TIDMASY
RNS Number : 5410X
Andrews Sykes Group PLC
05 May 2021
Andrews Sykes Group plc
Summary of results
For the 12 months ended 31 December 2020
12 months 12 months
ended ended 31
31 December December
2020 2019
GBP'000 GBP'000
Revenue from continuing operations 67,259 77,246
EBITDA* from continuing operations 26,089 28,519
Operating profit 16,386 19,298
Profit after tax for the financial period 13,020 15,019
Basic earnings per share from total operations
(pence) 30.87p 35.61p
Interim and final dividends paid per equity
share (pence) 46.10p 23.80p
Proposed final dividend per equity share
(pence) 11.50p 10.50p
Net cash inflow from operating activities 22,255 18,522
Total interim and final dividends paid 19,442 10,038
Net funds 7,672 12,136
* Earnings Before Interest, Taxation, Depreciation, profit on
sale of property, plant and equipment, Amortisation and non-
recurring items as reconciled on the consolidated income
statement.
For further information please contact:
Andrews Sykes Group plc
Carl Webb, Group Managing Director 0190 232 8700
------------------------------------- --------------
GCA Altium Limited (NOMAD)
Tim Richardson 0207 484 4040
------------------------------------- --------------
Arden Partners plc (Broker)
Steve Douglas 0207 614 5900
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Andrews Sykes Group plc
Chairman's Statement
Overview and outlook
Andrews Sykes' trading continues to be resilient despite the
unprecedented challenge posed by the coronavirus pandemic. We are
thankful and proud of our team members responding as essential
service providers. The wellbeing of our employees and business
partners is of paramount importance as we adhere to the local
government guidelines. In the UK, Europe, and Middle East, we have
introduced social distancing measures, furloughed employees where
appropriate and embraced home working for as many employees as
possible. Our priority is to keep our operations safe for
customers, employees, and business partners.
Despite unprecedented circumstances, we are encouraged how the
business has constantly adapted to overcome operational issues. We
modified various aspects of our service to suit both clients and
staff. These measures include cleaning and sanitising all equipment
prior to despatch, non-contact deliveries wherever possible, and
the mandatory use of PPE when on customer sites.
While lockdowns and 'stay at home' guidance have affected
traditional opportunities in the facilities management and events
sectors, we have instead capitalised on demand from other
industries to generate profitable revenue. The company's extensive
involvement with many Covid-related projects ensured consistent
boiler and chiller revenue throughout the year. This was supported
by an exceptional year for our UK pump hire business, which
finished the year 3% up on the previous year's revenue.
Profit for 2020 was GBP13.0 million compared with GBP15.0
million for 2019, it reflects a fall in the level of trading across
all our businesses as our markets continued to be affected by the
pandemic. The Board is confident that once conditions ease and
external market conditions improve, customer demand and trading
will return to normal levels. Conditions are improving in the UK
with positive signs for the months ahead.
We have modelled with caution the effects of sales decline along
with other factors to ensure the group remains within its bank
facilities including cash flow forecasts for a period more than 12
months. The group has sufficient funds beyond May 2022 without
renegotiating its bank facilities. The Board therefore considers
the group is well positioned to continue to manage through the
impact of the pandemic considering its strong balance sheet and
significant net cash position.
The Board has paid three dividends during 2020, the final
dividend from 2019 of 10.5 pence per share and two interim
dividends for 2020 of a total of 35.6 pence per share. The Board
has decided to propose a final dividend for 2020 of 11.5 pence per
share that, subject to shareholder approval, will be paid in June
2021.
2020 trading summary
The group's revenue for the year ended 31 December 2020 was
GBP67.3 million, a decrease of GBP10.0 million, or 12.9%, compared
with the same period last year. This decrease had a more than
proportionate impact on operating profit which decreased by 15.1%,
or GBP2.9 million, from GBP19.3 million last year to GBP16.4
million in the year under review. This decrease reflects a much
lower level of trading across all our businesses mainly due to the
effects of the coronavirus pandemic. The fourth quarter of 2020 was
particularly challenging due to the combination of severe Covid-19
restrictions being imposed by the governments in the UK and Europe
and a relatively mild winter in the UK.
