3rd Mar 2009 07:00
3 March 2009
The Champions of 5-a-side Powerleague Group plc
Half Yearly Financial Report for the 6 months ended 27 December 2008
Powerleague Group plc is the market-leading operator of premium quality, purpose-built 5-a-side football centres in the United Kingdom. We offer our customers the option of competitive league matches, corporate tournaments or social play within an environment of excellent service and first-class facilities.
Powerleague scores with strong sales and operating profit growth
|
* |
Revenue increased by 29% to £14.6 million (2007: £11.3 million) |
|
* |
Net cash flow from operating activities increased by 86% to £4.1 million (2007: £2.2 million) |
|
* |
EBITDA increased by 19% to £4.3 million (2007: £3.6 million) |
|
* |
Adjusted operating profit (note 1) increased by 16% to £2.9 million (2007: £2.5 million) |
|
* |
Adjusted profit before taxation (note 1, 2) decreased to £1.7 million (2007: £1.9 million), reflecting the increased adjusted finance cost (note 2) of £1.3 million (2007: £0.6 million) which has arisen following the expansion in our estate by ten centres during 2007 and 2008 |
|
* |
Adjusted earnings per share (note 2) excluding amortisation increased by 1% from 1.47p to 1.49p (2007: decreased by 3%) |
|
* |
Sponsorship and events revenue increased by 13% (2007: 12%) |
|
* |
Successful integration of the acquired JJB Soccer Domes |
|
* |
Acquisition of Stockton-on-Tees centre |
Claude Littner Chairman commented: "The first half of the year has been one of robust sales and operating profit growth for the Group. Our centres have continued to perform strongly despite more challenging conditions in the leisure sector and wider economy. In the second half of the year, we will continue to focus on growing revenue and profits from our estate, use our strong cash generation to further reduce our debt, and progress and build up our pipeline of stellar future sites.
Whilst not immune from the current economic turmoil, I remain confident that Powerleague's performance will generate further profit growth in the second half of the year. We operate well within our bank facilities and have significant headroom in terms of our covenants"
|
Enquiries: |
||
|
Powerleague Group plc |
Cenkos Securities plc |
Tavistock Communications |
|
Claude Littner, Executive Chairman |
Stephen Keys |
Lulu Bridges |
|
Sean Tracey, Chief Executive |
Paul Young |
|
|
Tel: 020 7920 3150 (3 March only) |
Tel: 020 7397 8926 |
Tel: 020 7920 3150 |
|
Tel: 0141 887 7758 (thereafter) |
* Note: In order to provide a better indication of underlying business performance, reported earnings have been adjusted for (note 1) amortisation of intangible assets and (note 2) the impact of IAS 39 re-measurement of derivative financial instruments (further details are given in note 3).
Powerleague Group plc
Six months ended 27 December 2008
Chairman's Statement
Results
At this interim stage, I am pleased to report robust sales and operating profit growth for the Group which is in line with management expectations. Our centres continue to perform strongly despite more challenging conditions in the wider economy.
We are now reaping some of the benefits of the investments made to strengthen our portfolio. The JJB Soccer Domes, acquired in February 2008, are fully integrated and our core business is proving resilient although not immune from the economic malaise.
Financial Review
Revenue for the six months ended 27 December 2008 was £14.6 million, an increase of 29% on the comparable period in 2007. On a like for like basis, branch sales decreased by 2% (2007: increased by 2%); like for like pitch income decreased by 1% (2007: increased by 5%) while like for like bar and other clubhouse revenues were down by 5% (2007: down by 8%). Central income from sponsorship and events was up by 13% (2007: 12%) as we continue to benefit from our long-term sponsorship agreements.
EBITDA increased by 19% to £4.3 million (2007: £3.6 million), with like-for-like EBITDA down by 3% (2007: up by 4%).
Finance costs have increased by £1.5 million to £2.1 million. Net debt rose to £39.9 million (2007: £22.8 million) due to the Soccer Domes acquisition and construction of four new centres in the prior year, coupled with the Soccer Sensations acquisition and building of additional pitches at our Mill Hill centre in the current year. £0.7 million of the increase is due to these higher borrowings. In addition, during the period, a cap and collar arrangement was implemented and, as required under IAS 39, a loss of £0.8 million has been recognised on the fair value of this financial derivative. Full details are given in Note 3.
