6th Sep 2010 07:00
Hellenic Carriers Limited
Press Release 6 September 2010
2010 INTERIM RESULTS
Hellenic Carriers Limited, ("Hellenic" or the "Company") (AIM: HCL), an international provider of marine transportation services, which owns and operates through its wholly owned subsidiaries a fleet of five dry bulk vessels that transport iron ore, grain, steel products and minor bulk cargoes, announces its Interim Unaudited Results for the six months ended 30 June 2010.
The Company's management has scheduled a conference call and webcast today, at 2.30pm (BST), 4.30pm (Athens) and 9.30am (EDT) to discuss the results.
Financial Highlights
Þ Revenues of US$30.6 million (H1 2009, US$32.4 )
Þ EBITDA (1) of US$20.2 million (H1 2009, US$22.5)
Þ Operating Profit of US$12.8 million (H1 2009, US$15.3)
Þ Net Income of US$10 million (H1 2009, US$12.5)
Þ Net cash flows from operating activities of US$20.7 million (H1 2009, US$21.3)
Þ Total unencumbered cash liquidity of US$78.4 compared to US$71.2 million on 31 December 2010
Þ Net debt to total capitalization(2) of 32.0% from 39.4% on 31 December 2009
Þ Declaration of an interim dividend of 2.15 pence per share
Operational Highlights
Þ Average Time Charter Equivalent rate of US$26,589 per vessel per day (H1 2009, US$28,297)
Þ Fleet utilization of 99% (H1 2009, 94.4%)
Þ Daily average operating expenses of US$4,910 (H1 2009, US$4,776)
Management Commentary
Fotini Karamanlis, Chief Executive Officer, commented: "I am pleased to report strong results for the first half of 2010 despite the continuing market volatility.
"We took advantage of market opportunities to initiate our fleet renewal and expansion program. Since the beginning of 2010, there has been a significant premium on second hand vessels. We decided to take advantage of this opportunity by selling in June 2010 the M/V Hellenic Breeze, a 17-year old Panamax vessel, at a gross price of US$23.46 million and by placing newbuilding orders for two larger Kamsarmax vessels at US$34 million each with deliveries scheduled for the first quarter of 2013.
"These investments will improve the operational versatility of our fleet and expand our revenue and profit generation capacity. The Kamsarmax / Panamax class vessels are the workhorses of the dry bulk industry and have exhibited higher resilience and stronger returns compared to the other vessel classes within the sector.
"We continued to strengthen our balance sheet and enhanced our liquidity. Net debt to total capitalisation dropped to 32.0% from 39.4% at 31 December 2009, while generation of healthy cash flows, increasing our reserves, continued due to our chartering strategy.
"Looking forward, Hellenic remains well positioned to further exploit growth opportunities by capitalizing on our strong balance sheet and searching for value in long-term investments.
"The volatile performance of the freight market has been in line with our expectations arising in part from the seasonally weaker summer months, the commodity price movements and the switch of the iron ore pricing system from annual to quarterly. As we enter the winter months, we expect China to remain in the forefront of iron ore and coal demand and for the harvest season in the Northern hemisphere to also help stabilise the rates. The size of the supply of new buildings and their effect on freight rates however must always be monitored and taken into consideration, but so long as the global economy continues to improve, with China and India's growth remaining strong, increased demand coupled with port congestion should compensate for this effect."
___________________________
([2) Net debt to total capitalization has been calculated as debt, net of deferred financing fees less cash and cash equivalents to net debt and stockholders’ equity
Interim 2010 Results
For the six months ended 30 June 2010, Hellenic reported total revenues of US$30.6 million compared to US$32.4 million for H1 2009, a reduction of 5.5% which is mainly due to a decrease in our time charter rates and two vessels undergoing their scheduled dry-docking surveys, hence remaining off-hire for a cumulative period of 60 days. During H1 2010 the Company, through its subsidiaries, owned and operated an average of 6.0 vessels earning on average US$26,589 per vessel per day compared to 6.0 vessels operating in H1 2009 earning on average US$28,297 per vessel per day.
