15th Apr 2010 07:00
15 April 2010
PRESIDENT PETROLEUM COMPANY PLC
("President Petroleum" or "the Company")
Results for the year to 31 December 2009
President Petroleum (AIM : PPC), the oil and gas exploration and production company with producing assets in the USA and exploration licences in Australia, announces its audited results for the year ended 31 December 2010
2009 Corporate Highlights
·; Prospects for the Company transformed by a fundamental restructuring
·; New strategy aimed at achieving the scale of a mid-cap company through acquisition, increased reserves and growth in production
·; Strong support from equity investors led by Levine Capital Management
·; Strengthened Board and management
·; Continued investment in exploration and development
·; 3D seismic survey on PEL 82 in Australia confirms best estimate prospective resources of 430 million bbls of oil or 630 bcf of natural gas
2009 Financial Highlights
·; Operating cash flow of US$3.0 million (2008 US$7.2 million)
·; Adjusted EBITDA* of US$2.2 million (2008 US$9.1 million)
·; Average net production of 289 barrels of oil equivalent per day (boepd) (2008 650 boepd)
·; US$4.8 million invested in exploration and development (2008 US$2.0 million)
·; Cash in hand at period end of US$10 million
·; Loss before tax of US$4.2 million (2008 Profit before tax of US$2.8 million)
Post-Period Highlights
·; Acquisition of 25% working interest in East White Lake Field in Louisiana, USA
·; Total US 3P reserves increased by 130% to 2.3 million boe
·; Successful drilling at East White Lake and East Lake Verret takes total production to over 250 boepd, the highest level since June 2009
Stephen Gutteridge, Chairman of President Petroleum, said:
"2009 saw us undertake a fundamental re-structuring of the Company, bringing in strong institutional investor support to complement our existing access to debt finance. With a strengthened team, this gives us the capability to deliver our ambition to grow to main market, mid-cap status through acquisitions and the development of existing assets. We have made a start by adding US production, reserves and cash-flow already this year. The big step however will be a transformational acquisition and we remain fully focused on achieving this in 2010."
For further information contact:
|
President Petroleum Company |
|
|
Stephen Gutteridge, Chairman |
+44 (0) 207 811 0140 |
|
John Hamilton, Non-executive Director |
+44 (0) 207 036 9369 |
|
|
|
|
Evolution Securities |
+44 (0) 207 071 4300 |
|
Robert Collins, Adam James, Tim Redfern |
|
|
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Financial Dynamics |
+44 (0) 207 831 3113 |
|
Ben Brewerton/Ed Westropp |
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Ed Childers, the Company's Chief Operating Officer, and Dr Michael Cochran, the Company's Exploration Director, who meet the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, have reviewed and approved the technical information contained in this announcement.
*Adjusted EBITDA; EBITDA is adjusted to exclude IFRS 2 charges for share options and include US$2.1 million of hedging gains realised in 2009 (2008 US$652,000) and a US$1.95 million contribution from East Lake Verret in the first half of 2008
The following financial statements are extracted from the Company's audited consolidated accounts for the year ended 31 December 2009. These accounts will be included in full in the Company's Annual Report which will be posted to shareholders in May 2010 and will be made available on the Company's website www.presidentpc.com at the same time.
Chairman's Statement
On 30 November 2009 shareholders of Meridian Petroleum plc voted overwhelmingly in favour of a fundamental transformation of the Group including a change of name to President Petroleum Company PLC.
President Petroleum is now a very different company. It has substantial institutional investor support led by its largest shareholder, Levine Capital Management; a significantly enhanced financial position; a strengthened Board and ambitious growth plans underpinned by access to the financial, technical and commercial capabilities needed to deliver sizeable acquisitions and exploit asset development opportunities. The Board's target is to achieve the scale of a mid-cap exploration and production company with a main market listing.
