TIDMPTRO
RNS Number : 1952N
Pelatro PLC
28 September 2021
Replacement
The following replaces the RNS No 1139N that was released at
7.00 am this morning, the only changes to the version that went out
is the debt repayment amount is $0.75m rather than $0.6m this is
referenced in 2 places.
28 September 2021
Pelatro Plc
("Pelatro" or the "Group")
Interim results
Pelatro Plc (AIM: PTRO), the precision marketing software
specialist, is pleased to announce today its results for the 6
months ended 30 June 2021.
Financial highlights
-- Revenue $3.46m (H1 2020: $2.29m)
-- Recurring revenue $2.43m (H1 2020: $1.54m), 70% of revenue
-- Adjusted EBITDA(*) $1.61m (H1 2020: $0.66m)
-- Adjusted EBITDA(*) margin 47% (H1 2020 29%)
-- Adjusted earnings per share 1.6c (H1 2020: (0.6)c)
Operational highlights
-- Transition to recurring revenue model almost complete
-- New Framework Agreement signed with major telco group
-- Older contracts now being renewed, demonstrating "stickiness"
and continuity of Pelatro products
Post period end highlights
-- Completed placing of 8.38m shares to raise GBP3.35m (pre expenses)
-- Gross cash at 31 August $3.8m, net cash $2.8m after debt repayments of c. $0.75m
Outlook
Management expectations for the year underpinned by:
-- revenue visibility of c. $7.2m for full year (including $3.5m H1 2021)
-- current pipeline ** of c. $18m, of which c. $5m is from existing customers
Richard Day, Non-executive Chairman of Pelatro commented:
"The momentum we have seen in the first half of the year is
being maintained, with the Group being able to sell an expanded
suite of products across our customer base. Our planned move into
the mobile advertising space has started well and is throwing up
some exciting prospects in non-telco areas as well. We very much
appreciate the support we received from our shareholders with our
GBP3.35m equity fund raising. With a sound business base, a wide
range of quality products, excellent prospects and current
visibility of c. $7.2m for this year as a whole, we have every
confidence as we look forward to the end of the year and beyond to
the longer term."
For further information contact:
Pelatro Plc
Subash Menon, Managing Director c/o Cenkos
Nic Hellyer, Finance Director
Cenkos Securities plc (Nominated Adviser
and Broker) +44 (0)20 7397 8900
Stephen Keys / Mark Connelly (corporate
finance)
Michael Johnson (sales)
* earnings before interest, tax, depreciation, amortisation,
exceptional items and share-based payments
** "pipeline" is defined as opportunities where an RFI or RFP
has been received and recurring revenue contracts are included as
the sum of the likely revenue over 3 years in order to provide
comparability with one-off license fee income
Notes to editors
The Pelatro Group was founded in March 2013 by Subash Menon and
Sudeesh Yezhuvath with the objective of offering specialised,
enterprise class software solutions for customer engagement
principally to telcos who face a series of challenges including
market maturity, saturation and customer churn.
Pelatro provides its "mViva" platform for use by customers in
B2C and B2B applications, and is well positioned in the Customer
Engagement space. Our technology orchestrates the digital journey
of the customers of the telcos through contextual, relevant and
real time offers and loyalty programs across multiple channels
including websites, social media, apps and others.
For more information about Pelatro, visit www.pelatro.com
Managing Director's statement
Despite the continuing restriction on overseas air travel due to
COVID-19 and hence the lack of face-to-face meetings we have
continued to win new business throughout the first half of the
year. Early in the period we won a recurring revenue contract for
campaign management operations from an Asian telco (part of a large
global group), which contract, with a number of additional services
now taken on, is likely to produce revenue of around $1.5m over its
life. In May, another existing customer group of Pelatro in Asia
(with about 230 million subscribers) entered into a Framework
Agreement ("FWA") with Pelatro for three years, which brought
annual maintenance, support and previously ad hoc change requests
under this group purchasing arrangement with a fixed amount to be
paid quarterly for all base products and services. The FWA thus
converted our entire product suite with the customer to recurring
revenue and the contract will produce revenue of around $0.5m per
year from 2022 onwards.
With these contracts and those from previous years our planned
move into managed services business or other recurring revenue
contracts in place of up-front licence arrangements is largely
complete. We already have encouraging visibility for FY22 and the
new business pipeline also reflects this move, with the majority of
contracts signed in future expected to be of a recurring revenue
nature.
Customers continue to be active with change requests, and
overall some $1.3m of change requests have been contracted for
execution this year. Likewise existing customers have been active
in purchasing additional "modules" (such as Enterprise CLM,
Analytics Workbench), which will contribute around $0.2m to
revenue. Additionally, some of the Group's existing managed
services contracts contain provisions for gain share revenue for
Pelatro over and above the minimum contractual payments, which to
date have produced revenue of around $0.25m but have the potential
to produce revenue of around $0.5m during the year.
We have also now begun our move into mobile advertising, adding
a new business stream to our existing operations in the mobile
customer engagement space. We see this as a fast growing area and
one which is highly complementary to our existing business. After
the period end we raised GBP3.35m (gross) in new equity funding to
invest in this new business area (as well as for general working
capital for our overall business): since that time we have hired a
senior manager to head the team and further recruitment is
underway. Discussions are going on with prospective customers and
we are seeing further opportunities to expand our offering to
non-telco customers in multiple verticals. We are very encouraged
at the level of interest we are seeing in this area from various
brands including banks, retail and others.
Financial review
Revenue and profitability
In the six months to 30 June 2021 revenue increased by some 50%
over the comparable period to $3.46m (H1 2020: $2.29m). Of the
total revenue, approximately $2.43m (H1 2020: $1.54m) was recurring
revenue, comprising managed services, post contract support and
gain share revenue. Taking change requests of $1.01m into account
virtually all H1 revenue was repeating revenue, though for the full
year we expect to recognise some license-related revenue, for
example from implementation of prior year contracts.
