Regulatory Story
Go to market news section View chart   Print
RNS
Cambria Africa PLC  -  CMB   

Interim Results

Released 17:52 20-Apr-2018

RNS Number : 6938L
Cambria Africa PLC
20 April 2018
 

Cambria Africa Plc

("Cambria" or the "Company")

 

Interim Results (the "Results") 

PBT Quadruples; EPS 0.27 US cents

for 6 Months ended 28 February 2018

 

Cambria Africa PLC (AIM:CMB) ("Cambria" or the "Company") is pleased to announce its interim results for the six months ended 28 February 2018 (the "Period"). A copy of this announcement is available on the Company's website (www.cambriaafrica.com). This announcement follows the FY 2017 results and trading update published on 27 February 2018.

 

The Results and their comparatives have been restated to treat the closure of Payserv Zambia as discontinued operations.  Therefore, Payserv Zambia's loss of $121,000 has been excluded from continuing operations for the same period in 2017.

 

Results Highlights for the Period:

The company has achieved significant improvements in profitability and EBITDA as a result of improved performance, the end of litigation expenses, and costs related to discontinued operations which were expensed in FY 2017.

*All results for FY 2017 are restated to exclude losses attributable to the discontinued operations of Payserv Zambia:

6 months ended 28 February 2018 (US$'000)

2018

* Restated 2017

Change

- Consolidated EBITDA

1,666

663

151 %

- Consolidated EBITDA - excluding legal expenses

1,666

1,065

56 %

- Operating cashflow

1,664

550

202 %

- Central costs - excluding legal expenses

56

118

(53 %)

- Payserv - profit after tax

1,106

926

19 %

- Payserv - EBITDA

1,552

1,321

17 %

- Millchem - EBITDA

110

(138)

180 %

- Profit before tax

1,436

368

290 %

- Profit / (loss) after tax

1,102

76

1,350%

 

 

 

 

 

For the 6 months ended 28 February 2018 (the "Period"):

 

·      A record Profit after Tax (PAT) of $1.10 million was achieved for the Period - an increase of $1.03 million in profitability compared to $76,000 for the same period in 2017. This near fourteen fold increase in after-tax profitability was achieved despite a 14% ($42,000) increase in taxes from $292,000 to $334,000.

 

·      Profit before Tax (PBT) was up 290% to $1.44 million from $368,000 for the same period in 2017.

 

·      EBITDA from continuing operations more than doubled (up 151%) to $1.67 million from $663,000 for the same period in 2017.    

 

·      Excluding legal costs, EBITDA increased $601,000 to $1.67 million, a 56% increase from $1.07 million in 2017.  All known legal costs associated with the Consilium Dispute have been accrued in FY 2017 leaving no carryover of associated legal costs to the Period.

 

·      Cambria's central expenses (excluding legal costs) were halved to $56,000 from $118,000, representing 1.23% of revenues for the Period.

 

·      Borrowings, which include capitalised interest, fell by $474,000 (13%) to $3.05 million from $3.53 million in 2017. Net finance costs were accordingly reduced by $83,000 (38%) to $134,000 from $217,000 for the same period in 2017. 

 

·      Payserv Africa achieved record profitability through a:

16% increase in revenues to $3.66 million,

17% increase in consolidated EBITDA to $1.55 million,

16% increase in PBT to $1.44 million,

16% increase in PAT and after minority interests of $949,000.

 

·      Millchem achieved its first profit in more than 4 years resulting in:

Positive cash flows from operations,

53% reduction in overheads,

$248,000 turnaround in EBITDA to $110,000 from a loss of $152,000 for the same period in 2017. 

 

12 Month Trailing Results

 

 

 

 

Trailing 12 Months to 28 February 2018

Six month period to 28 February 2018

 

* Restated Unaudited

* Restated Unaudited

 

Unaudited

* Restated Unaudited

 

 

28-Feb-18

28-Feb-17

 

28-Feb-18

28-Feb-17

 

 

US$'000

US$'000

Change

US$'000

US$'000

Change

 

 

 

 

 

 

 

Revenue

8,639

8,808

 (1.9%)

4,555

4,514

0.9%

Cost of sales

(1,821)

(2,831)

 (35.7%)

 (944)

(1,356)

 (30.4%)

