Half-year Report

RNS Number : 5635V
Sutton Harbour Group PLC
04 December 2019
 

 

                                                                           04 December 2019

 

Sutton Harbour Group plc (formerly Sutton Harbour Holdings plc)

("The Company", "Sutton Harbour")

 

Sutton Harbour Group plc, the AIM-listed marine and waterfront regeneration specialist, announces its interim results for the six-month period to 30 September 2019.

 

 

Financial Highlights

 

·      Profit before taxation £0.281m  6 months to 30 September 2018: £0.110m)

·      Net assets £46.013m (31 March 2019: £45.732)

·      Net debt £22.861m (31 March 2019: £21.373m)

·      Gearing 49.7% (31 March 2019: 46.7%)

 

Company Highlights

 

·      Finalising pre-construction preparations for consented schemes at Harbour Arch Quay and Sugar Quay

·      Installation of new Plymouth Fisheries fuel and power servery underway and due to be complete by end of 2019

·      Work underway to increase marinas berthing space and accommodation for a greater number of larger leisure vessels

·      Appointment of Corey Beinhaker as Executive Director and Chief Operating Officer

·      New 4 year long facility agreement with existing company bankers, NatWest, put in place

 

 

"With longer term banking facilities in place the Company is advancing confidently with its objective to self-deliver real estate projects and to continue targeted investment into the asset base to achieve medium term returns and value growth to shareholders."

Philip Beinhaker, Executive Chairman

 

 

 

For further information, please contact:

 

 

Sutton Harbour Group plc                        01752 204186      

Philip Beinhaker - Executive Chairman

Corey Beinhaker - Chief Operating Officer

Natasha Gadsdon - Finance Director

 

 

Arden Partners                                          020 7614 5900

Paul Shackleton

Benjamin Cryer

 

Executive Chairman's Statement

For the six-month period to 30 September 2019

 

Results and Financial position

Profit before taxation for the six-month period to 30 September 2019 was £0.281m, up £0.171m from £0.110m for the comparative period to 30 September 2018.

As at 30 September 2019, net assets were £46.013m compared to £45.732m, as last reported as at 31 March 2019. There has been no re-valuation of assets during the reporting period, with the next external independent valuation due to be undertaken early in 2020.

Net debt has increased to £22.861m, up by £1.488m from £21.373m as at 31 March 2019. This budgeted movement reflects the lower point in the annual cash cycle (as rents and annual berthing fee receipts peak between January and April) and expenditure on pre-construction costs in connection with consented schemes at Harbour Arch Quay and Sugar Quay, infrastructure improvements notably including the new fuel and utility dispensary system at Plymouth Fisheries and works to other premises to facilitate new tenancies and to maintain the quality of the estate. This has resulted in a rise in gearing to 49.7% as at 30 September 2019 from 46.7% as at 31 March 2019.

To ensure continuity of financing the Company has just entered into a new 4 year facility agreement with its incumbent bank on equivalent terms to the previous agreement. Funding for consented projects will be funded by separate development financing.

Board Composition Update

In October 2019 the Company announced Corey Beinhaker's appointment as Chief Operating Officer. This brings the board to a total of five Directors including Executive Chairman, Philip Beinhaker.

Trading Report

The Company's business activities traded successfully during the first half year, with the marinas and car parks both achieving strong revenue growth ahead of price inflation.  Marketing of the marinas for the 2020 season was launched at Southampton Boat Show from our newly designed interactive stand which attracted an encouraging level of interest. Fisheries' trading remained on par with the same period last year and rental incomes from recent lettings added to income of this business sector. Further new lettings are expected to complete in the second half year.

Regeneration

Finalisation of pre-construction preparations for the planning consented residential led developments at Harbour Arch Quay and Sugar Quay, both at Sutton Harbour, has been the priority in recent months. These works have required submission of some amendments to the Local Planning Authority, selection of the construction and sub-contractor teams and finalisation of detailed drawings. It is expected that subject to completion of finance and planning amendments that both the smaller 14 apartment scheme at Harbour Arch Quay and larger 170 apartment building at Sugar Quay will start on site during 2020, along with the marketing of the units.