Financial Summary
2009 was a very active year for the Group against the background of lower energy prices compared to 2008, and a challenging economic environment. US$4.8 million was invested in exploration and development, more than double the amount spent in 2008. Continued robust cash generation of US$3.0 million, helped by hedging gains, supported this investment, which added substantial value to the Australian PEL 82 licence and enabled the continued development of the East Lake Verret field in Louisiana, USA.
In November, as part of the transformational restructuring, the Group raised £6.9 million which was quickly converted into US Dollars to mitigate exchange rate risk. As a result the Group had US$10 million of cash at year end and had reduced its debt to US$4.1 million.
In 2009 the Group reported a small operating profit before the non-cash costs of depreciation, impairment and a loss on the sale of non-current assets. This was down from 2008 due to lower production and prices. The Group has continued to review asset valuations on a prudent basis and consequently both the Pontiac well and the Calvin Deep leases have been fully impaired in these accounts. As part of the transformation of the Group in November, the existing debt facility was restructured with a substantial repayment of US$2.5 million and the removal of the associated warrants and net profit interests. The cost of this restructuring together with the impairment and depreciation charges resulted in the group reporting a loss before tax of US$4.2 million.
Australia Operations
In March, the 88 square kilometre 3D seismic survey on the PEL 82 licence in South Australia was completed. Two independent evaluations of the survey data were undertaken which confirmed the presence of ten prospective hydrocarbon reservoirs in the Waare and Flaxman sands. In addition, the information from the 3D survey provided a new perspective on the reprocessed 2D seismic data, and identified a further larger prospect in the north of the licence. Total best estimate prospectivity on PEL 82 is assessed as 430 million barrels of oil or 630 bcf of natural gas.
As a result of the work done on PEL 82 during the year, the licence was renewed for a further 5 year period, with the compulsory relinquishment of 50% of the licence area. Drilling locations have been identified for a drilling programme of up to three wells.
US Operations
In the US, President Petroleum drilled an exploration well in Michigan and completed a drilling and work-over programme at the East Lake Verret Field in Louisiana.
The East Lake Verret field, acquired in 2008, continued to perform steadily throughout the year. The field offers upside on both production and reserves which the Group will continue to appraise and develop. A successful work-over programme at the field was completed in the summer and ensured continued production from 6 wells. The McKerall 3 well, drilled in summer 2009, encountered gas shows at target depth and has been suspended in preparation for re-entry once unitisation issues have been resolved. President Petroleum is also currently evaluating the deeper prospects in the area and is likely to increase the leased acreage position properly to explore these prospects.
The Orion field in Michigan has been a major success for the Group, having produced over 2 bcf of natural gas from start-up in August 2007 to the end of March 2009. At that point with production declining sharply, the Pontiac well was drilled at low cost to explore for new reserves that might be produced through the existing processing facilities. No additional reserves were found and President Petroleum subsequently sold its interest in Orion and the facilities to its partner, Wellmaster.
In January 2010, President Petroleum acquired additional production and reserves through the purchase of a 25% working interest in the East White Lake field, also in Louisiana. This acquisition added proved reserves of 472,000 barrels of oil equivalent at a purchase cost of US$8.26 per boe. A drilling programme at East White Lake, completed in March 2010, added material new reserves and will contribute to the Company's total production target for 2010 of some 280 boe per day, similar to the average level achieved in 2009.
Reserves and Production
With the acquisition of East White Lake effective from 1 January 2010 the Group's US reserves have been significantly enhanced. Compared to 1 January 2009, 1P reserves have increased by 48% to 1.25 million boe. 3P reserves have more than doubled to 2.32 million boe.
Net production of natural gas in 2009 fell to 513 mmcf (2008 : 1.27 bcf). This was due to lower first half production at Orion and the sale of the field in June. Production of oil and natural gas liquids in 2009 was 20,020 bbls (2008 : 26,900 bbls). Steady oil production from East Lake Verret helped offset the impact of lower natural gas liquids production at Orion.