Gross profit

6,818

5,977

14.1%

3,611

3,158

14.3%

Operating costs

(4,834)

(4,971)

 (2.8%)

(2,101)

(2,574)

 (18.4%)

Other income

73

13

 -

60

1

 -

Profit / (loss) on disposal and impairment of assets

 -

 -

 -

 -

 -

 -

Operating profit

2,057

1,019

101.9%

1,570

585

168.4%

Finance income

20

13

53.8%

9

4

125.0%

Finance costs

 (293)

 (528)

 (44.5%)

 (143)

 (221)

 (35.3%)

Net finance costs

 (273)

 (515)

 (47.0%)

 (134)

 (217)

 (38.2%)

Profit before tax

1,784

504

254.0%

1,436

368

290.2%

Income tax

 (702)

 (458)

53.3%

 (334)

 (292)

14.4%

Profit from continuing operations

1,082

46

2252.2%

1,102

76

1350.0%

Discontinued operations:

 

 

 

 

 

 

Loss from discontinued operations

(34)

 (237)

 

 -

 (119)

 

Profit / (loss) for the period

1,048

 (191)

 $ 1,239

1,102

(43)

 $ 1,145

 

 

 

 

 

 

 

 

Trailing 12 Months to 28 February 2018

Six month period to 28 February 2018

 

* Restated Unaudited

* Restated Unaudited

 

Unaudited

* Restated Unaudited

 

 

28-Feb-18

28-Feb-17

 

28-Feb-18

28-Feb-17

 

 

US$'000

US$'000

Change

US$'000

US$'000

Change

 

Attributable to:

 

 

 

 

 

 

Owners of the company

750

 (441)

 $ 1,191

945

 (154)

 $ 1,099

Non-controlling interests

298

250

19.2%

157

111

41.4%

Profit / (loss) for the period

1,048

 (191)

 $ 1,239

1,102

(43)

 $ 1,145

 

 

 

 

 

 

 

Earnings / (loss) per share

 

 

 

 

 

 

Basic and diluted earnings / (loss) per share (cents)

0.22c

(0.21c)

0.43c

0.27c

(0.07c)

0.30c

 

 

 

 

 

 

 

Earnings / (loss) per share - continuing operations

 

 

 

 

 

Basic and diluted earnings / (loss) per share (cents)

0.23c

(0.10c)

0.33c

0.27c

(0.02c)

0.29c

 

 

 

 

 

 

 

Loss per share - discontinued operations

 

 

 

 

 

 

Basic and diluted loss per share (cents)

(0.01c)

(0.11c)

0.10c

0.00c

(0.05c)

0.05c

 

 

Highlights for the 12 Months Trailing Period:

 

·      Profit After Tax from continuing operations significantly increased by $1.04 million to $1.08 million from $46,000 for the same 12 month period in 2017.

 

·      Profit Before Tax more than tripled to $1.78 million from $504,000.

 

·      Operating Profit more than doubled to $2.06 million from $1.02 million despite a 2% decrease in Revenue as a result of Millchem closing down unprofitable lines. 

 

·      Net Finance costs for the Trailing 12-month period were almost halved to $273,000 from $515,000

 

Other notable events:

 

Notable events during the Period include:

 

Settlement of Consilium Dispute in October 2017.

·      Both parties agreed to settle all claims against each other;

·      Cambria paid Consilium $223,000 ("the Settlement Amount");

·      The security for costs previously lodged was released back to Cambria;

·      All related legal costs, including the Settlement Amount have already been included in the financial results of FY 2017 with no roll-over to the Period ended 28 February 2018.

 

Appointment of Sibert Dube as Payserv Zimbabwe CEO

Mr. Dube has identified the following areas of growth for Cambria's largest subsidiary by revenue and profit:

 

·      Penetrating the consumer market where Payserv's market share is minimal compared to its commanding position (90% market share) in the corporate trade and salary payments;

·      Capitalising on distributed ledger and other leading technologies to enhance its services

·      Providing facilitation services to major players for distribution of inward international remittances;

·      Expanding Tradanet's payroll-based loan processing to also include insurance sales and loan origination.