The planning consented two storey extension to Harbour Car Park has been put back to follow the Mayflower 400 celebrations which take place throughout 2020, to avoid parking disruption during the events season at the largest car park around Sutton Harbour.

Infrastructure improvements

The Company is currently in the process of commissioning a new fuel and utility dispensary system at Plymouth Fisheries. The part grant funded £800,000 project, updates the current 25 year old system with modern fuel and energy delivery technology. It is the latest phase of a 5 year plan to overhaul key fisheries infrastructure which has also included £2m investment in ice making equipment, chilled stores, energy efficient lighting and boilers, hygienic wall cladding, enhanced CCTV and lock barrel walkways.

During the winter months part of the marina at Sutton Harbour will be re-configured to meet requirements of prospective berth-holders for larger berths and new pontoon equipment will be installed to meet the increasing demand for berthing space at King Point Marina. To improve facilities for public participation and entertainment in the harbour, the Company will be investing in new floating 'event-size' pontoons which can be located in various shallow water areas of Sutton Harbour together with an access pontoon.

Summary

Our financial year to date has been a productive period in which we have been preparing for major development projects which are now close to the delivery phase. Profitability of the trading businesses is improving following investment in marketing, facilities' presentation and increased use of time saving technologies in each area. The Company is working in partnership with the City Council and other groups to support hosting of events to commemorate the 400th anniversary of the departure of the Pilgrim Fathers to America. Visitors numbers are expected to peak in Summer 2020 centred around the Mayflower Steps located on southern the side of Sutton Harbour

With longer term banking facilities in place the Company is advancing confidently with its objective to self-deliver real estate projects and to continue targeted investment into the asset base to achieve medium term returns and value growth to shareholders.

 

Philip Beinhaker

EXECUTIVE CHAIRMAN

 

 

Consolidated Statement of Comprehensive Income

 

 

 

6 months to

30 September

2019

(unaudited)

£000

6 months to

30 September

2018

(unaudited)

£000

Year Ended

31 March

2019

(audited)

£000

 

 

Revenue

 

3,820

3,717

6,893

 

 

 

 

 

Cost of Sales

 

(2,379)

(2,390)

(4,686)

 

 

 

 

 

Gross Profit

 

1,441

1,327

2,207

 

 

 

 

 

 

 

 

 

Fair value adjustment on fixed assets and investment property

 

(26)

(8)

1,444

Administrative expenses

 

(672)

(711)

(1,234)

 

Operating profit from continuing operations

 

 

743

 

608

 

2,417

 

 

 

 

 

Financial income

 

-

-

1

Financial expense

 

(462)

(498)

(902)

 

 

 

 

 

Net financing costs

 

(462)

(498)

(901)

 

 

 

 

 

 

 

 

 

 

Profit before tax from continuing operations

 

281

110

1,516

Taxation credit on profit from continuing operations

 

-

-

315

 

 

 

 

 

Profit from continuing operations

 

281

110

1,831

 

 

 

 

 

 

 

 

Basic profit/earnings per share

 

0.02p

0.01p

1.68p

 

 

 

 

 

Diluted profit/earnings per share

 

0.02p

0.01p

1.68p

 

                        

 

 

6 months to

30 September

2019

(unaudited)

£000

6 months to

30 September

2018

(unaudited)

£000

Year Ended

31 March

2019

(audited)

£000

 

 

 

Profit from continuing operations

 

281

110

1,831

 

 

 

 

Other comprehensive income/(expenses)

 

 

 

Continuing operations:

 

 

 

 

   Revaluation of property, plant and equipment

 

-

-

1,640

   Deferred taxation on income and expenses recognised directly in the       consolidated statement of comprehensive income

 

 

 

 

 

   Effective portion of changes in fair value of cash flow hedges

 

-

-

6

 

 

 

 

 