Net finance costs were GBP0.6 million this year compared with
GBP0.7 million last year. Profit before taxation was GBP15.8
million (2019: GBP18.6 million) and profit after taxation was
GBP13.0 million (2019: GBP15.0 million).
The group has reported a decrease in the basic earnings per
share of 4.74p, or 13.3%, from 35.61p in 2019 to 30.87p in the
current year. This is mainly attributable to the above decrease in
the group's operating profit.
The group continues to generate strong cash flows. Net cash
inflow from operating activities was GBP22.3 million compared with
GBP18.5 million last year reflecting strong cash management.
Despite shareholder related cash outflows of GBP19.4 million on
ordinary dividends, net funds only decreased by GBP4.4 million from
GBP12.1 million at 31 December 2019 to GBP7.7 million at 31
December 2020.
Cost control, cash and working capital management continue to be
priorities for the group. Capital expenditure is concentrated on
assets with strong returns, in total GBP4.9 million was invested in
the hire fleet this year; lower than the normal level due to the
decline in customer demand. In addition, the group invested a
further GBP0.3 million in property, plant and equipment. These
actions will ensure that the group's infrastructure and revenue
generating assets are sufficient to support future growth and
profitability. Hire fleet utilisation, condition and availability
continue to be the subjects of management focus.
Operating performance
The following table splits the results between the first and
second half years:
Turnover Operating profit
GBP'000 GBP'000
--------- ------------------
1st half 2020 33,480 7,000
--------- ------------------
1st half 2019 34,974 6,918
--------- ------------------
2nd half 2020 33,779 9,386
--------- ------------------
2nd half 2019 42,272 12,380
--------- ------------------
Total 2020 67,259 16,386
--------- ------------------
Total 2019 77,246 19,298
--------- ------------------
The above table reflects the length and severity of the
coronavirus pandemic which extended longer than most people
anticipated. The majority of the decline in both turnover and
operating profit occurred in the second half of the year as all
this period was affected by the pandemic.
The turnover of our main business segment in the UK and Northern
Europe decreased from GBP60.4 million last year to GBP55.2 million
and operating profit fell from GBP16.9 million to GBP15.1 million
in the year under review. This reflects a decrease in both air
conditioning and heater hire revenues due to a combination of the
coronavirus pandemic and a relatively mild summer and winter in the
UK and most of Europe. Pump and boiler hire proved to be more
resilient, the latter being assisted by some key contracts in the
UK.
The turnover of our hire and sales business in the Middle East
decreased from GBP13.2 million last year to GBP10.3 million and
operating profit decreased from GBP3.2 million to GBP2.0 million in
the year under review. Whilst last year's result was exceptionally
good, the second half of the current year was badly affected by the
pandemic, the postponement of Expo 2020 and a slump in the oil
price which all had a very negative impact on the local economy.
Nevertheless, there were some early signs of an improvement in our
pump hire business towards the end of the year.
Our fixed installation business sector in the UK returned an
operating profit of GBP0.2 million this year, the same as that
achieved in 2019. The market continues to be fragmented with high
levels of price competition.
Central overheads were GBP0.8 million in the current year
compared with GBP1.0 million in 2019.
Profit for the financial year
Profit before tax was GBP15.8 million this year compared with
GBP18.6 million last year, a decrease of GBP2.8 million. This is
attributable to the above GBP2.9 million decrease in operating
profit and the reduction of GBP0.1 million in net interest
costs.
Tax charges decreased from GBP3.5 million in 2019 to GBP2.8
million this year. The overall effective tax
rate decreased slightly from 19.1% in 2019 to 17.8% this year.
Profit for the financial year was GBP13.0 million compared with
GBP15.0 million last year.
Defined benefit pension scheme
A formal funding valuation as of 31 December 2019, together with
a revised schedule of contributions and recovery plan, was agreed
by the Board with the pension scheme trustees in March 2021. In
accordance with this agreement, the group will be paying GBP1.3
million per annum into the pension scheme in both 2021 and 2022.
Prior to the signing of this agreement, and prior to the payment of
the special interim dividend noted below, the group made a one-off
voluntary contribution of GBP600,000 to the pension scheme during
2020.