 

Prospects

 

The Company believes that new dispensation in Zimbabwe following the inauguration of President Emmerson Mnangagwa will result in a favourable business and investment climate. President Mnangagwa has announced and taken action on new business-friendly policies which are intended to attract investment, protect investment, and bring with it international balance of payments support.  These developments vindicate Cambria's focus on Zimbabwe as providing the best investment opportunities and returns in the region.  

 

Changes to the board

 

The board remains unchanged.

 

About Cambria Africa Plc

 

Cambria Africa Plc, quoted on the AIM market of the London Stock Exchange, is a long term, active investment company, investing primarily in Southern Africa.

Contacts

 

 

 

Cambria Africa Plc

www.cambriaafrica.com

Samir Shasha

+44 (0) 207 669 0115

 

 

WH Ireland Limited

www.wh-ireland.co.uk

James Joyce / Alex Bond

+44 (0) 20 7220 1666

 

 

 

Chief Executive's Report

 

Introduction:

 

I am pleased to report on Cambria's strong performance over the 6 months ended 28 February 2018.  These results not only reflect the end of litigation expenses and discontinuing of unprofitable operations in Zambia, they are also testament to the considerable time, effort and resources invested since Cambria's management change in August 2015. I have repeatedly expressed my conviction that for Cambria, "Zimbabwe provides the best regional opportunity for successful investment and growth in the short to medium term."  The Results are testimony to the soundness of our investment philosophy.

 

·      EBITDA from continuing operations more than doubled to $1.67 million while PBT increased by $1.07 million to $1.44 million from $368,000 for the same period in 2017. 

 

·      Cambria achieved a record after-tax profit of $1.10 million - a 14-fold increase from $76,000 from continuing operations in 2017.  Discontinued operations had no impact on interim results.

 

·      The Consilium dispute was settled in October 2017 allowing more productive allocation of management resources.  All related costs have been included in the FY 2017 results with no associated costs in this Period.

 

·      Central costs for the Period were more than halved to $56,000 from $118,000 for the same period in 2017.  Central costs were 1.23% of revenues.

 

·      Debt levels, interest expense, shareholder equity & cash flows continued to show significant improvement during the Period.

 

Divisional Review

 

Payserv Africa Group

 

6 months ended 28 February 2018 (US$ '000)

 2018

2017

Change

Revenues

3,656

3,142

16 %

Gross profit

3,334

2,938

13 %

Gross margin

91%

94%

(3 %)

Overheads

(1,782)

(1,617)

10 %

EBITDA

1,552

1,321

17 %

Profit before interest and tax

1,463

1,257

16 %

Interest

(23)

(39)

(41 %)

Profit before tax

1,440

1,218

18 %

Profit after tax

1,106

926

19 %

PAT (excluding minority interests)

949

815

16 %

Payserv's consolidated EBITDA increased by 17% for the six months ended 28 February 2018 to $1.55 million from $1.32 million compared to the same period in 2017.  Profit before tax increased by 18% to $1.44 million from $1.22 million and consolidated PAT increased by 19% to $1.11 million from $926,000 in 2017.  This was achieved on the back of a 16% increase in revenues to $3.66 million from $3.14 million.  All these figures exclude the results of the discontinued operations of Payserv Zambia. 

 

Overheads represent 49% of Revenues (52% in 2017). The company is identifying opportunities to improve profitability by reducing overheads and investing the savings in improving its technology.

 

 

 

Paynet Zimbabwe

·      Leveraging our technology and position of trust with financial institutions into the consumer market where Paynet's market share is minimal;

 

·      Exploring distributed ledger technologies to enhance transaction security and reduce transaction costs;

 

·      Developing non-transactional EDI products for the Insurance and Securities Industries;

 

·      Establishing our foothold as a last-mile service provider to multiple international remittance operations by improving their distribution channels and value addition;

 

·      Establishing stronger cost controls on Paynet overheads to maximise the impact of increases in transaction volume and minimise the impact of possible reversals in transaction volume as a result of competition, economic downturns, or a cut in public sector employment;

 

·      Increasing revenues by rationalising transaction pricing which remains among the lowest in the industry, despite the commanding market position in our sector.

 

Payserv Zambia operations discontinued

 

Autopay Zimbabwe

Tradanet

·      Flexicredit Hybrid - a product directed at employees of larger publicly held corporates which can be evaluated by reliance on publicly disclosed information;

·      Insurance Premium Financing;

 

 

·     Automobile ownership financing.