Total other comprehensive income

 

-

-

1,646

Total comprehensive income for the period attributable to equity shareholders

 

 

281

 

110

 

3,477

 

Consolidated Balance Sheet

 

 

 

As at

30 September

2019

(unaudited)

£000

As at

30 September

2018

(unaudited)

£000

As at

31 March

2019

(audited)

£000

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

 

26,855

23,899

26,632

Investment property

 

19,571

19,055

19,425

Inventories

 

12,610

-

12,448

 

 

59,036

42,954

58,505

 

 

 

Current assets

 

 

 

 

Inventories

 

11,552

22,250

11,119

Trade and other receivables

 

2,104

2,122

2,283

Cash and cash equivalents

 

244

1,859

1,296

Tax recoverable

 

-

-

(5)

 

 

13,900

26,231

14,693

 

 

 

Total assets

 

72,936

69,185

73,198

 

 

 

 

 

Current liabilities

 

 

 

 

Trade and other payables

 

1,053

1,308

1,496

Finance lease liabilities

 

65

96

122

Deferred income

 

936

883

1,398

Provisions

 

75

69

70

 

 

2,129

2,356

3,086

 

 

 

Non-current liabilities

 

 

 

 

Other interest-bearing loans and borrowings

 

23,000

25,000

22,500

Finance lease liabilities

 

40

232

47

Deferred government grants

 

646

646

646

Deferred tax liabilities

 

1,023

1,338

1,023

Provisions

 

85

168

164

 

 

24,794

27,384

24,380

 

 

 

 

 

Total liabilities

 

26,923

29,740

27,466

 

 

 

Net assets

 

46,013

39,445

45,732

 

 

 

Issued capital and reserves attributable to owners of the parent

 

 

 

 

Share capital                              

 

16,266

16,162

16,266

Share premium

 

10,695

7,872

10,695

Other reserves

 

11,696

10,055

11,696

Retained earnings

 

7,356

5,356

7,075

Total equity

 

46,013

39,445

45,732

 

Consolidated Statement of Changes in Equity

 

 

Share capital

Share premium

Revaluation reserve

Merger reserve

Hedging reserve

Retained earnings

TOTAL

 

 

 

 

       ----------Other Reserves----------

 

 

 

 

 

£000

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

 

 

 

Balance at 1 April 2019

16,266

10,695

7,825

3,871

-

7,075

45,732

 

Comprehensive income/(expense)

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

-

281

281

 

Total comprehensive income/(expense)

6 month period ended 30 September 2019

 

-

 

-

 

-

 

-

 

-

 

281

 

281

 

Balance at 30 September 2019

16,266

10,695

7,825

3,871

-

7,356

46,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 April 2018

16,162

7,782

6,183

3,871

(6)

5,246

39,328

 

Comprehensive income/(expense)

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

-

110

110

 

Other comprehensive income/(expense)

 

 

 

 

 

 

 

 

Revaluation of property, plant and equipment

-

-

-

-

7

-

7

 

Effective portion of changes in fair value of cash flow hedges

 

 

 

 

 

 

 

 

Total other comprehensive income/(expense)  6 month period ended 30 September 2018

-

-

-

-

7

-

7

 

Total comprehensive income/(expense)

6 month period ended 30 September 2018

 

-

 

-

 

-

 

-

 

7

 

110

 

7

 

Balance at 30 September 2018

16,162

7,782

6,183

3,871

1

5,356

39,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 October 2018

16,162

7,872

6,183

3,871

1

5,356

39,445

 

Comprehensive income/(expense)

 

 

 

 

 

 

 

 

Profit for the period

-

-

-

-

-

1,719

1,719

 

Other comprehensive income/(expense)

 

 

 

 

 

 

 

 

Revaluation of property, plant and equipment

-

-

1,642

-

-

-

1,642

 

Effective portion of changes in fair value of cash flow hedges

 

-

 

-

 

-

 

-

 

(1)

 

-

 

(1)

 