In H1 2010 the vessel operating expenses increased by US$0.15 million to a total of US$5.3 million from H1 2009, with the number of operated vessels remaining unchanged. On a per day basis operating expenses increased by 2.8% from US$4,776 in H1 2009 to US$4,910 in H1 2010.
EBITDA decreased by 10.2% to US$20.2 million in H1 2010 from US$22.5 million in H1 2009. Net income decreased by approximately 20% to US$10 million in H1 2010 from US$12.5 million in H1 2009.
Basic and diluted earnings per share calculated on 45,616,851 weighted average number of shares in issue were US$0.22 for the six months ended 30 June 2010 compared to US$0.27 for the six months ended 30 June 2009.
Selected Financial Data:
|
(US$ in 000's except per share data) |
Six months ended 30 June 2010 |
Six months ended 30 June 2009 |
|
Revenue |
30,595 |
32,361 |
|
EBITDA (1) |
20,230 |
22,457 |
|
Profit for the period |
10,009 |
12,524 |
|
|
|
|
|
Weighted average shares (basic & diluted) |
45,616,851 |
45,616,851 |
|
Earnings per share (basic & diluted) |
0.22 |
0.27 |
|
|
|
|
|
|
Six months ended 30 June 2010 |
Year ended 31 December 2009 |
|
Total assets |
250,640 |
249,637 |
|
Long-term debt, net of unamortised arrangement fees |
130,484 |
137,623 |
|
Total equity |
109,000 |
101,755 |
|
|
|
|
|
|
Six months ended 30 June 2010 |
Six months ended 30 June 2009 |
|
Cash flows from operating activities |
20,710 |
21,274 |
|
Cash flows used in investing activities |
(992) |
(91) |
|
Cash flows used in financing activities |
(12,463) |
(11,233) |
(1) EBITDA has been calculated as follows: Operating profit + Depreciation + Depreciation of dry-docking costs.
Fleet Operating Data:
|
|
Six months ended 30 June 2010 |
Six months ended 30 June 2009 |
|
Fleet data: |
|
|
|
Average number of vessels |
6.0 |
6.0 |
|
Number of vessels at period end |
6 |
6 |
|
Total dwt at period end |
372,742 |
372,742 |
|
Ownership days (1) |
1,086 |
1,086 |
|
Available days (2) |
1,026 |
1,050 |
|
Operating days (3) |
1,016 |
991 |
|
Fleet utilization (4) |
99.0% |
94.4% |
|
|
|
|
|
Average daily results (in US$): |
|
|
|
Time Charter Equivalent (TCE) rate (5) |
$26,589 |
$28,297 |
|
Average daily vessel operating expenses (6) |
$4,910 |
$4,776 |
(1) Ownership days are the cumulative days in a period during which each vessel is owned by the respective
vessel owning company.
(2) Available days are ownership days less the days that the vessels are at scheduled off-hire for maintenance or vessel repositioning.
(3) Operating days are the available days less all unforeseen off-hires.
(4) Fleet utilization is measured by dividing the vessels' operating days by the vessels' available days.
(5) TCE is defined as vessels' total revenues less voyage expenses divided by the number of the available days for the period.
(6) Average daily vessel operating expenses is defined as vessel operating expenses divided by ownership days.
Fleet Developments
As of 30 June 2010 the Company owns and operates, through its wholly owned subsidiaries, a fleet of six dry bulk carriers, consisting four Panamaxes, one Handymax and one Supramax with a weighted average age of 15.16 years and a total carrying capacity of 372,742 DWT.
On 25 May 2010, Nestos Shipping Corp., a wholly owned subsidiary of Hellenic and owner of the 1993 built Panamax, M/V Hellenic Breeze, entered into an agreement with an unaffiliated third party for the sale of the vessel at a contract price of US$23.46 million. The vessel was delivered to her new owners on 12 August 2010. With this sale, the Company initiated its fleet renewal program through the disposal of an older vessel, which had been purchased at US$21million in 2006. As at 30 June 2010, the vessel is classified as an asset held for sale. The estimated net book gain from the sale will be approximately US$8.4 million and will be realised in H2 2010.