Equity dividends
The company paid three dividends during the year. On 19 June
2020, a final dividend for the year ended 31 December 2019 of 10.5
pence per ordinary share was paid and this was followed by two
interim dividends for 2020. The first, a special interim dividend
of 23.7 pence per ordinary share was paid on 28 August 2020. This
dividend was paid out of the group's substantial brought forward
cash reserves accumulated from previous years trading, a proportion
of which were surplus to the group's requirements and were
therefore returned to shareholders. On 6 November 2020, the company
paid a second interim dividend of 11.9 pence per share. Therefore,
during 2020, a total of GBP19.4 million in cash dividends has been
returned to our ordinary shareholders.
The Board has decided to propose a final dividend of 11.5 pence
per share. If approved at the forthcoming Annual General Meeting
this dividend, which in total amounts to GBP4.85 million, will be
paid on 18 June 2021 to shareholders on the register as of 28 May
2021.
Share buybacks
The company did not purchase any of its own ordinary shares for
cancellation during the period under review. In previous years,
purchases were made which enhanced earnings per share and were for
the benefit of all shareholders. As of 4 May 2021, there remained
an outstanding general authority for the directors to purchase
5,271,794 ordinary shares which was granted at last year's Annual
General Meeting.
The Board believes that it is in the best interests of
shareholders to have this authority in order that market purchases
may be made in the right circumstances if the necessary funds are
available. Accordingly, at the next Annual General Meeting,
shareholders will be asked to vote in favour of a resolution to
renew the general authority to make market purchases of up to 12.5%
of the ordinary share capital in issue.
Net funds
Despite shareholder related cash outflows of GBP19.4 million on
ordinary dividends, net funds only decreased by GBP4.4 million from
GBP12.1 million at 31 December 2019 to GBP7.7 million at 31
December 2020
Bank loan facilities
The group continues to operate within its bank covenants. In
April 2017, a bank loan of GBP5 million was taken out with the
group's bankers, Royal Bank of Scotland. The first four loan
repayments of GBP0.5 million were made in accordance with the bank
agreement on 30 April 2018, 2019, 2020 and 2021.The remaining
balance of GBP3.0 million is due to be repaid by a final balloon
repayment on 30 April 2022.
JG Murray
Chairman
4 May 2021
Andrews Sykes Group plc
Consolidated Income Statement
For the 12 months ended 31 December 2020
12 months 12 months
ended ended
31 December 31 December
2020 2019
GBP'000 GBP'000
Continuing operations
Turnover 67,259 77,246
Cost of sales (28,184) (32,244)
------------- -------------
Gross profit 39,075 45,002
Distribution costs (12,136) (11,996)
Administrative expenses (12,183) (13,708)
Other operating income 1,630 -
------------- -------------
Operating profit 16,386 19,298
EBITDA* 26,089 28,519
Depreciation and impairment losses (7,183) (7,203)
Depreciation of right-of-use assets (3,014) (2,538)
Profit on the sale of plant and equipment 450 520
Profit on the sale of right-of-use assets 44 -
------------- -------------
Operating profit 16,386 19,298
------------- -------------
Finance income 116 146
Finance costs (669) (884)
Profit before taxation 15,833 18,560
Taxation (2,813) (3,541)
Profit for the financial period attributable
to equity holders of the parent 13,020 15,019
============= =============
There were no discontinued operations
in either of the above periods
Earnings per share
Basic (pence) 30.87p 35.61p
Diluted (pence) 30.87p 35.61p
Interim and final dividends paid per
equity share (pence) 46.10p 23.80p
Proposed final dividend per equity share
(pence) 11.50p 10.50p
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-
recurring items.