Prospects
The restructuring of the Group has put President Petroleum in a strong position for future growth. The focus for 2010 is on both the development of existing assets and acquisitions.
The reserve potential in the Group's two Louisiana fields will be developed through drilling and the acquisition of further acreage and prospects. A drilling programme of up to three wells on the PEL 82 licence in South Australia is planned for later in 2010 and an airborne survey of prospective acreage on the PEL 132 licence will also be carried out.
On acquisitions, President Petroleum has the objective of delivering a major transformational deal in 2010 and will also look for further attractive bolt-on opportunities in the US to build on the Group's existing portfolio of producing assets.
Finally, I would like to thank our shareholders, customers, partners, advisers and my colleagues for their support and contribution. In particular, I would like to welcome John Hamilton, Mike Cochran and Chris Hopkinson who joined the Board in December 2009, and to thank Peter Clutterbuck, who stepped down from the Board, for his contribution as a Director over the past five years.
Stephen Gutteridge
Chairman
14 April 2010
Reserves and Resources Report
Net US Commercial Reserves as at 31 December 2009
|
East Lake Verret |
|
Natural |
|
Oil |
|
Total |
|
|
|
Gas |
|
|
|
Hydrocarbons |
|
|
|
mmcf |
|
mbbls |
|
'000 boe |
|
|
|
|
|
|
|
|
|
1P Proved |
|
2,571.0 |
|
350.8 |
|
779.3 |
|
|
|
|
|
|
|
|
|
2P Probable |
|
362.8 |
|
148.3 |
|
208.8 |
|
|
|
|
|
|
|
|
|
3P Possible |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Total |
|
2,933.8 |
|
499.1 |
|
988.1 |
The acquisition of a 25% working interest in the East White Lake field with effect from 1 January 2010 materially increased the Group's net commercial reserves as follows:
Net US Commercial Reserves as at 1 January 2010
|
|
|
Natural |
|
Oil |
|
Total |
|
|
|
Gas |
|
|
|
Hydrocarbons |
|
|
|
mmcf |
|
mbbls |
|
'000 boe |
|
1P Proved |
|
|
|
|
|
|
|
East Lake Verret |
|
2,571.0 |
|
350.8 |
|
779.3 |
|
East White Lake |
|
1,113.5 |
|
286.2 |
|
471.8 |
|
|
|
3,684.5 |
|
637.0 |
|
1,251.1 |
|
|
|
|
|
|
|
|
|
2P Probable |
|
|
|
|
|
|
|
East Lake Verret |
|
362.8 |
|
148.3 |
|
208.8 |
|
|
|
|
|
|
|
|
|
3P Possible |
|
|
|
|
|
|
|
East White Lake |
|
4,352.7 |
|
132.5 |
|
858.0 |
|
|
|
|
|
|
|
|
|
|
|
8,400.0 |
|
917.8 |
|
2,317.9 |
East Lake Verret reserves are from the reserves report prepared by D-O-R Engineering as at 1 November 2009, adjusted for production since that date. East White Lake reserves are from the independent evaluations provided to President Petroleum at the time of the acquisition of the East White Lake assets in January 2010.
Net Australian Prospective Resources as at 31 December 2009
PEL 82
Best estimate prospective resources of 430 mbbls of oil or 630 bcf of Natural Gas
The prospects for PEL82 are taken from the reports independently prepared for President Petroleum based upon the 3D seismic data obtained in 2009.
PEL 132
The last report on PEL 132 was prepared by RPS Scott Pickford in February 2007 and indicated best estimate prospective resources of 432 bcf of Natural Gas. Further work will be carried out on the PEL 132 licence in 2010 and prospectivity for the licence will then be reassessed.