At the end of June 2010 two newly formed subsidiaries of Hellenic entered into shipbuilding contracts with Zhejiang Ouhua Shipbuilding Co. Ltd. for the construction of two Kamsarmax vessels. Each of the vessels will cost US$34.2 million in total (contract price US$34 million each plus US$0.2 in respect of additions to the basic specification) with delivery scheduled for January and March 2013 respectively. An aggregate amount of US$20.4 million representing 30% advance payment was paid to the yard in July 2010 and an additional instalment of US$6.8 million is payable in October 2010, being 10% of the contract price of both vessels. The remaining 60% is payable upon delivery of the vessels. The companies which entered into the two shipbuilding contracts are very close to securing bank financing for both vessels at competitive terms.
Further to the placing of the above two orders, the yard granted an option for a third vessel on the same terms. This option was due to be declared by 1 September 2010 and Hellenic's Board of Directors have decided not to commit on a further acquisition with delivery in 2013, but focus on seeking alternative expansion opportunities in the new building as well as the second hand sectors.
In February 2010 two of the vessels, namely the M/V Hellenic Horizon and the M/V Konstantinos D, completed their scheduled special surveys. The total capital expenditure incurred for the two vessels is US$1.5 million. No further scheduled surveys are planned for 2010 in respect of the existing fleet.
Following the sale of the M/V Hellenic Breeze and the delivery of the two Kamsarmax vessels, the Company will own and operate through its subsidiaries a fleet of seven dry bulk carriers comprising of two Kamsarmaxes, three Panamaxes, one Supramax and one Handymax with an aggregate carrying capacity of about 467,141 dwt and a weighted average age of 12.5 years (as of 31 March 2013).
Fleet Profile and Deployment
During H1 2010 three of the vessels continued operating under medium to longer term time charter agreements agreed in Q4 2007 and Q1 2008 at favourable rates compared to the market rates applicable during the period and another two vessels have been fixed under medium term time charter agreements during Q2 2010, when freight market performance was stronger.
In particular, the M/V Hellenic Wind was employed under a 3-year time charter agreement at US$54,000 per day gross. The charter commenced in May 2008 and the earliest expiration date is 14 May 2011.
The M/V Konstantinos D was employed under a time charter agreement earning US$35,000 per day gross. This charter commenced in March 2008 and has been restructured over the years. The earliest expiration date of this charter is 25 January 2011.
The M/V Hellenic Breeze was employed under a restructured time charter agreement at a daily gross rate of US$24,000. This charter was terminated at Owners' option on 25 May 2010, and thereafter and until delivery to her new owner, the vessel was trading on a time charter trip earning US$29,000 per day gross.
The M/V Hellenic Sea was time chartered on 29 May 2010 for a period of minimum 11 to about 13 months at a gross rate of US$23,300 per day.
The M/V Hellenic Horizon was time chartered on 11 May 2010 for a period of minimum five to about seven months at a gross rate of US$30,000 per day.
As of 30 June 2010, taking into consideration the entire current fleet of 5 vessels, the estimated time charter coverage for the remaining of 2010 is approximately 76.0% and 15.2% for 2011.
The Fleet Deployment is currently as follows:
|
Vessel |
Type |
Year Built |
Yard |
Carrying Capacity (dwt) |
Charter Type |
T/C Expiration Date (1) |
Daily Charter Rate US$ (Gross) |
|
M/V Hellenic Sea |
Panamax |
1991 |
Jiangnan Shipyard, China |
65,434 |
T/C |
29/04/2011 |
23,300 |
|
M/V Hellenic Sky |
Panamax |
1994 |
Sasebo Heavy Industries, Japan |
68,591 |
T/C |
05/11/2010(2) |
18,000 |
|
M/V Hellenic Horizon |
Handymax |
1995 |
Halla Engineering & Heavy Industries, Korea |
44,809 |
TC |
11/10/2010 |
30,000 |
|
M/V Konstantinos D |
Supramax |
2000 |
Mitsui Engineering & Shipbuilding, Japan |
50,326 |
T/C |
25/01/2011 |
35,000 |
|
M/V Hellenic Wind |
Panamax |
1997 |
Tsuneishi, Shipbuilding, Japan |
73,981 |
T/C |
14/05/2011 |
54,000 |
(1) The earliest charter expiration date represents the first day on which the charterer may redeliver the vessel to the shipowning companies.