Andrews Sykes Group plc
Consolidated Statement of Comprehensive Total Income
For the 12 months ended 31 December 2020
12 months 12 months
ended ended
31 December 31 December
2020 2019
GBP'000 GBP'000
Profit for the financial period 13,020 15,019
-------------- -------------------------
Other comprehensive income and (charges)
Items that may be reclassified to
profit and loss:
Currency translation differences
on foreign operations 529 (906)
Foreign exchange difference on IFRS
16 adjustments (3) 1
Related deferred tax 1 -
Items that will never be reclassified
to profit and loss:
Remeasurement of defined benefit
assets and liabilities (1,980) 559
Related deferred tax 376 (106)
Other comprehensive charges for the
period net of tax (1,077) (452)
-------------- -------------------------
Total comprehensive income for the
period 11,943 14,567
============== =========================
Andrews Sykes Group plc
Consolidated Balance Sheet
As at 31 December 2020
31 December 2020 31 December 2019
------------------------------- ---------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 22,774 24,561
Right-of-use assets 12,463 11,515
Prepayments 42 44
Deferred tax asset 704 254
Retirement benefit pension
surplus 498 1,963
---------------- ----------------
36,481 38,337
Current assets
Stocks 8,048 6,333
Trade and other receivables 17,274 21,333
Cash and cash equivalents 24,012 27,880
------------- ---------------
49,334 55,546
------------- ---------------
Current liabilities
Trade and other payables (12,290) (12,942)
Current tax liabilities (1,161) (1,674)
Bank loans (493) (493)
Right-of-use lease obligations (2,656) (2,279)
(16,600) (17,388)
------------- ---------------
Net current assets 32,734 38,158
Total assets less current
liabilities 69,215 76,495
Non-current liabilities
Bank loans (2,998) (3,490)
Right-of use lease obligations (10,193) (9,482)
(13,191) (12,972)
---------------- ----------------
Net assets 56,024 63,523
================ ================
Equity
Called-up share capital 422 422
Share premium 13 13
Retained earnings 51,421 59,447
Translation reserve 3,922 3,395
Other reserves 246 246
Surplus attributable to
equity holders of the parent
being total equity 56,024 63,523
================ ================
Andrews Sykes Group plc
Consolidated Cash Flow Statement
For the 12 months ended 31 December 2020
12 months 12 months
ended ended
31 December 31 December
2020 2019
GBP'000 GBP'000
Cash flows from operating activities
Cash generated from operations 26,266 22,917
Interest paid (592) (609)
Net UK corporation tax paid (2,288) (2,227)
Overseas tax paid (1,131) (1,559)
Net cash flow from operating activities 22,255 18,522
--------------------- ----------------------
Investing activities
Sale of property, plant and equipment 619 685
Purchase of property, plant and
equipment (4,157) (6,207)
Interest received 79 100
----------------------
Net cash flow from investing activities (3,459) (5,422)
--------------------- ----------------------
Financing activities
Loan repayments (500) (500)
Capital repayments for right-of-use
lease obligations (2,832) (2,296)
Equity dividends paid (19,442) (10,038)
Net cash flow from financing activities (22,774) (12,834)
===================== ======================
Net (decrease) / increase in cash
and cash equivalents (3,978) 266
Cash and cash equivalents at the
beginning of the period 27,880 27,862
Effect of foreign exchange rate
changes 110 (248)
Cash and cash equivalents at the
end of the period 24,012 27,880
===================== ======================
Reconciliation of net cash flow
to movement in net funds in the
period
Net (decrease) / increase in cash
and cash equivalents (3,978) 266
Cash outflow from the repayment
of loans and right-of-use lease
obligations 3,332 2,796
Non-cash movement in respect of
raising loan finance (8) (7)
Non-cash movement in respect of
termination of right-of-use lease 249 -
obligations
Non-cash movements re new right-of-use
lease obligations (3,943) (2,593)
----------------------
Net (decrease) / increase in net
funds during the period (4,348) 462
Opening net funds at the beginning
of the period 12,136 23,381
Transitional adjustment for right-of-use
leases at the start of the period - (11,699)
Effect of foreign exchange rate
changes on right-of-use lease obligations (226) 240
Effect of foreign exchange rate
changes 110 (248)
--------------------- ----------------------
Closing net funds at the end of
the period 7,672 12,136
===================== ======================
Andrews Sykes Group plc
Consolidated Statement of Changes in Equity
For the 12 months ended 31 December 2020
Attributable to equity holders of the parent company Non-controlling Total
interest equity
---------------------------------------------------------------------
Share Share Retained Translation Other