Taxation is provided for in this interim statement at the effective rate which is expected to apply for the full year to 3 July 2009.
Dividends
In December 2008, the Company paid a final dividend of 1.1 pence per ordinary share in respect of the year ended 28 June 2008. Historically we have not paid dividends at the interim stage and once again, we do not propose an interim dividend.
Operational Review
The five Soccer Dome centres acquired from JJB have been successfully integrated and each is making a positive contribution to profits. The centres have benefited from the introduction of our proprietary systems and a more structured and pro-active sales and marketing approach. The acquisition of these spectacular indoor facilities has added extra quality and depth to the Powerleague brand and offering.
In August 2008, we announced that we had acquired Soccer Sensations Limited, an established 5-a-side football business located in Stockton-on-Tees. The centre is performing in line with expectations and has ten 'next generation' 5-a-side pitches and a geographic location that complements Powerleague's portfolio.
We continue to invest in our core estate; two pitches and additional car parking were added at Mill Hill in North London, one of the Group's busiest centres; five bars and function rooms were refurbished during summer 2008.
In January 2009, we disposed our Warrington centre, one of our weakest, 'first generation' sites, to the local council. This transaction will produce a small gain which will be reported in the second half of the year.
The income derived from sponsorship and events continued to grow in the first half of the year. We renewed our sponsorship agreement with Lucozade, our official sports drink, for a further four years on enhanced terms and I am pleased to report that we have also secured a two-year extension of our sponsorship agreement with Nike, the world's leading sports brand. However, we do believe we are unlikely to maintain this rate of growth in the second half-year as we anticipate that 'one-off' corporate clients may trim back their events and hospitality spend in the face of the worsening financial environment.
Outlook
As outlined in our last report, in the second half of this financial year we will continue to progress the three main elements of our strategy for this financial year. First, we will continue to focus on growing revenue and profits from our estate. Second, we intend to pay down debt and third, we will progress and build up our pipeline of sites.
Whilst few businesses are entirely immune from the current economic turmoil, I remain confident that Powerleague will prove resilient and will continue to prosper. Our business model is sound, the management team has the ability and determination to grow the business and continue to generate profits and we operate well within our bank facilities.
Claude Littner
Chairman
Powerleague Group plc
INDEPENDENT REVIEW REPORT
For the six months ended 27 December 2008
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 27 December 2008 which comprises the Group income statement, the Group statement of recognised income and expenses, the Group balance sheet, the Group cash flow statement and the related notes 1 to 7. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Report in accordance with the AIM Rules issued by the London Stock Exchange which require that it is presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 27 December 2008 is not prepared, in all material respects, in accordance with the accounting policies outlined in Note 1, which comply with IFRS's as adopted by the European Union and in accordance with the AIM Rules issued by the London Stock Exchange.
Ernst & Young LLP
Glasgow
Powerleague Group plc
Group income statement
for the six months ended 27 December 2008
|
|
Notes |
6 months ended 27 December 2008 before IAS 39 adjustment (unaudited) |
IAS 39 fair value adjustment (unaudited) |
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
|
Revenue |
|
14,555 |
|
14,555 |
11,261 |
26,338 |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
(2,361) |
|
(2,361) |
(1,893) |
(4,224) |
|
|
|
|
|
|
|
|
|
Gross profit |
|
12,194 |
|
12,194 |
9,368 |
22,114 |
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
(9,432) |
|
(9,432) |
(6,893) |
(15,394) |
|
Exceptional items |
2 |
- |
|
- |
- |
(74) |
|
Total administration expenses |
|
(9,432) |
|
(9,432) |
(6,893) |
(15,468) |
|
|
|
|
|
|
|
|
|
Operating profit |
|
2,762 |
|
2,762 |
2,475 |
6,646 |
|
|
|
|
|
|
|
|
|
Analysed as: |
|
|
|
|
|
|
|
Operating profit excluding exceptional items |
|
2,762 |
|
2,762 |
2,475 |
6,720 |
|
Exceptional items |
2 |
|
|
|
- |
(74) |
|
|
|
|
|
|
|
|
|
Finance revenue - bank interest |
|
2 |
|
2 |
2 |
2 |
|
Finance costs |
3 |
(1,266) |
(813) |
(2,079) |
(612) |
(1,685) |
|
