 
---------------------------------------  -----  -------------  ------------- 
 Total current liabilities                        (2,277,161)    (2,254,539) 
---------------------------------------  -----  -------------  ------------- 
 
 Net current assets                                    88,589         95,854 
---------------------------------------  -----  -------------  ------------- 
 
 Total assets less current liabilities              8,757,305      9,892,995 
---------------------------------------  -----  -------------  ------------- 
 
 Non-current liabilities 
 Long-term borrowings                      8      (8,631,342)    (9,773,347) 
 Total non-current liabilities                    (8,631,342)    (9,773,347) 
---------------------------------------  -----  -------------  ------------- 
 
 Total liabilities                               (10,908,503)   (12,027,886) 
---------------------------------------  -----  -------------  ------------- 
 
 Net assets                                           125,963        119,648 
---------------------------------------  -----  -------------  ------------- 
 
 Equity 
 Called up share capital                   12             100            100 
 Other reserves                                       (7,995)        (8,902) 
 Retained earnings                                    133,858        128,450 
---------------------------------------  -----  -------------  ------------- 
 
 Total equity                                         125,963        119,648 
---------------------------------------  -----  -------------  ------------- 
 

GlaxoSmithKline Capital plc

Statement of changes in equity

for the half year ended 30 June 2023

 
                                       Called 
                                     up share                     Retained 
                                      capital   Other reserves    earnings   Total equity 
                                      GBP'000          GBP'000     GBP'000        GBP'000 
---------------------------------  ----------  ---------------  ----------  ------------- 
 
 At 1 January 2022                        100         (13,090)     118,976        105,986 
 
 Profit for the financial period            -                -       7,653          7,653 
 Other comprehensive income for 
  the financial period                      -            1,433           -          1,433 
---------------------------------  ----------  ---------------  ----------  ------------- 
 
 At 30 June 2022                          100         (11,657)     126,629        115,072 
---------------------------------  ----------  ---------------  ----------  ------------- 
 
 
                                       Called 
                                     up share                     Retained 
                                      capital   Other reserves    earnings   Total equity 
                                      GBP'000          GBP'000     GBP'000        GBP'000 
---------------------------------  ----------  ---------------  ----------  ------------- 
 
 At 1 January 2023                        100          (8,902)     128,450        119,648 
 
 Profit for the financial period            -                -       5,408          5,408 
 Other comprehensive income for 
  the financial period                      -              907           -            907 
---------------------------------  ----------  ---------------  ----------  ------------- 
 
 At 30 June 2023                          100          (7,995)     133,858        125,963 
---------------------------------  ----------  ---------------  ----------  ------------- 
 

GlaxoSmithKline Capital plc

Cash flow statement

for the half year ended 30 June 2023

 
                                                                                Period 
                                                            Period ended         ended 
                                                                 30 June       30 June 
                                                                    2023          2022 
 
                                                     Note        GBP'000       GBP'000 
--------------------------------------------------  -----  -------------  ------------ 
 
 Cash flows from operating activities 
 Operating profit                                                  7,069         9,448 
 Adjustments reconciling operating profit 
  to operating cash flows                             11           8,563         3,458 
 Taxation paid                                                         -             - 
 Net cash inflow from operating activities                        15,632        12,906 
--------------------------------------------------  -----  -------------  ------------ 
 
 Cash flows from financing activities 
 Proceeds from borrowings                                              -             - 
 Repayment of borrowings                                       (796,983)   (2,813,895) 
 Loans provided to Group undertakings                                  -             - 
 Loan repayments received from Group undertakings                792,087     2,795,017 
 (Increase) / decrease in current accounts 
  with Group undertakings                                       (10,736)         5,969 
--------------------------------------------------  -----  -------------  ------------ 
 Net cash outflow from financing activities                     (15,632)      (12,909) 
--------------------------------------------------  -----  -------------  ------------ 
 
 Net movement in cash in the period                                    -           (3) 
--------------------------------------------------  -----  -------------  ------------ 
 
 Cash at beginning of period                                           1             4 
 Movement in cash                                                      -             - 
--------------------------------------------------  -----  -------------  ------------ 
 
 Cash at end of period                                                 1             1 
--------------------------------------------------  -----  -------------  ------------ 
 

GlaxoSmithKline Capital plc

Notes to the financial statements for the half year ended 30 June 2023

1. Accounting presentation and policies

This unaudited Results Announcement containing condensed financial information for the six months ended 30 June 2023 is prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting" using the recognition and measurement requirements of Financial Reporting Standard 101 "Reduced Disclosure Framework" and in accordance with the Listing Rules of the UK Listing Authority. The same accounting policies and methods of computation are followed in the interim nancial statements as compared with the most recent annual nancial statements.