(2) The vessel is expected to be redelivered to Owners by 5/11/2010.
Financing Activities
During the first half of 2010 the Company and its subsidiaries prepaid to one of its Lenders an amount of US$2.45 million, being an additional instalment calculated on the excess earnings generated during 2009. This amount has been applied against the balloon payment. In addition, an amount of US$0.46 million was deposited in an earnings recapture account held with another Lender calculated under similar terms.
As of 30 June 2010net debt (debt, net of deferred financing fees) to total capitalization (debt and stockholders' equity) was 32.0% compared to 39.4% on 31 December 2009. Out of the proceeds of the sale of the M/V Hellenic Breeze, Nestos prepaid to its Lenders an amount of US$21.0 million, which was applied proportionally towards the remaining instalments and the balloon.
Subsequent Events
In July 2010 the M/V Hellenic Sea sustained hull damage after running aground whilst navigating through an Amazon River passage in laden condition. A specialist salvors' team was appointed to refloat the vessel and assist in the laden voyage towards the discharging port. Following transhipment operations of part of the cargo to a lightening vessel in the vicinity of the incident, the vessel proceeded to her destination to discharge the remaining cargo on board. Thereafter temporary repairs are being carried out at the discharging port in order for the vessel to proceed to a ship-repair yard for permanent repairs. The vessel-owning company, through its insurance policy, is covered for the cost of the repairs and the related expenses (excluding loss of hire) above the applicable deductible (US$125,000).
Dividend
At the Company's AGM held on 12 May 2010 a final dividend for 2009 of GBP 2.47 pence per ordinary share in the share capital of the Company was approved and was paid on 21 May 2010 to the shareholders on record as of 30 April 2010, with the ex-dividend date being 28 April 2010.
The Company's Board of Directors approved an interim dividend for 2010 of GBP 2.15 pence per share or total GBP 980,762.30. The interim dividend will be paid on 15 October 2010 to the shareholders on record as of 17 September 2010 with the ex-dividend date being 15 September 2010.
Conference Call and webcast details
The Company's management has scheduled a conference call and webcast on 6 September at 2.30pm (BST), 4.30pm (Athens) and 9.30am (EDT) to discuss the results.
Participants should dial into the call 10 minutes prior to the scheduled time using the following numbers: 0800-953-0329 (UK Toll Free Dial-in), 00800-4413-1378 (Greece Toll Free Dial-in), 1-866-819-7111 (US Toll Free Dial-in), or +44 (0)1452-542-301 (Standard International Dial-in). Please quote "Hellenic Carriers".
In case of any problems with the above numbers, please dial 0800-694-1503 (UK Toll Free Dial-in), 00800-127-011(Greece Toll Free Dial-in), 1-866-223-0615 (US Toll Free Dial-in), or +44 (0)1452-586-513 (Standard International Dial-in). Please quote "Hellenic Carriers".
A telephonic replay of the conference call will be available until 13 September 2010 by dialling 0800-953-1533 (UK Toll Free Dial-in), 1-866-247-4222 (US Toll Free Dial-in), or +44 (0)1452-550-000 (Standard International Dial-in). Access Code: 36347958#
Slides and audio webcast
There will also be a live and then archived webcast of the conference call, accessible through the Hellenic Carriers website (www.hellenic-carriers.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
ENDS