Millchem Zimbabwe

6 months ended 28 February 2018 (US$ '000)

2018

2017

Growth

Revenues

899

1,372

(34 %)

Gross profit

277

220

26 %

Gross margin

31 %

16 %

94 %

Overheads

(167)

(358)

(53 %)

EBITDA

110

(138)

180 %

Profit/(loss) after tax

102

(152)

167 %

·      $899,000 in revenues reduced by 34% to achieve a more profitable product mix,

·      31% gross profit margin - a nearly 2-fold increase from 16% in 2017,

·      $248,000 turnaround in EBITDA to $110,000 from a loss of $138,000,

·      $254,000 turnaround in PAT to $102,000 from a loss of $152,000,

·      $191,000 reduction (53%) in administrative expenses from $358,000 to $167,000.

 

Consilium Dispute

Board of Directors and Compensation

 

 

 

 

 

Cambria Africa Plc

 

Interim consolidated income statement

For the six month period ended 28 February 2018

 

 

 

Unaudited

 

* Restated Unaudited

 

Audited

 

 

6 months to

 

6 months to

 

Year to

 

 

28-Feb-18

 

28-Feb-17

 

31-Aug-17

 

 

US$'000

 

US$'000

 

US$'000

 

 

 

 

 

 

 

Revenue

 

4,555

 

4,514

 

8,598

Cost of sales

 

(944)

 

(1,356)

 

(2,233)

Gross profit

 

3,611

 

3,158

 

6,365

Operating costs

 

(2,101)

 

(2,574)

 

(5,307)

Other income

 

60

 

1

 

23

Profit / (loss) on disposal and impairment of assets

 

-

 

-

 

(9)

Operating profit

 

1,570

 

585

 

1,072

Finance income

 

9

 

4

 

15

Finance costs

 

(143)

 

(221)

 

(371)

Net finance costs

 

(134)

 

(217)

 

(356)

Profit before tax

 

1,436

 

368

 

716

Income tax

 

(334)

 

(292)

 

(660)

Profit for the period from continuing operations

 

1,102

 

76

 

56

Discontinued operations:

 

 

 

 

 

 

Loss from discontinued operations

 

-

 

(119)

 

(153)

Profit / (loss) for the period

 

1,102

 

(43)

 

(97)

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

Owners of the company

 

945

 

(154)

 

(349)

Non-controlling interests

 

157

 

111

 

252

Profit / (loss) for the period

 

1,102

 

(43)

 

(97)

 

 

 

 

 

 

 

Earnings / (loss) per share

 

 

 

 

 

 

Basic and diluted earnings / (loss) per share (cents)

 

0.27c

 

(0.07c)

 

(0.12c)

 

 

 

 

 

 

 

Earnings / (loss) per share - continuing operations

 

 

 

 

 

 

Basic and diluted earnings / (loss) per share (cents)

 

0.27c

 

(0.02c)

 

(0.07c)

 

 

 

 

 

 

 

Loss per share - discontinued operations

 

 

 

 

 

 

Basic and diluted loss per share (cents)

 

0.00c

 

(0.05c)

 

(0.05c)

 

 

 

 

 

 

 

 

 

*Amounts have been restated due to the discontinued operation of Payserv Zambia Ltd

 

 

Cambria Africa Plc

 

Interim consolidated statement of comprehensive income

For the six month period ended 28 February 2018

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

6 months to

 

6 months to

 

Year to

 

 

28-Feb-18

 

29-Feb-17

 

31-Aug-17

 

 

US$'000

 

US$'000

 

US$'000

 

 

 

 

 

 

 

Profit / (loss) for the period

 

1,102

 

(43)

 

(97)

Other comprehensive income

 

 

 

 

 

 

Items that will not be reclassified to income statement:

 

 

 

 

 

 

Foreign currency translation differences for overseas operations

 

2

 

(16)

 

1

Total comprehensive profit / (loss) for the period

 

1,104

 

(59)

 

(96)

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

Owners

 

947

 

(170)

 

(348)

Non-controlling interests

 

157

 

111

 

252

Total comprehensive profit / (loss) for the period

 

1,104

 

(59)

 

(96)

 

 

 

Cambria Africa Plc

 