2. Operating profit

 
                                                          Period ended    Period ended 
                                                          30 June 2023    30 June 2022 
                                                               GBP'000         GBP'000 
 ----------------------------------------------------   --------------  -------------- 
 
 The following items have been credited / (charged) 
  in operating profit: 
  Exchange gains/(losses) on foreign 
  currency transactions                                        (1,234)           1,810 
-----------------------------------------------------   --------------  -------------- 
 

3. Finance income

 
                                                    Period ended    Period ended 
                                                    30 June 2023    30 June 2022 
                                                         GBP'000         GBP'000 
 -----------------------------------------------  --------------  -------------- 
 
 Interest income arising from loans with Group 
 undertakings                                            174,189         221,731 
------------------------------------------------  --------------  -------------- 
 

4. Finance expense

 
                                                      Period ended    Period ended 
                                                      30 June 2023    30 June 2022 
                                                           GBP'000         GBP'000 
------------------------------------------------    --------------  -------------- 
 
 Interest expense arising on financial 
  liabilities at amortised cost                          (164,677)       (212,324) 
 Reclassification of cash flow hedge from other 
  comprehensive income                                     (1,209)         (1,769) 
 
 Total finance expense                                   (165,886)       (214,093) 
--------------------------------------------------  --------------  -------------- 
 

5. Taxation

 
                                                Period ended    Period ended 
                                                30 June 2023    30 June 2022 
 Income tax expense on ordinary activities           GBP'000         GBP'000 
-------------------------------------------   --------------  -------------- 
 
 Current tax: 
  UK corporation tax at 23.5% (2022: 
   19%)                                              (1,661)         (1,795) 
--------------------------------------------  --------------  -------------- 
 
 Total current tax                                   (1,661)         (1,795) 
--------------------------------------------  --------------  -------------- 
 
 
                                                      Period ended    Period ended 
                                                      30 June 2023    30 June 2022 
 Total tax (expense) / credit included in other            GBP'000         GBP'000 
  comprehensive income 
--------------------------------------------------  --------------  -------------- 
 
 Deferred tax: 
  Fair value movements on cash 
   flow hedges                                               (302)           (336) 
--------------------------------------------------  --------------  -------------- 
 
 Total tax (expense) / credit included in other 
  comprehensive income                                       (302)           (336) 
--------------------------------------------------  --------------  -------------- 
 

6. Trade and other receivables

 
                                                        31 December 
                                         30 June 2023          2022 
                                              GBP'000       GBP'000 
                                        -------------  ------------ 
 
 Amounts due within one year 
  Amounts owed by Group undertakings        2,290,864     2,236,637 
                                            2,290,864     2,236,637 
 -------------------------------------  -------------  ------------ 
 
 Amounts due after more than 
  one year 
  Long term deposits                               81           120 
  Amounts owed by Group undertakings 
   - loans                                  8,665,970     9,794,053 
                                            8,666,051     9,794,173 
 -------------------------------------  -------------  ------------ 
 
                                           10,956,915    12,030,810 
 -------------------------------------  -------------  ------------ 
 

Amounts due within one year are deposits with Group undertakings of GBP96,224,896 (2022: GBP94,201,000) which are unsecured, repayable within one year and earn a market rate of interest (based on benchmark risk-free rate applicable to each currency minus 0.025%) that is consistent with the Group's policy.

Amounts due within one year also include the net proceeds of bond issuances that have been advanced as loans to Group undertakings of GBP2,194,639,477 (2022: GBP2,142,436,000) which are unsecured with an interest rate charged between 0.10% and 3.40%.

Amounts due after more than one year include the net proceeds of bond issuances that have been advanced as loans to Group undertakings of GBP8,558,514,649 (2022: GBP9,691,844,000), which are unsecured with fixed interest charged between 1.17% and 6.50% per annum and repayable at maturity dates between 2024 and 2045.

Amounts due after more than one year also include a call account with GlaxoSmithKline Finance plc of GBP107,455,726 (2022: GBP102,209,000) which is unsecured, repayable on demand and earns a market rate of interest (based on benchmark risk-free rate applicable to each currency minus 0.05%) which is consistent with the Group's policy. The call account balance is classified as a non-current asset as the amounts are not expected to be settled within the year.