For further information please contact:
Hellenic Carriers Limited
Fotini Karamanlis, Chief Executive Officer
E-mail: [email protected] +30 210 455 8900
Panmure Gordon (UK) Limited
Andrew Godber / Stuart Gledhill +44 (0) 20 7459 3600
Capital Link
Ramnique Grewal +1 212 661 7566 (New York)
Annie Evangeli +44 (0) 20 3206 1320 (London)
E-mail: [email protected]
INTERIM CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2010
(Expressed in thousands of U.S. Dollars, except share and per share data)
|
|
|
|
30 June |
||
|
|
|
|
2010 |
|
2009 |
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Revenue |
|
|
30,595 |
|
32,361 |
|
|
|
|
|
|
|
|
Expenses and other income |
|
|
|
|
|
|
Voyage expenses |
|
|
(3,314) |
|
(2,660) |
|
Vessel operating expenses |
|
|
(5,332) |
|
(5,187) |
|
Management fees - related party |
|
|
(745) |
|
(711) |
|
Depreciation |
|
|
(6,523) |
|
(6,681) |
|
Depreciation of dry-docking costs |
|
|
(922) |
|
(444) |
|
General and administrative expenses |
|
|
(974) |
|
(900) |
|
Allowance for doubtful debt |
|
|
- |
|
(446) |
|
Operating profit |
|
|
12,785 |
|
15,332 |
|
|
|
|
|
|
|
|
Finance expense |
|
|
(3,125) |
|
(3,392) |
|
Finance income |
|
|
392 |
|
536 |
|
Foreign currency gain / (loss), net |
|
|
(43) |
|
48 |
|
|
|
|
(2,776) |
|
(2,808) |
|
Profit for the period |
|
|
10,009 |
|
12,524 |
|
|
|
|
|
|
|
|
Earnings per share (US$): |
|
|
|
|
|
|
Basic and diluted EPS for the period |
|
|
0.22 |
|
0.27 |
|
Weighted average number of shares |
|
|
45,616,851 |
|
45,616,851 |
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2010
(Expressed in thousands of U.S. Dollars)
|
|
|
|
30 June |
||
|
|
|
|
2010 |
|
2009 |
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Profit for the period |
|
|
10,009 |
|
12,524 |
|
|
|
|
|
|
|
|
Net gain / (loss) on cash flow hedges |
|
|
(1,066) |
|
2,203 |
|
|
|
|
|
|
|
|
Other comprehensive income for the period |
|
|
(1,066) |
|
2,203 |
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
|
8,943 |
|
14,727 |
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2010
(Expressed in thousands of U.S. Dollars)
|
|
|
|
30 June |
|
31 December |
|
|
|
|
2010 |
|
2009 |
|
|
|
|
Unaudited |
|
Audited |
|
|
|
|
US$'000 |
|
US$'000 |
|
ASSETS |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Vessels |
|
|
152,878 |
|
173,459 |
|
Office furniture and equipment |
|
|
9 |
|
11 |
|
|
|
|
152,887 |
|
173,470 |
|
Current assets |
|
|
|
|
|
|
Inventories |
|
|
426 |
|
449 |
|
Trade receivables |
|
|
213 |
|
236 |
|
Claim receivables |
|
|
194 |
|
1,148 |
|
Due from related parties |
|
|
2,585 |
|
2,493 |
|
Prepaid expenses and other assets |
|
|
538 |
|
401 |
|
Restricted cash |
|
|
721 |
|
260 |
|
Cash and cash equivalents |
|
|
78,435 |
|
71,180 |
|
Non Current assets held for sale |
|
|
14,641 |
|
|
|
Total Current assets |
|
|
97,753 |
|
76,167 |
|
TOTAL ASSETS |
|
|
250,640 |
|
249,637 |
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
Equity attributable to shareholders of Hellenic Carriers Limited |
|
|
|
|
|
|
Issued share capital |
|
|
46 |
|
46 |
|
Share premium |
|
|
54,355 |
|
54,355 |
|
Capital contributions |
|
|
10,826 |
|
10,826 |
|
Other reserves |
|
|
(5,174) |
|
(4,108) |
|
Retained earnings |
|
|
48,947 |
|
40,636 |
|
Total equity |
|
|
109,000 |
|
101,755 |
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Long-term debt |
|
|
99,103 |
|
125,796 |
|
Other non-current liabilities |
|
|
5,174 |
|
4,108 |
|
|
|
|
104,277 |
|
129,904 |
|
Current liabilities |
|
|
|
|
|
|
Trade payables |
|
|
1,308 |
|
1,775 |
|