Interim consolidated statement of financial position

As at 28 February 2018

 

 

 

Unaudited

 

* Restated Unaudited

 

Audited

 

 

Group

 

Group

 

Group

 

 

28-Feb-18

 

28-Feb-17

 

31-Aug-17

 

 

US$'000

 

US$'000

 

US$'000

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Property, plant and equipment

 

2,802

 

2,689

 

2,727

Goodwill

 

717

 

717

 

717

Intangible assets

 

20

 

36

 

27

Total non-current assets

 

3,539

 

3,442

 

3,471

Inventories

 

225

 

315

 

233

Financial assets at fair value through profit and loss

 

99

 

53

 

86

Trade and other receivables

 

1,004

 

1,692

 

1,730

Cash and cash equivalents

 

1,518

 

984

 

1,045

Assets for discontinued operations

 

2

 

29

 

29

Total current assets

 

2,848

 

3,073

 

3,123

Total assets

 

6,387

 

6,515

 

6,594

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Issued share capital

 

51

 

51

 

51

Share premium account

 

85,686

 

85,656

 

85,686

Revaluation reserve

 

438

 

438

 

438

Share based payment reserve

 

-

 

43

 

-

Foreign exchange reserve

 

(10,625)

 

(10,644)

 

(10,627)

Non-distributable reserves

 

1,905

 

1,900

 

1,905

Retained losses

 

(75,613)

 

(76,401)

 

(76,558)

Equity attributable to owners of the company

 

1,842

 

1,043

 

895

Non-controlling interests

 

60

 

(6)

 

99

Total equity

 

1,902

 

1,037

 

994

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Loans and borrowing

 

1,554

 

2,119

 

1,849

Provisions

 

195

 

212

 

186

Deferred tax liabilities

 

184

 

152

 

184

Total non-current liabilities

 

1,933

 

2,483

 

2,219

Current tax liabilities

 

313

 

269

 

397

Loans and borrowings

 

1,500

 

1,409

 

1,556

Trade and other payables

 

714

 

1,263

 

1,374

Liabilities for discontinued operations

 

25

 

54

 

54

Total current liabilities

 

2,552

 

2,995

 

3,381

Total liabilities

 

4,485

 

5,478

 

5,600

Total equity and liabilities

 

6,387

 

6,515

 

6,594

 

 

 

Cambria Africa Plc

 

Interim consolidated statement of changes in equity

For the six month period ended 28 February 2018

 

US$'000

 

Share Capital

Share Premium

Revaluation Reserve

Foreign Exchange Reserve

Share Based Payment Reserve

Retained Earnings

Non-distributable Reserve

Total

Non-controlling Interest

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 August 2017

 

51

85,686

438

(10,627)

-

(76,558)

1,905

895

99

994

Profit for the period

 

-

-

-

-

-

945

-

945

157

1,102

Foreign currency translation differences for overseas operations

 

-

-

-

2

-

-

-

2

-

2

Total comprehensive loss for the year

 

-

-

-

2

-

945

-

947

157

1,104

Contributions by/distributions to owners of the Company recognised directly in equity

 

 

 

 

 

 

 

 

 

 

 

Dividends paid

 

-

-

-

-

-

-

-

-

(196)

(196)

Total contributions by and distributions to owners of the Company

 

-

-

-

-

-

-

-

(196)

(196)

Balance at 28 February 2018

 

51

85,686

438

(10,625)

-

(75,613)

1,905

1,842

60

1,902

 

 

 

For the six month period ended 28 February 2017

 

US$'000

 

Share Capital

Share Premium

Revaluation Reserve

Foreign Exchange Reserve

Share Based Payment Reserve

Retained Earnings

Non-distributable Reserve

Total

Non-controlling Interest

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 August 2016

 

34

83,950

438

(10,628)

43

(76,247)

1,900

(510)

(4)

(514)

(Loss)/profit for the period

 

-

-

-

-

-

(154)

-

(154)

111

(43)

Foreign currency translation differences for overseas operations

 

-

-

-

(16)

-

-

-

(16)

-

(16)

Total comprehensive loss for the year

 

-

-

-

(16)

-

(154)

-

(170)

111

(59)

Contributions by/distributions to owners of the Company recognised directly in equity

 

 

 

 

 

 

 

 