7. Prepayments and accrued income

 
                                               31 December 
                                30 June 2023          2022 
                                     GBP'000       GBP'000 
-----------------------------  -------------  ------------ 
 
 Amounts due within one year          74,885       113,755 
-----------------------------  -------------  ------------ 
 

Accrued income relates to interest on amounts owed by Group undertakings (see Note 6).

8. Borrowings

 
                                                         31 December 
                                         30 June 2023           2022 
                                              GBP'000        GBP'000 
-------------------------------------   -------------  ------------- 
 
 Amounts falling due within one year 
 Loans payable: 
   EUR European Medium Term Notes           (429,033)    (1,108,313) 
   US$ Medium Term Notes                  (1,777,411)    (1,037,639) 
-------------------------------------- 
                                          (2,206,444)    (2,145,952) 
 -------------------------------------  -------------  ------------- 
 
 Amounts falling due after more than 
  one year 
 Loans payable: 
   EUR European Medium Term Notes         (4,022,960)    (4,155,995) 
   GBP European Medium Term Notes         (3,825,160)    (3,966,581) 
   US$ Medium Term Notes                    (783,222)    (1,650,771) 
--------------------------------------  -------------  ------------- 
                                          (8,631,342)    (9,773,347) 
 -------------------------------------  -------------  ------------- 
 
 Total borrowings                        (10,837,786)   (11,919,299) 
--------------------------------------  -------------  ------------- 
 
 
                                                               31 December 
                                               30 June 2023           2022 
 Maturity of borrowings                             GBP'000        GBP'000 
-------------------------------------------   -------------  ------------- 
 
 In one year or less, or on demand 
 0% EUR European Medium Term Note 
  2023                                            (429,033)      (443,407) 
 0.125% EUR European Medium Term 
  Note 2023                                               -      (664,906) 
 0.534% US$ US Medium Term Note 
  2023                                            (988,091)    (1,037,639) 
 3.000% US$ US Medium Term Note                   (789,320)              - 
  2024 
 
                                                (2,206,444)    (2,145,952) 
 -------------------------------------------  -------------  ------------- 
 
 In more than one year, but not more than 
  two years 
 1.375% EUR European Medium Term 
  Note 2024                                       (856,195)      (884,229) 
 3.000% US$ US Medium Term Note 
  2024                                                    -      (828,516) 
 4.000% EUR European Medium Term                  (641,722)              - 
  Note 2025 
 
                                                (1,497,917)    (1,712,745) 
 -------------------------------------------  -------------  ------------- 
 
 In more than two years, but not more than 
  five years 
 4.000% EUR European Medium Term 
  Note 2025                                               -      (662,778) 
 1.000% EUR European Medium Term 
  Note 2026                                       (599,807)      (619,781) 
 1.250% EUR European Medium Term 
  Note 2026                                       (856,412)      (884,833) 
 3.375% GBP European Medium Term 
  Note 2027                                       (305,941)      (305,753) 
 
                                                (1,762,160)    (2,473,145) 
 -------------------------------------------  -------------  ------------- 
 
 In more than five years 
 1.25% GBP European Medium Term 
  Note 2028                                       (744,197)      (743,675) 
 1.375% EUR European Medium Term 
  Note 2029                                       (427,083)      (441,246) 
 3.375% US$ US Medium Term Note 
  2029                                            (783,222)      (822,254) 
 1.750% EUR European Medium Term 
  Note 2030                                       (641,741)      (663,127) 
 5.250% GBP European Medium Term 
  Note 2033                                       (565,994)      (640,375) 
 1.625% GBP European Medium Term 
  Note 2035                                       (744,338)      (744,125) 
 6.375% GBP European Medium Term 
  Note 2039                                       (626,761)      (694,879) 
 5.250% GBP European Medium Term 
  Note 2042                                       (471,968)      (471,877) 
 4.250% GBP European Medium Term 
  Note 2045                                       (365,961)      (365,899) 
 
                                                (5,371,265)    (5,587,457) 
 
 Total borrowings                              (10,837,786)   (11,919,299) 
--------------------------------------------  -------------  ------------- 
 

9. Accruals and deferred income

 
                                                   31 December 
                                    30 June 2023          2022 
                                         GBP'000       GBP'000 
--------------------------------   -------------  ------------ 
 
 Amounts falling due within one 
  year                                  (66,833)     (106,364) 
---------------------------------  -------------  ------------ 
 

Accruals relates to interest payable on borrowings (see Note 9).