The Competent Person Reports on reserves and resources referred to above have been produced in accordance with the requirements of the AIM Guidance Note for mining, oil and gas companies dated March 2006 and prepared in accordance with the standards adopted by the Society of Petroleum Engineers.
|
GLOSSARY |
|
|
|
|
|
mbbls |
Thousands Barrels (of oil/liquids) |
|
b/d |
Barrels per day |
|
mboe |
Thousand Barrels of oil equivalent. Natural gas volume converted as |
|
|
1 mboe = 6 mmcf |
|
Boe/d |
Barrels of oil equivalent per day |
|
cf |
Cubic feet (of natural gas) |
|
mmcf |
Million cubic feet (of natural gas) |
|
mmcfd |
Million cubic feet per day |
|
bcf |
Billion cubic feet (of natural gas) |
|
mmbtu |
Million British Thermal Units = Approximately one thousand cubic feet |
|
Proved Reserves/1P |
Quantities of hydrocarbons anticipated to have a 90% chance of |
|
|
being commercially recoverable |
|
Probable Reserves/2P |
Quantities of hydrocarbons anticipated to have a 50% chance of |
|
|
being commercially recoverable |
|
Probable Reserves/3P |
Quantities of hydrocarbons anticipated to have a 10% chance of |
|
|
being commercially recoverable |
|
Contingent Resources |
Quantities of hydrocarbons estimated to be potentially |
|
|
recoverable from known accumulations |
|
Prospective Resources |
Quantities of hydrocarbons estimated to be potentially |
|
|
recoverable from undiscovered accumulations |
|
AIM |
Alternative Investment Market of the London Stock Exchange |
|
RPS |
RPS Energy, an independent company fulfilling the requirement |
|
|
of the AIM Guidance Note for mining, oil and gas companies |
|
D-O-R Engineering |
D-O-R Engineering, Inc., an independent company fulfilling the |
|
|
requirement of the AIM Guidance Note for mining, oil and gas |
|
|
companies |
|
Consolidated Statement of Comprehensive Income |
|
|
|
|||||
|
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
Note |
US$000 |
|
US$000 |
|||
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
3,931 |
|
18,066 |
||
|
Cost of sales |
|
2 |
|
(4,137) |
|
(13,364) |
||
|
Gross (loss)/profit |
|
|
|
(206) |
|
4,702 |
||
|
Administrative expenses |
|
3 |
|
(1,826) |
|
(2,797) |
||
|
Operating (loss)/profit before impairment charge |
|
|
|
(2,032) |
|
1,905 |
||
|
Impairment charge |
|
|
|
(1,220) |
|
(1,131) |
||
|
Loss on sale of non-current assets |
|
|
|
(180) |
|
- |
||
|
Operating (loss)/profit |
|
|
|
(3,432) |
|
774 |
||
|
Investment income - |
|
|
|
|
|
|
||
|
|
Gain on derivative financial instruments |
|
|
|
168 |
|
652 |
|
|
|
Fair value through profit and loss |
|
|
|
353 |
|
1,771 |
|
|
|
Interest on bank deposits |
|
|
|
18 |
|
36 |
|
|
Finance costs |
- interest payable on loan |
|
|
|
(751) |
|
(449) |
|
|
|
- release of unamortised costs following renegotiation of loan |
|
|
|
(546) |
|
- |
|
|
(Loss)/profit before tax |
|
|
|
(4,190) |
|
2,784 |
||
|
Income tax |
|
|
|
(181) |
|
(385) |
||
|
(Loss)/profit for the period from continuing operations |
|
|
|
(4,371) |
|
2,399 |
||
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
|
|
|
||
|
Exchange differences on translating foreign operations |
|
711 |
|
35 |
||||
|
Total comprehensive income for the period attributable |
|
|
|
|
||||
|
to the equity holders of the parent |
|
|
|
(3,660) |
|
2,434 |
||
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit per share |
|
4 |
|
US cents |
|
US cents |
||