Total other comprehensive income/(expense)  6 month period ended 31 March 2019

 

-

 

-

 

1,642

 

-

 

(1)

 

-

 

1,641

 

Total comprehensive income/(expense)

6 month period ended 31 March 2019

 

-

 

-

 

1,642

 

-

 

(1)

 

1,719

 

3,360

 

Transactions with owners of the parent

 

 

 

 

 

 

 

 

Issue of shares

104

2,823

-

-

-

-

2,927

 

Balance at 31 March 2019

16,266

10,695

7,825

3,871

-

7,075

45,732

 

 

 

 

 

 

 

 

 

 

                       

 

 

Consolidated Cash Flow Statement

 

 

 

6 months to

30 September

2019

(unaudited)

£000

6 months to

30 September

2018

(unaudited)

£000

Year Ended

31 March

2019

(audited)

£000

 

Cash generated from total operating activities

 

 

(481)

 

(916)

 

(1,181)

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Net expenditure on investment property

 

-

-

(60)

Expenditure on property, plant and equipment

 

(609)

(100)

(243)

Proceeds from sale of plant and equipment

 

-

-

-

Net cash used in investing activities

 

 

(609)

 

(100)

 

(303)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds from sale of shares

 

-

-

3,000

Expenses of share issuance

 

-

-

(73)

Interest paid

 

(462)

(498)

(958)

Loan drawdowns/(repayment of borrowings)

 

500

650

(1,850)

Net finance lease (payments)/receipts

 

-

(43)

(106)

Net cash generated from financing activities

 

 

38

 

109

 

13

 

Net increase/(decrease) in cash and cash equivalents

 

 

(1,052)

 

(907)

 

(1,471)

 

Cash and cash equivalents at beginning of period

 

 

1,296

 

2,766

 

2,767

 

Cash and cash equivalents at end of period

 

 

244

 

1,859

 

1,296

 

 

Notes to Interim Report

 

General information

 

This consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 March 2019 were approved by the Board of Directors on 10 July 2019 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.

 

Copies of the Group's financial statements are available from the Company's registered office, Sutton Harbour Office, Guy's Quay, Sutton Harbour, Plymouth, PL4 0ES and on the Company's website www.sutton-harbour.co.uk.

 

This consolidated interim financial information has not been audited.

 

 

Basis of preparation

 

The consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 March 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretation Committee (IFRIC) interpretations as endorsed by the European Union, and those parts of the Companies Acts 2006 as applicable to companies reporting under IFRS.

 

Accounting policies

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2019, as described in those annual financial statements.

Adoption of new International Financial Reporting Standards

The following new standards, amendments to standards or interpretations have been issued, but are not effective for the financial year beginning 1 April 2018 and have not been adopted early:

 

IFRS 15 Revenue from Contracts with Customers: *1 January 2018

IFRS 9 Financial Instruments: * 1 January 2018

 

* mandatory effective date is periods commencing on or after

 

Accounting estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

 

 

Segment information

 

Management has determined the operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.

 

The Board of Directors considers the business from an operational perspective as having only one geographical segment, with all operations being carried out in the United Kingdom.

 

The Board of Directors considers the performance of the operating segments using operating profit. The segment information provided to the Board of Directors for the reportable segments for the period ended 30 September 2019 is as follows:

 

 

6 months to 30 September 2019

Marine

Real Estate

Car Parking

Regeneration

Total

 

£000

£000

£000

£000

£000

Revenue

2,662

762

396

-

3,820

 

 

 

 

 

 

Gross profit prior to non-recurring items

637

534

269

-

1,440

Segmental Operating Profit before Fair value adjustment and unallocated expenses

637

534

269

-

1,440

Fair value adjustment on fixed assets and investment property assets

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated:

 

 

 

 

 

Administrative expenses

 

 

 

 

(697)

Operating profit from continuing operations

 

 

 

 

743

 

 

 

 

 

 

 

 

 

 

 

 

Financial income

 

 

 

 

 

Financial expense

 

 