10. Fair value of financial assets and liabilities

The fair values of the financial assets and liabilities are included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The following methods and assumptions were used to estimate the fair values:

   --      Cash and cash equivalents - approximates to the carrying amount; 

-- Borrowings (European and US Medium Term Notes) - based on quoted market prices (a level 1 fair value measurement);

-- Intercompany loans - approximates to the fair value of borrowings (European and US Medium Term Notes); and

   --      Receivables and payables - approximates to the carrying amount. 

The carrying amounts and the fair values of the Company's financial assets and liabilities at 30 June 2023 and 31 December 2022 are illustrated below.

 
                                                      30 June 2023                     31 December 2022 
                                             Carrying                                 Carrying 
                                                value                Fair value          value     Fair value 
                                              GBP'000                   GBP'000        GBP'000        GBP'000 
--------------------------------------  -------------  ------------------------  -------------  ------------- 
 
 Cash and cash equivalents                          1                         1              1              1 
 
 Loans and receivables: 
   Other receivables                           74,885                    74,885        113,755        113,755 
   Amounts owed by Group undertakings      10,956,834                10,172,992     12,030,690     11,306,796 
 Total financial assets                    11,031,720                10,247,878     12,144,446     11,420,552 
--------------------------------------  -------------  ------------------------  -------------  ------------- 
 
 Financial liabilities measured 
  at amortised cost: 
   GBP European Medium Term Notes         (3,825,160)               (3,435,825)    (3,966,581)    (3,759,798) 
   EUR European Medium Term Notes         (4,451,993)               (4,210,454)    (5,264,308)    (5,010,694) 
   US$ US Medium Term Notes               (2,560,633)               (2,484,545)    (2,688,410)    (2,584,635) 
--------------------------------------  -------------  ------------------------  -------------  ------------- 
                                         (10,837,786)              (10,130,824)   (11,919,299)   (11,355,127) 
 
 Other payables                              (66,833)                  (66,833)      (106,364)      (106,364) 
 
 Total financial liabilities             (10,904,619)              (10,197,657)   (12,025,663)   (11,461,491) 
--------------------------------------  -------------  ------------------------  -------------  ------------- 
 
 Net financial assets                         127,101                    50,221        118,783       (40,939) 
--------------------------------------  -------------  ------------------------  -------------  ------------- 
 

The Company has no financial assets or liabilities measured at fair value through profit or loss.

Financial liabilities measured at amortised cost for which the fair value of GBP10,130,824,000 (31 December 2022: GBP11,355,127,000) as disclosed in the table above are categorised as Level 1, where quoted prices in active markets are used. Similarly, amounts owed by Group undertakings, which include the net proceeds of bond issuances advanced as loans, also approximate to the fair value of these financial liabilities. All other assets and liabilities approximate to the carrying amount.

11. Adjustments reconciling operating profit to operating cash flows

 
                                                      Period ended   Period ended 30 
                                                      30 June 2023         June 2022 
                                                           GBP'000           GBP'000 
--------------------------------------------   -------------------  ---------------- 
 
 Operating profit                                            7,069             9,448 
 Adjustments: 
   Decrease/ (increase) in other 
    receivables                                             38,909            43,164 
   (Decrease) / increase in other 
    payables                                              (39,531)          (48,215) 
   Exchange adjustments                                      1,148             (573) 
   Amortisation of bond costs                                6,828             7,313 
   Reclassification of cash flow hedges to 
    the income statement                                     1,209             1,769 
                                                             8,563             3,458 
 --------------------------------------------  -------------------  ---------------- 
 
 Net cash (outflow) / inflow from operating 
  activities                                                15,632            12,906 
---------------------------------------------  -------------------  ---------------- 
 

12. Called up share capital

 
                                       30 June   31 December   30 June   31 December 
                                          2023          2022      2023          2022 
                                        Number     Number of 
                                     of shares        shares   GBP'000       GBP'000 
                                                              --------  ------------ 
 
 Authorised 
 Ordinary shares of GBP1 each 
  (31 December 2022: GBP1 each)        100,000       100,000       100           100 
---------------------------------               ------------  --------  ------------ 
 
 Issued and fully paid 
 Ordinary shares of GBP1 each 
  (31 December 2022: GBP1 each)        100,000       100,000       100           100 
---------------------------------  -----------  ------------  --------  ------------ 
 

13. Related party transactions

As a wholly owned subsidiary of the ultimate parent company, GSK plc, advantage has been taken of the exemption afforded by FRS 101 "Reduced Disclosure Framework" not to disclose any related party transactions within the Group. There are no other related party transactions.

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