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share from continuing operations |
|
|
|
(23.5) |
|
14.9 |
||
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share from continuing operations |
|
|
|
(23.5) |
|
13.1 |
||
|
Consolidated Statement of Financial Position |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
ASSETS |
Note |
US$000 |
|
US$000 |
|||
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Intangible assets |
|
|
|
6,157 |
|
2,593 |
|
|
Property, plant and equipment |
|
|
|
3,740 |
|
6,229 |
|
|
|
|
|
|
9,897 |
|
8,822 |
|
|
Deferred tax asset |
|
|
|
100 |
|
114 |
|
|
Financial assets |
|
|
|
207 |
|
549 |
|
|
|
|
|
|
10,204 |
|
9,485 |
|
|
Current assets |
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
|
1,749 |
|
4,028 |
|
|
Current tax |
|
|
|
300 |
|
762 |
|
|
Cash and cash equivalents |
|
|
|
10,058 |
|
3,875 |
|
|
|
|
|
|
12,107 |
|
8,665 |
|
TOTAL ASSETS |
|
|
|
22,311 |
|
18,150 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Trade and other payables |
|
|
|
1,685 |
|
2,246 |
|
|
Long-term borrowings |
|
|
|
2,413 |
|
2,320 |
|
|
|
|
|
|
4,098 |
|
4,566 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Long-term borrowings |
|
|
|
1,694 |
|
4,175 |
|
|
Long-term provisions |
|
|
|
221 |
|
316 |
|
|
|
|
|
|
1,915 |
|
4,491 |
|
TOTAL LIABILITIES |
|
|
|
6,013 |
|
9,057 |
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
9,508 |
|
9,026 |
|
|
Share premium |
|
|
|
19,577 |
|
8,372 |
|
|
Translation reserve |
|
|
|
906 |
|
195 |
|
|
Profit and loss account |
|
|
|
(13,693) |
|
(10,256) |
|
|
Reserve for share based payments |
|
|
|
- |
|
1,756 |
|
TOTAL EQUITY |
|
|
|
16,298 |
|
9,093 |
|
|
TOTAL EQUITY AND LIABILITIES |
|
|
|
22,311 |
|
18,150 |
|
|
Consolidated Statement of Cash Flows |
|
|
|
||||
|
|
|
Note |
|
|
|
||
|
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
|
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Cash generated by operations |
|
|
|
2,994 |
|
7,225 |
|
|
Interest received |
|
|
|
18 |
|
36 |
|
|
Taxes refunded |
|
|
|
472 |
|
- |
|
|
Taxes paid |
|
|
|
(177) |
|
(1,261) |
|
|
|
|
|
|
3,307 |
|
6,000 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Expenditure on exploration and evaluation assets |
|
|
(4,784) |
|
(2,004) |
|
|
|
Expenditure on development and production assets |
|
|
(15) |
|
(7,067) |
|
|
|
Deposits with state authorities |
|
|
|
(12) |
|
(161) |
|
|
|
|
|
|
(4,811) |
|
(9,232) |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Proceeds from issue of shares (net of expenses) |
|
|
|
11,687 |
|
- |
|
|
Compensation for cancellation of share options and warrants |
|
|
|
(877) |
|
- |
|
|
Proceeds from sale of non-current assets |
|
|
|
223 |
|
- |
|
|
Drawdown of bank loan |
|
|
|
1,118 |
|
8,750 |
|
|
Repayment of bank loan capital |
|
|
|
(4,460) |
|
(1,301) |
|
|
Payment of bank loan interest |
|
|
|
(343) |
|
(347) |
|
|
Debt arrangement fees |
|
|
|
- |
|
(232) |
|
|
|
|
|
|
7,348 |
|
6,870 |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
|
5,844 |
|
3,638 |
|
|
Opening cash and cash equivalents at beginning of year |
|
3,875 |
|
295 |
||
|
|
Exchange gains on cash and cash equivalents |
|
|
|
339 |
|
(58) |
|
|
Closing cash and cash equivalents |
|
|
|
10,058 |
|
3,875 |
Notes
1. Accounting policies and basis of preparation
The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31 December 2009 or 2008 but is derived from the 2009 accounts.