capital Premium earnings reserve reserves Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 December
2018 422 13 54,013 4,300 246 58,994 10 59,004
Profit for the
financial
period - - 15,019 - - 15,019 - 15,019
Other
comprehensive
income and
(charges):
Items that may
be reclassified
to profit and
loss:
Currency
translation
differences on
foreign
operations - - - (906) - (906) - (906)
IFRS 16
adjustments - - - 1 - 1 - 1
Related deferred - - - - - - - -
tax
Items that will
never be
reclassified to
profit and loss:
Remeasurement of
defined benefit
assets and
liabilities - - 559 - - 559 - 559
Related deferred
tax - - (106) - - (106) - (106)
-------- -------- ----------- ------------ --------- ----------- ---------------- -----------
Total other
comprehensive
income and
(charges) - - 453 (905) - (452) - (452)
-------- -------- ----------- ------------ --------- ----------- ---------------- -----------
Transactions
with owners
recorded
directly in
equity:
Dividends paid - - (10,038) - - (10,038) - (10,038)
Write-off of
non-controlling
interest - - - - - - (10) (10)
-------- -------- ----------- ------------ --------- ----------- ---------------- -----------
Total
transactions
with owners - - (10,038) - - (10,038) (10) (10,048)
-------- -------- ----------- ------------ --------- ----------- ---------------- -----------
At 31 December
2019 422 13 59,447 3,395 246 63,523 - 63,523
Profit for the financial period - - 13,020 - - 13,020 - 13,020
Other comprehensive income and
(charges):
Items that may be reclassified to
profit and loss:
Currency translation differences on
foreign operations - - - 529 - 529 - 529
Foreign exchange difference on IFRS
16 adjustments - - - (3) - (3) - (3)
Related deferred tax - - - 1 - 1 - 1
Items that will never be
reclassified to profit and loss:
Remeasurement of defined benefit
assets and liabilities - - (1,980) - - (1,980) - (1,980)
Related deferred tax - - 376 - - 376 - 376
Total other comprehensive income
and (charges) - - (1,604) 527 - (1,077) - (1,077)
------ ----- ----------- -------- ------ ----------- ---- -----------
Transactions with owners recorded
directly in equity:
Dividends paid - - (19,442) - - (19,442) - (19,442)
Total transactions with owners - - (19,442) - - (19,442) - (19,442)
------ ----- ----------- -------- ------ ----------- ---- -----------
At 31 December 2020 422 13 51,421 3,922 246 56,024 - 56,024
------ ----- ----------- -------- ------ ----------- ---- -----------
Andrews Sykes Group plc
Notes
For the 12 months ended 31 December 2020
1. Basis of preparation
Whilst the information included in this preliminary announcement
has been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards
(IFRSs), this announcement does not itself contain sufficient
information to comply with IFRSs. Therefore the financial
information set out above does not constitute the company's
financial statements for the 12 months ended 31 December 2020 or 31
December 2019 but it is derived from those financial
statements.
2. Going Concern
The Board remains satisfied with the group's funding and
liquidity position. The group has operated throughout the 2020
financial year within its financial covenants as contained in the
bank agreement. We continue to make payments to our suppliers in
accordance with our agreed terms and, with the exception of the May
2020 UK VAT payment that was deferred and paid in early 2021, all
fiscal payments to the UK and overseas government bodies have been
and will continue to be made on time. Bank loan repayments are also
forecast to be made in accordance with the bank agreement. The
group's UK trading entities continue to make use of the Coronavirus
Job Retention Scheme but on a vastly reduced level as compared to
April 2020 and the level of monthly receipts are not
significant.
The directors are required to consider the application of the
going concern concept when approving financial statements. The
principal element required to meet the test is sufficient liquidity
for a period from the end of the year until at least twelve months
subsequent to the date of approving the accounts. Management has
prepared a detailed "bottom-up" budget including profit and loss
and cash flow for the financial year ending 31 December 2021 and
has extrapolated this forward into 2022 in order to form a view of
an expected trading and cash position for the required period. This
base level forecast fully incorporates management's expectations
around the continued impact of coronavirus on the group and was
prepared on a cautiously realistic basis. This forecast takes into
account specific factors relevant in each of our businesses. It has
been assumed that the impact of the coronavirus pandemic continues
to affect trading for the remainder of 2021 but with trade
returning to a more normal level in the latter part of the year.
These 2021 forecasts have been reviewed and approved by the
Board.