 

 

 

Issue of ordinary shares

 

17

1,706

-

-

-

-

-

1,723

-

1,723

Dividends paid

 

-

-

-

-

-

-

-

-

(113)

(113)

Total contributions by and distributions to owners of the Company

 

17

-

-

-

-

-

1,723

(113)

1,610

Balance at 28 February 2017

 

51

85,656

438

(10,644)

43

(76,401)

1,900

1,043

(6)

1,037

 

 

Cambria Africa Plc

 

Interim consolidated statement of cash flows

For the six month period ended 28 February 2018

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

6 months to

 

6 months to

 

Year to

 

 

28-Feb-18

 

28-Feb-17

 

31-Aug-17

 

 Note

US$'000

 

US$'000

 

US$'000

 

 

 

 

 

 

 

Operating cash flow before movements in working capital

 

1,664

 

550

 

1,006

Net working capital movement

 

52

 

(198)

 

(46)

Cash from operations*

3

1,716

 

352

 

960

Taxation paid

 

(418)

 

(330)

 

(539)

Cash from operating activities

 

1,298

 

22

 

421

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Proceeds on disposal of property, plant and equipment

 

-

 

-

 

21

Purchase of property, plant and equipment

 

(169)

 

(173)

 

(291)

Other investing activities

 

-

 

-

 

(2)

Interest received

 

9

 

4

 

15

Net cash (used in)/from investing activities

 

(160)

 

(169)

 

(257)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Dividends paid to non-controlling interests

 

(196)

 

(113)

 

(149)

Interest paid

 

(33)

 

(2)

 

(85)

Proceeds from issue of share capital

 

-

 

1,723

 

1,753

Loans repaid

 

(509)

 

(2,368)

 

(2,660)

Loans raised

 

48

 

1,230

 

1,344

Net cash from/(used in) financing activities

 

(690)

 

470

 

203

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

448

 

323

 

367

Cash and cash equivalents at the beginning of the    period

 

1,069

 

701

 

701

Foreign exchange

 

2

 

(16)

 

1

Net cash and cash equivalents at the end of the period

 

1,519

 

1,008

 

1,069

 

 

 

 

 

 

 

Cash and cash equivalents as above comprise the following

 

 

 

 

 

 

Cash and cash equivalents - continuing operations

 

1,518

 

1,008

 

1,045

Cash and cash equivalents - discontinued operations

 

1

 

-

 

24

Net cash and cash equivalents

 

1,519

 

1,008

 

1,069

 

 

 

* Amounts include both continuing and discontinued operations. The cash flow effect from the discontinued operations of Payserv Zambia Ltd was a $23 outflow in HY 2018 ($55 outflow in FY 2017).

 

 

 

Cambria Africa Plc

 

Notes to the interim consolidated financial statements

 

 

1.    Reporting Entity

 

 

2.    Basis of preparation

 

 

3.    Note to the cash flow statement

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

6 months to

 

6 months to

 

Year to

 

 

28-Feb-18

 

28-Feb-17

 

31-Aug-17

 

 

US$'000

 

US$'000

 

US$'000

 

 

 

 

 

 

 

Profit / (Loss) for the period

 

1,102

 

(43)

 

(97)

Adjusted for:

 

 

 

 

 

 

Amortisation of intangible assets

 

7

 

3

 

14

Depreciation of property, plant and equipment

 

94

 

75

 

154

Loss/(Profit) on sale of property, plant and equipment

 

-

 

-

 

(19)

Valuation adjustments to inventories, receivables and other assets

 

(13)

 

(1)

 

(46)

Finance income

 

(9)

 

(4)

 

(15)

Finance expense

 

143

 

221

 

371

Increase in provisions

 

6

 

7

 

(16)

Income tax charge

 

334

 

292

 

660

Operating cash flows before movements in working capital

 

1,664

 

550

 

1,006

Net working capital movement

 

52

 

(198)

 

(46)

Decrease / (increase) in inventories

 

8

 

94

 

174

Decrease / (increase) in trade and other receivables

 

729

 

(385)

 

(421)

Increase / (decrease) in trade and other payables

 

(685)

 

93

 

201

 

 

 

 

 

 

 

Cash from operations

 

1,716

 

352

 

960

 


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


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Interim Results - RNS