|
|
|
|
|
|
|
|
Profit for the period before tax |
|
1,498 |
(813) |
685 |
1,865 |
4,963 |
|
|
|
|
|
|
|
|
|
Tax expense |
4 |
(454) |
228 |
(226) |
(659) |
(1,632) |
|
|
|
|
|
|
|
|
|
Profit for the period |
|
1,044 |
(585) |
459 |
1,206 |
3,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share - basic and diluted |
5 |
|
|
0.56 |
1.47 |
4.07 |
|
Adjusted earnings per ordinary share - basic and diluted |
5 |
1.28 |
|
1.47 |
4.07 |
Powerleague Group plc
Group statement of recognised income and expense
for the six months ended 27 December 2008
|
|
6 months ended 27 December 2008 before IAS 39 adjustment (unaudited) |
IAS 39 fair value adjustment (unaudited) |
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Profit for the period |
1,044 |
(585) |
459 |
1,206 |
3,331 |
|
Total recognised income and expense for the period attributable to equity holders of the parent |
1,044 |
(585) |
459 |
1,206 |
3,331 |
Powerleague Group plc
Group balance sheet
as at 27 December 2008
|
|
|
As at 27 December 2008 (unaudited) |
As at 29 December 2007 (unaudited) |
As at 28 June 2008 (audited) |
|
|
|
Notes |
£'000 |
£'000 |
£'000 |
|
|
Non-current assets |
|
|
|
|
|
|
Property, plant and equipment |
|
48,754 |
47,879 |
48,817 |
|
|
Intangible assets |
|
19,185 |
258 |
17,386 |
|
|
Other receivables |
|
133 |
289 |
152 |
|
|
|
|
68,072 |
48,426 |
66,355 |
|
|
Current assets |
|
|
|
|
|
|
Inventories |
|
226 |
171 |
194 |
|
|
Trade and other receivables |
|
1,649 |
1,322 |
2,233 |
|
|
Cash and cash equivalents |
|
321 |
321 |
570 |
|
|
|
|
2,196 |
1,814 |
2,997 |
|
|
|
|
|
|
|
|
|
Assets in disposal group held for sale |
|
124 |
- |
- |
|
|
|
|
|
|
|
|
|
Total assets |
|
70,392 |
50,240 |
69,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other payables |
|
2,676 |
2,203 |
3,255 |
|
|
Taxation payable |
|
462 |
613 |
272 |
|
|
Interest bearing loans and borrowings |
|
6,926 |
6,320 |
6,722 |
|
|
Derivative instrument |
|
271 |
- |
- |
|
|
|
|
10,335 |
9,136 |
10,249 |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Other payables |
|
144 |
249 |
252 |
|
|
Interest bearing loans and borrowings |
|
33,310 |
16,802 |
32,280 |
|
|
Derivative instrument |
|
542 |
- |
- |
|
|
Deferred tax liabilities |
|
4,758 |
4,431 |
4,855 |
|
|
|
|
38,754 |
21,482 |
37,387 |
|
|
|
|
|
|
|
|
|
Liabilities in disposal group held for sale |
|
28 |
- |
- |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
49,117 |
30,618 |
47,636 |
|
|
|
|
|
|
|
|
|
Net assets |
|
21,275 |
19,622 |
21,716 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Called up share capital |
6 |
8,182 |
8,182 |
8,182 |
|
|
Share premium account |
6 |
7,287 |
7,287 |
7,287 |
|
|
Merger reserve |
6 |
(4,999) |
(4,999) |
(4,999) |
|
|
Retained earnings |
6 |
10,805 |
9,152 |
11,246 |
|
|
Total equity |
|
21,275 |
19,622 |
21,716 |
|
These financial statements were approved by the Board of Directors on 2 March 2009
Sheena Beckwith
Director
Powerleague Group plc
Group cash flow statement
For the six months ended 27 December 2008
|
|
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
||
|
|
Notes |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
||
|
Net cash flow from operating activities |
7 |
4,077 |
2,160 |
6,896 |
|
|
|
|
|
|
||
|
Cash flows from investing activities |
|
|
|
||
|
Purchase of property, plant and equipment |
(1,390) |
(5,063) |
(6,355) |
||
|
Acquisition of subsidiary undertakings |
(1,985) |
- |
(18,077) |
||
|
Interest received |
2 |
2 |
2 |
||
|
Net cash flow from investing activities |
(3,373) |
(5,061) |
(24,430) |
||
|
|
|
|
|
||
|
Cash flows from financing activities |
|
|
|
||
|
Interest paid |
(1,281) |
(492) |
(1,484) |
||
|
Dividends paid to shareholders |
(900) |
(900) |
(900) |
||
|
New borrowings |
2,456 |
4,499 |
24,385 |
||
|
Repayment of borrowings |
(2,275) |
(1,763) |
(3,852) |
||
|
Net cash flow from financing activities |
(2,000) |
1,344 |
18,149 |
||
|
|
|
|
|
||
|
Net (decrease)/increase in cash and cash equivalents |
(1,296) |
(1,557) |
615 |
||
|
Cash and cash equivalents at beginning of period |
(312) |
(927) |
(927) |
||
|
Cash and cash equivalents at end of period |
(1,608) |
(2,484) |
(312) |
||
Powerleague Group plc
Notes to the financial information
1. Accounting policies
Basis of preparation
This interim report was approved by the Board on 2 March 2009. The condensed set of financial statements in this interim report has been prepared in accordance with accounting policies which will be adopted in presenting the full year annual report and accounts for the year ending 3 July 2009. The full year annual report and accounts will be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Group has not applied IAS 34 Interim Financial Reporting in the preparation of these condensed interim financial statements, as it is not mandatory for AIM listed Companies.