Whilst profitability and cash flow performance to the end of
February 2021 has been close to expectation, in order to further
assess the company's ability to continue to trade as a going
concern, management have performed an exercise to assess a
reasonable worst case trading scenario and the impact of this on
profit and cash. For the purposes of the cash forecast only the
below assumptions have been incorporated into this forecast:
-- Normal level of dividends will be maintained during the
twelve months subsequent to the date of approving the accounts;
-- Bank loan of GBP3.5m will be paid to terms, repaid in full
and no new external funding sought;
-- Hire turnover and product sales reduced based on year-to-date
trends and 2020 trading levels. In total turnover is reduced by
over GBP15m between the forecast period of March 2021 and May
2022;
-- All overheads continue at the base forecast level apart from
overtime and commission and repairs and marketing which are reduced
by 5% and travel costs reduced by 2.5%;
-- Coronavirus Job Retention Scheme participation ceases immediately;
-- All current vacancies are filled immediately;
-- Capital expenditure is reduced by 5%.
The above factors have all been reflected in the forecast for
the period ending twelve months subsequent to the date of approving
the accounts; The headline numbers at a group level are as
follows:
-- Group turnover for the 12 months ending 31 December 2021 is
forecast to be comparable but above the 31 December 2020 figures.
Operating profit is comparable to the profit for 2020.
-- Closing net funds as at the end of May 2022 are forecast to
be below the level reported at 31 December 2020.
Under this reasonable worst case scenario the group has
sufficient net funds throughout 2021 and up to the end of May 2022
to continue to operate as a going concern.
A final sensitivity analysis was performed in order to assess by
how much group turnover could fall before further external
financing would need to be sought. Under this scenario it was
assumed that:
-- The existing bank loan would be repaid to terms in full;
-- Capital expenditure falls proportionately to turnover;
-- Temporary staff are removed from the group;
-- Various overheads decrease proportionately with turnover.
Given these assumptions, and for modelling purposes only,
assuming dividends are maintained at normal levels, group turnover
could fall to below GBP55m on an annualised basis without any
liquidity concerns. For modelling purposes only, if the group were
to cease dividends under these assumptions group turnover could
fall to below GBP40m on an annualised basis before any liquidity
concerns arose. Due to the level of confidence the Board has in the
future trading performance of the group this scenario is considered
highly unlikely to occur.
The group has considerable financial resources and a wide
operational base. Based on the detailed forecast prepared by
management taking into account the anticipated impact of the
coronavirus pandemic, the Board has a reasonable expectation that
the group has adequate resources to continue to trade for the
foreseeable future even in the reasonable worst case scenario
identified by the group. Accordingly, the Board continues to adopt
the going concern basis when preparing this preliminary
announcement.
3 . International Financial Reporting Standards (IFRS) adopted
for the first time in 2020
There were no new standards or amendments to standards adopted
for the first time this year that had a material impact on the
results of the group. The prior year comparatives have not been
restated for any changes in accounting policies that were required
due to the adoption of new standards this year.
4. Other operating income
Other operating income relates to furlough employment support
receipts. Income related government grants, for example those
related to the furlough scheme, are recognised in the income
statement on an accruals basis. They are disclosed separately on
the face of the income statement and / or in the notes to the
accounts where that degree of prominence is deemed necessary.
5. Distribution of Annual Report and Financial Statements
The group expects to distribute copies of the full Annual Report
and Financial Statements that comply with IFRSs by 18 May 2021
following which copies will be available either from the registered
office of the company; St David's Court, Union Street,
Wolverhampton, WV1 3JE; or from the company's website;
www.andrews-sykes.com . The Annual Report and Financial Statements
for the 12 months ended 31 December 2019 have been delivered to the
Registrar of Companies and those for the 12 months ended 31
December 2020 will be filed at Companies House following the
company's Annual General Meeting. The auditor has reported on those
financial statements; the report was unqualified, did not draw
attention to any matters by way of emphasis without qualifying
their report and did not contain details of any matters on which
they are required to report by exception.
6. Date of Annual General Meeting
The group's Annual General Meeting will be held at 3.30 p.m. on
Tuesday, 15 June 2021 at Unit 5, Peninsular Park Road, London, SE7
7TZ. However in the light of the COVID-19 situation and the
measures implemented by the UK Government which currently impose
restrictions on public gatherings, limits the number of people that
can meet indoors and require social distancing measures to be in
place, shareholders will not be permitted to attend this Annual
General Meeting in person but can be represented by the Chairman of
the meeting acting as their proxy. Please see the Notice of Annual
General Meeting that will be distributed with the Annual Report and
Financial Statements for more information and current
developments.
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END
FR SSIESLEFSESI
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