A copy of the statutory accounts for the year to 31 December 2008 has been delivered to the Registrar of Companies, and is also available on the Company's web site. Statutory accounts for 2009 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 237 (2) or (3) of the Companies Act 1985 in respect of the accounts for 2008 nor a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 2009.
Whilst the financial statements included in this preliminary announcement have been computed in accordance with International Financial Reporting Standards ("IFRS") as adopted for use in the EU, this announcement does not itself contain sufficient information to comply with IFRS. The Annual Report, containing full financial statements that comply with IFRS, will be sent out to shareholders in May 2010.
|
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
|
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
2. Cost of Sales |
|
|
|
|
|
|
|
|
|
Royalties, overrides and other interests |
|
|
|
850 |
|
6,604 |
|
|
Depreciation |
|
|
|
2,101 |
|
4,074 |
|
|
Well operating costs |
|
|
|
1,186 |
|
2,686 |
|
|
|
|
|
|
4,137 |
|
13,364 |
|
|
|
|
|
|
|
|
|
|
3. Administrative expenses |
|
|
|
|
|
|
|
|
|
Directors and staff costs |
|
|
|
950 |
|
954 |
|
|
Share incentive costs |
|
|
|
55 |
|
545 |
|
|
Other |
|
|
|
821 |
|
1,298 |
|
|
|
|
|
|
1,826 |
|
2,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. (Loss)/profit per share |
|
|
|
|
|
|
|
|
|
Net (loss)/profit for the period attributable to |
|
|
|
|
|
|
|
|
the equity holders of the parent company |
|
|
|
(4,371) |
|
2,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number |
|
Number |
|
|
|
|
|
|
'000 |
|
'000 |
|
|
Weighted average number |
|
|
|
|
|
|
|
|
of shares in issue |
|
|
|
18,586 |
|
16,093 |
|
|
Dilutive effect of share options |
|
|
|
- |
|
1,359 |
|
|
Dilutive effect of share warrants |
|
|
|
- |
|
830 |
|
|
|
|
|
|
18,586 |
|
18,282 |
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit per share |
|
|
|
US cents |
|
US cents |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
(23.5) |
|
14.9 |
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
(23.5) |
|
13.1 |
|
5. Notes to the consolidated statement cash flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
|
|
|
US$000 |
|
US$000 |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit from |
|
|
|
|
|
|
|
|
|
operations before taxation |
|
|
|
(4,190) |
|
2,784 |
|
|
|
|
Interest on bank deposits |
|
|
|
(18) |
|
(36) |
|
|
|
Interest payable on loan |
|
|
|
751 |
|
449 |
|
|
|
Release of unamortized costs following renegotiation of loan |
546 |
|
- |
|
|||
|
|
Depreciation of property, plant and equipment |
|
|
|
2,101 |
|
4,170 |
|
|
|
Impairment |
|
|
|
1,220 |
|
1,131 |
|
|
|
Loss on sale of non-current assets |
|
|
|
180 |
|
- |
|
|
|
Provision for decommissioning |
|
|
|
(95) |
|
221 |
|
|
|
Share based payments |
|
|
|
55 |
|
545 |
|
|
|
Fair value through profit and loss on derivative financial instruments |
|
|
|
(353) |
|
(1,771) |
|
|
|
Foreign exchange difference |
|
|
|
415 |
|
85 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flows before movements |
|
|
|
|
|
|
|
|
|
in working capital |
|
|
|
612 |
|
7,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease/(increase) in receivables |
|
|
|
2,943 |
|
(2,130) |
|
|
|
(Decrease)/increase in payables |
|
|
|
(561) |
|
1,777 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated by operating activities |
|
|
|
2,994 |
|
7,225 |
|
|
|
|
|
|
|
|
|
|
|
|
- Ends -
Related Shares:
PPC.L