The format of the consolidated income statement presented in these interim condensed set of financial statements differs from that used in the Group's consolidated financial statements for the 52 weeks ended 28 June 2008. The format of the consolidated income statement included within these interim condensed financial statements, which now presents IAS 39 fair value adjustment in a separate column, has been adopted as it presents information in a format that is more relevant to users of the interim report.
The financial information for the full preceding year does not constitute statutory accounts as defined in Section 435 Companies Act 2006 and has been extracted from the statutory accounts for the financial year ended 28 June 2008. Those accounts, upon which the auditors issued an unqualified audit report and which did not contain a statement under either Section 237 (2) or Section 237 (3) of the Companies Act 1985, have been delivered to the Registrar of Companies.
The interim report consolidates the financial information of Powerleague Group plc and its subsidiaries drawn up to 27 December 2008.
2. Exceptional items
|
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Costs incurred in conversion to IFRS accounting |
- |
- |
74 |
|
- |
- |
74 |
3. Finance costs
|
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Interest on bank loans and overdrafts |
1,260 |
606 |
1,673 |
|
Amortisation of loan issue costs |
6 |
6 |
12 |
|
Finance costs before the impact of IAS 39 |
1,266 |
612 |
1,685 |
|
Loss on valuation of derivative instrument * |
813 |
- |
- |
|
Total finance costs |
2,079 |
612 |
1,685 |
On 30 July 2008, the Group entered into a 2-year interest rate cap and collar arrangement over £17 million of LIBOR-related debt, with a cap of 6% and a floor of 5.36%. Under IAS 39, this arrangement requires to be incorporated at its fair value, resulting in a loss recognised in the income statement of £0.8 million (2007: Nil). This loss has arisen due to the reductions in interest rate in recent months which have brought the floating rate of LIBOR below the floor of 5.36%. The loss will be extinguished over the remaining term of the cap and collar arrangement as the related liability is reduced by interest payments.
4. Taxation
Tax on profit on ordinary activities
The charge for taxation on profit for the period comprises:
|
|
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
|
|
£'000 |
£'000 |
£'000 |
|
Current tax: |
|
||
|
UK corporation tax |
323 |
455 |
1,011 |
|
Adjustment in respect of prior periods |
- |
(63) |
(70) |
|
|
323 |
392 |
941 |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of temporary differences |
(97) |
200 |
639 |
|
Adjustment in respect of prior periods |
- |
67 |
52 |
|
|
(97) |
267 |
691 |
|
|
|
|
|
|
|
226 |
659 |
1,632 |
UK corporation tax is calculated at 28% (December 2007: 30%; June 2008: 29.5%) of the estimated assessable profit for the period.