 

 

(462)

Profit before tax from continuing operations

 

 

 

 

281

Taxation

 

 

 

 

-

Profit for the year from continuing operations

 

 

 

 

281

 

 

 

 

 

 

Depreciation charge

 

 

 

 

 

Marine

 

 

 

 

150

Car Parking

 

 

 

 

14

Administration

 

 

 

 

5

 

 

 

 

 

169

 

 

 

Segment Information (continued)

 

 

6 months to 30 September 2018

Marine

Real Estate

Car Parking

Regeneration

Total

 

£000

£000

£000

£000

£000

Revenue

2,665

747

305

-

3,717

 

 

 

 

 

 

Gross profit prior to non-recurring items

629

486

213

(57)

1,271

Segmental Operating Profit before Fair value adjustment and unallocated expenses

629

486

213

(57)

1,271

Fair value adjustment on fixed assets and investment property assets

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated:

 

 

 

 

 

Administrative expenses

 

 

 

 

(662)

Operating profit from continuing operations

 

 

 

 

609

 

 

 

 

 

 

 

 

 

 

 

 

Financial income

 

 

 

 

 

Financial expense

 

 

 

 

(499)

Loss before tax from continuing operations

 

 

 

 

110

Taxation

 

 

 

 

-

Loss for the year from continuing operations

 

 

 

 

110

 

 

 

 

 

 

Depreciation charge

 

 

 

 

 

Marine

 

 

 

 

152

Car Parking

 

 

 

 

16

Administration

 

 

 

 

7

 

 

 

 

 

175

 

 

 

 

Segment Information (continued)

 

 

Year ended 31 March 2019

Marine

Real Estate

Car Parking

Regeneration

Total

 

£000

£000

£000

£000

£000

Revenue

4,896

1,474

523

-

6,893

 

 

 

 

 

 

Gross profit prior to non-recurring items

1,057

941

350

(141)

2,207

Segmental Operating Profit before Fair value adjustment and unallocated expenses

 

 

 

1,057

 

 

 

941

 

 

 

350

 

 

 

(141)

 

 

 

2,207

Fair value adjustment on fixed assets and investment property assets

1,134

310

-

-

1,444)

 

 

 

 

 

3,651

 

 

 

 

 

 

Unallocated:

 

 

 

 

 

Administrative expenses

 

 

 

 

(1,234)

Operating profit from continuing operations

 

 

 

 

2,417

 

 

 

 

 

 

 

 

 

 

 

 

Financial income

 

 

 

 

1

Financial expense

 

 

 

 

(902)

Profit before tax from continuing operations

 

 

 

 

1,516

Taxation

 

 

 

 

315

Profit for the year from continuing operations

 

 

 

 

1,831

 

 

 

 

 

 

Depreciation charge

 

 

 

 

 

Marine

 

 

 

 

314

Car Parking

 

 

 

 

33

Administration

 

 

 

 

11

 

 

 

 

 

358

 

 

 

30 September 2019

30 September 2018

31 March 2019

 

£000

£000

£000

Segment assets:

 

 

 

Marine

23,731

20,580

23,514

Real estate

19,815

19,704

19,952

Car Parking

4,423

4,196

4,456

Regeneration

24,267

22,335

23,577

Total segment assets

72,236

66,815

71,499

Unallocated assets:

 

 

 

Property, plant and equipment

87

72

61

Trade & other receivables

368

439

361

Cash & cash equivalents

245

1,859

1,277

Total assets

72,936

69,185

73,198

 

 

 

Segment Information (continued)

 

 

30 September 2019

30 September 2018

31 March 2019

 

£000

£000

£000

Segment liabilities:

 

 

 

Marine

1,196

1,134

1,897

Real estate

417

607

575

Car Parking

72

79

130

Regeneration

951

996

1,085

Total segment liabilities

2,636

2,816

3,687

Unallocated liabilities:

 

 

 

Bank overdraft & borrowings

23,105

25,232

22,652

Trade & other payables

157

354

102

Financial Derivatives

-

(2)

-

Tax payable

1

-

1

Deferred tax liabilities

1,024

1,340

1,024

Total liabilities

26,923

29,740

27,466

 

 

Unallocated assets included in total assets and unallocated liabilities included in total liabilities are not split between segments as these items are centrally managed.