Current portion of long-term debt |
|
|
31,381 |
|
11,827 |
|
Accrued liabilities and other payables |
|
|
1,675 |
|
1,928 |
|
Deferred revenue |
|
|
2,999 |
|
2,448 |
|
|
|
|
37,363 |
|
17,978 |
|
Total Liabilities |
|
|
141,640 |
|
147,882 |
|
TOTAL EQUITY AND LIABILITIES |
|
|
250,640 |
|
249,637 |
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2010
(Expressed in thousands of U.S. Dollars, except share and per share data)
|
|
Number of shares |
Par value US$ |
|
Issued share capital US$'000 |
Share premium US$'000 |
Capital Contributions US$'000 |
Other reserves US$'000 |
Retained earnings US$'000 |
Total equity US$'000 |
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2009 |
45,616,851 |
0.001 |
|
46 |
54,355 |
10,826 |
(6,596) |
23,986 |
82,617 |
|
Profit for the period |
- |
- |
|
- |
- |
- |
- |
12,524 |
12,524 |
|
Other comprehensive income |
- |
- |
|
- |
- |
- |
2,203 |
- |
2,203 |
|
Total comprehensive income |
- |
- |
|
- |
- |
- |
2,203 |
12,524 |
14,727 |
|
Dividends to equity shareholders |
- |
- |
|
- |
- |
- |
- |
(1,453) |
(1,453) |
|
At 30 June 2009 |
45,616,851 |
0.001 |
|
46 |
54,355 |
10,826 |
(4,393) |
35,057 |
95,891 |
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2010 |
45,616,851 |
0.001 |
|
46 |
54,355 |
10,826 |
(4,108) |
40,636 |
101,755 |
|
Profit for the period |
- |
- |
|
- |
- |
- |
- |
10,009 |
10,009 |
|
Other comprehensive income |
- |
- |
|
- |
- |
- |
(1,066) |
- |
(1,066) |
|
Total comprehensive income |
- |
- |
|
- |
- |
- |
(1,066) |
10,009 |
8,943 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to equity shareholders
|
- |
- |
|
- |
- |
- |
- |
(1,698) |
(1,698) |
|
At 30 June 2010 |
45,616,851 |
0.001 |
|
46 |
54,355 |
10,826 |
(5,174) |
48,947 |
109,000 |
|
|
|
|
|
|
|
|
|
|
|
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2010
(Expressed in thousands of U.S. Dollars)
|
|
|
|
30 June |
|
30 June |
|
|
|
|
2010 |
|
2009 |
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
US$'000 |
|
US$'000 |
|
Operating activities |
|
|
|
|
|
|
Profit for the period |
|
|
10,009 |
|
12,524 |
|
Adjustments to reconcile profit to net cash flows: |
|
|
|
|
|
|
Depreciation |
|
|
6,523 |
|
6,681 |
|
Depreciation of dry-docking costs |
|
|
922 |
|
444 |
|
Finance expense |
|
|
3,125 |
|
3,392 |
|
Finance income |
|
|
(392) |
|
(536) |
|
|
|
|
20,187 |
|
22,505 |
|
|
|
|
|
|
|
|
Decrease / (Increase) in inventories |
|
|
23 |
|
(22) |
|
Decrease / (Increase) in trade receivables, prepaid expenses and other assets |
|
|
721 |
|
(273) |
|
Increase in due from related parties |
|
|
(92) |
|
(279) |
|
(Decrease) / Increase in trade payables, accrued liabilities and other payables |
|
|
(680) |
|
170 |
|
Increase / (Decrease) in deferred revenue |
|
|
551 |
|
(827) |
|
Net cash flows from operating activities |
|
|
20,710 |
|
21,274 |
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
Dry-docking costs |
|
|
(1,503) |
|
(617) |
|
Interest received |
|
|
511 |
|
526 |
|
Net cash flows used in investing activities |
|
|
(992) |
|
(91) |
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
Repayment of long-term debt |
|
|
(7,225) |
|
(6,800) |
|
Restricted cash |
|
|
(461) |
|
431 |
|
Interest paid |
|
|
(3,079) |
|
(3,411) |
|
Dividends paid |
|
|
(1,698) |
|
(1,453) |
|
Net cash flows used in financing activities |
|
|
(12,463) |
|
(11,233) |
|
Net increase in cash and cash equivalents |
|
|
7,255 |
|
9,950 |
|
Cash and cash equivalents at 1 January |
|
|
71,180 |
|
53,982 |
|
Cash and cash equivalents at 30 June |
|
|
78,435 |
|
63,932 |
Related Shares:
HCL.L