Reconciliation of the total tax charge
The charge for the period can be reconciled to the profit for the period before taxation per the consolidated income statement as follows:
|
|
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
|
|
£'000 |
£'000 |
£'000 |
|
Profit for the period before taxation |
685 |
1,865 |
4,962 |
|
Profit for the period before taxation multiplied by the standard rate of corporation tax in the UK of 28% (December 2007: 30%; June 2008: 29.5%) |
192 |
560 |
1,464 |
|
Effects of: |
|
|
|
|
Expenses not deductible for tax purposes |
34 |
95 |
220 |
|
Adjustment in respect of rate changes |
- |
- |
(34) |
|
Adjustment in respect of prior periods |
- |
4 |
(18) |
|
Charge for taxation on profit for the period |
226 |
659 |
1,632 |
Factors that may affect future tax charges
A deferred tax asset has not been recognised in respect of timing differences relating to non-trading deficits and capital losses as there is insufficient evidence that the assets will be recovered. The amount of the asset not recognised is £606,000 (December 2007 £607,000, June 2008: £606,000). The asset would be recovered if appropriate future taxable profits are made.
5. Earnings per share
Basic earnings per ordinary 10p share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period, which at 27 December 2008 was 81,820,000 (June 08: 81,820,000, December 2007: 81,820,000).
|
|
6 months ended 27 December 2008 |
6 months ended 29 December 2007 |
Year ended 30 June 2008 |
|||||
|
|
Profit for the period |
Earnings per share |
Profit for the period |
Earnings per share |
Profit for the period |
Earnings per share |
||
|
|
£000 |
p |
£000 |
p |
£000 |
p |
||
|
Basic and diluted earnings per share |
459 |
0.56 |
1,206 |
1.47 |
3,331 |
4.07 |
||
|
Basic and diluted earnings per share adjusted for the impact of IAS 39 |
1,044 |
1.28 |
1,206 |
1.47 |
3,331 |
4.07 |
||
|
6 months ended 27 December 2008 |
6 months ended 29 December 2007 |
Year ended 30 June 2008 |
|
|
No. ('000) |
No. ('000) |
No. ('000) |
|
|
Basic weighted average number of shares |
81,820 |
81,820 |
81,820 |
|
Dilutive potential ordinary shares: |
|
|
|
|
Employee share options |
- |
190 |
- |
|
Diluted weighted average number of shares |
81,820 |
82,010 |
81,820 |
6. Reconciliation of movements in equity
|
|
Share |
Share |
Group |
Retained |
|
|
|
capital |
premium |
merger |
earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
At 30 June 2007 (audited) |
8,182 |
7,287 |
(4,999) |
8,828 |
19,298 |
|
Share based payment |
- |
- |
- |
18 |
18 |
|
Dividend paid |
- |
- |
- |
(900) |
(900) |
|
Profit for the period |
- |
- |
- |
1,206 |
1,206 |
|
At 29 December 2007 |
8,182 |
7,287 |
(4,999) |
9,152 |
19,622 |
|
Share based payment credit |
- |
- |
- |
(31) |
(31) |
|
Profit for the period |
- |
- |
- |
2,125 |
2,125 |
|
At 30 June 2008 (audited) |
8,182 |
7,287 |
(4,999) |
11,246 |
21,716 |
|
Dividend paid |
- |
- |
- |
(900) |
(900) |
|
Profit for the period |
- |
- |
- |
459 |
459 |
|
At 27 December 2008 |
8,182 |
7,287 |
(4,999) |
10,805 |
21,275 |
7. Reconciliation of cash flow from operating activities
|
|
6 months ended 27 December 2008 (unaudited) |
6 months ended 29 December 2007 (unaudited) |
Year ended 28 June 2008 (audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Profit for the period |
459 |
1,206 |
3,331 |
|
Taxation expense |
226 |
659 |
1,632 |
|
Net interest expense |
2,077 |
610 |
1,683 |
|
Operating profit |
2,762 |
2,475 |
6,646 |
|
Adjustments for: |
|
|
|
|
Depreciation of property, plant and equipment |
1,342 |
1,124 |
2,302 |
|
Amortisation of intangible assets |
173 |
- |
125 |
|
Net loss on fair value of financial derivative |
813 |
- |
- |
|
Release of deferred grant |
- |
- |
(1) |
|
Increase in inventories |
(32) |
(13) |
(36) |
|
Decrease/(increase) in receivables |
603 |
207 |
(567) |
|
Decrease in payables |
(1,451) |
(1,283) |
(333) |
|
Cash flow generated from operating activities |
4,210 |
2,510 |
8,136 |
|
Income taxes paid |
(133) |
(350) |
(1,240) |
|
Net cash flow from operating activities |
4,077 |
2,160 |
6,896 |
Related Shares:
Power Probe