 

Taxation

 

The Company has applied an effective tax rate of 19% (2018: 19%) based on management's best estimate of the tax rate expected for the full financial year and is reflected in a movement in deferred tax.

 

Dividends

 

The Board of Directors do not propose an interim dividend (2018: nil).

 

 Earnings per share

 

 

6 months to

30 September

2019

(unaudited)

pence

6 months to

30 September

2018

(unaudited)

pence

Year Ended

31 March

2019

(audited)

pence

Continuing operations

 

 

 

Basic earnings per share

0.02p

0.01p

1.68p

Diluted earnings per share*

0.02p

0.01p

1.68p

 

 

 

 

 

Basic Earnings per Share:

Basic earnings per share have been calculated using the profit for the period of £281,000 (2018: profit £110,000, year ended 31 March 2019 profit £1,831,000). The average number of ordinary shares in issue, excluding those options granted under the SAYE scheme, of 115,944,071 (2018: 98,320,272; year ended 31 March 2019: 115,944,071) has been used in our calculation.

 

Diluted Earnings per Share:

Diluted earnings per share uses an average number of 115,944,071 (2018: 98,320,272; year ended 31 March 2019 108,982,966) ordinary shares in issue, and takes account of the outstanding options under the SAYE scheme in accordance with IAS 33 'Earnings per share'.  There are no outstanding options under expire SAYE schemes.

 

Property valuation

Freehold land and buildings and investment property have been independently valued by Jones Lang LaSalle as at 31 January 2019, in accordance with the Practice Statements in the Valuations Standards (The Red Book) published by the Royal Institution of Chartered Surveyors. 

 

A further valuation will be commissioned for the year ending 31 March 2020, as in previous years.

 

Cash and cash equivalents

 

As at

30 September 2019

(unaudited)

£000

As at

30 September 2018

(unaudited)

£000

As at

31 March 2019

(audited)

£000

 

 

 

 

Cash and cash equivalents per balance sheet and cash flow statement

244

1,859

1,296

 

Provisions

 

 

 

Onerous leases

Total

 

£000

£000

 

 

 

Balance at 1 April 2018

239

239

Provisions utilised

(2)

(2)

Balance at 30 September 2018

237

237

 

 

 

Provisions made

-

-

Provisions utilised

(3)

(3)

Balance at 31 March 2019

243

243

 

 

 

Provisions made

 

 

Provisions utilised

(83)

(83)

Balance at 30 September 2019

160

160

 

 

 

Current

75

75

Non-current

85

85

 

160

160

 

 

 

 

Cash flow statements

 

 

6 months to

30 September 2019

(unaudited)

£000

6 months to

30 September 2018

(unaudited)

£000

Year Ended

31 March 2019

(audited)

£000

Cash flows from operating activities

 

 

 

Profit/(loss) for the period

281

110

1,831

Adjustments for:

 

 

 

Taxation

-

-

(315)

Financial income

-

-

-

Financial expense

442

498

901

Fair value adjustment on fixed assets and investment property

-

-

(1,443)

Depreciation

169

175

358

Amortisation of grants

-

-

-

Profit/loss on sale of property, plant and equipment

7

(16)

-

Cash generated from operations before changes in working capital and provisions

 

899

 

767

 

1,332

Increase in inventories

(635)

(959)

(2,236)

Decrease/(increase) in trade and other receivables

251

57

(113)

(Decrease)/increase in trade and other payables

(366)

(229)

(124)

Decrease in deferred income

(556)

(551)

(35)

(Decrease)/increase in provisions

(74)

(1)

(5)

 

 

 

 

Cash generated from operations

(481)

(916)

(1,181)

 

 

 


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