Underlying operating profit (excluding the impact of non-cash
share-based payments, amortisation of customer-related intangible
assets and exceptional items in H1 2020) was $0.76m (H1 2020:
$0.11m loss).
Net cash and trade receivables
Cash generated from operating activities was approximately
$0.70m after working capital movements (H1 2020: $1.18m); however,
this is net of a payment of c. $0.7m relating to sales commissions
due on a prior year contract. The financing requirements of the
business were relatively modest; however the Group did take
advantage of an Indian government COVID-related loan which was
fully repaid after the period end along with a further $0.75m of
debt out of the proceeds of the equity fund-raising of
GBP3.35m.
Short-term trade receivables (including unbilled revenue but
excluding contract assets) as at 30 June 2021 were $3.72m (31
December 2020 $3.34m).
Expenditure on non-current assets
Capitalised development expenditure was $1.39m (H1 2020:
$1.21m); Group expenditure on fixed assets was a more normal
$42,000 compared to the $0.79m in the comparative period which
related to IT infrastructure for the Group's major managed services
contract.
Current trading and outlook
Our strategy to focus more on recurring revenue has started to
yield results. One obvious shift is in the weighting of expected
revenue in the two halves of the year which has become more even.
Another notable change is the reduction of "debtor days" which,
whilst still an over-broad measure of trade receivables, does give
a more meaningful figure when applied to debtors arising from
recurring revenue contracts.
We are experiencing good momentum in our telco-facing business
with existing customers increasing their investment in our
solutions. Further, we are working on a strong pipeline with an
expectation of winning a few more new customers in 2021 and
securing recurring revenue contracts which should lead to
attractive growth in 2022. We have made progress on the non-telco
front, with one key hire and a number of engagements with non-telco
corporates to help them with their marketing (advertising and
campaigning) activities. In particular we have engaged with one
corporate in the financial services sector and hope to provide our
software to analyse its proprietary data. We expect to see further
progress with non telco customers in the coming months and look to
the future with confidence.
Group statement of comprehensive income
6 months 6 months Year to
to to December
30 June 30 June 2020
2021 2020
Note $'000 $'000 $'000
(unaudited) (unaudited) (audited)
Revenue 2 3,460 2,291 4,020
Cost of sales and provision
of services (968) (667) (1,710)
_______ _______ _______
Gross profit 2,492 1,624 2,310
Adjusted administrative expenses (1,735) (1,738) (3,647)
_______ _______ _______
Adjusted operating profit/(loss) 757 (114) (1,337)
Exceptional items - 149 149
Amortisation of acquisition-related
intangibles (342) (342) (686)
Share-based payments (15) (27) (32)
_______ _______ _______
Operating profit/(loss) 400 (334) (1,906)
Finance income 4 23 37 64
Finance expense 5 (110) (106) (240)
_______ _______ _______
Profit/(loss) before taxation 313 (403) (2,082)
Income tax credit/(expense) (42) (36) (375)
_______ _______ _______
PROFIT/(LOSS) FOR THE PERIOD 271 (439) (2,457)
Other comprehensive income/(expense):
Items that may be reclassified
subsequently to profit or loss:
Exchange differences (26) 21 25
_______ _______ _______
Other comprehensive income,
net of tax (26) 21 25
TOTAL COMPREHENSIVE INCOME/(LOSS)
FOR THE PERIOD 245 (418) (2,432)
Earnings/(loss) per share
Reported
Basic and diluted 6 0.7c (1.3)c (7.2)c
Adjusted
Basic and diluted 6 1.6c (0.6)c (7.2)c
Group statement of financial position
As at As at As at 31
30 June 30 June December
2021 2020 2020
Note $'000 $'000 $'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Intangible assets 7 12,052 11,132 11,649
Property, plant and equipment 1,095 1,220 1,218
Right-of-use assets 238 240 308
Deferred tax assets 16 92 16
Contract assets 8 461 446 751
Trade and other receivables 91 238 149
_______ _______ _______
13,953 13,368 14,091
Current assets
Contract assets 8 733 246 609
Trade receivables 3,716 4,800 3,335
Other assets 387 576 485
Cash and cash equivalents 784 749 1,805
_______ _______ _______
5,620 6,371 6,234
Total assets 19,573 19,739 20,325
Liabilities
Non-current liabilities
Borrowings 9 1,031 1,145 1,196
Lease liabilities 117 104 172
Contract liabilities 139 228 207
Long-term provisions 11 149 113 173
_______ _______ _______
1,436 1,590 1,748
Current liabilities
Borrowings 9 504 148 244
Lease liabilities 139 171 174
Trade and other payables 10 356 803 1,093
Provisions 11 198 89 163
Contract liabilities 289 337 495
Other financial liabilities - 801 -
_______ _______ _______
1,486 2,349 2,169
Total liabilities 2,922 3,939 3,917
NET ASSETS 16,651 15,800 16,408
Issued share capital and reserves
Share capital 1,212 1,065 1,212
Share premium 14,045 11,603 14,045
Other reserves (611) (606) (583)
Retained earnings 2,005 3,738 1,734
_______ _______ _______
TOTAL EQUITY 16,651 15,800 16,408
Group statement of cash flows
6 months 6 months Year to
to to December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Cash flows from operating activities
Profit/(loss) for the period 271 (439) (2,457)
Adjustments for:
Income tax expense/(credit) recognised
in profit or loss 42 45 375
Finance income (4) (37) (20)
Finance costs 107 87 232
Depreciation of tangible non-current
assets 210 135 366
Profit on disposal of fixed assets - - (10)
Amortisation of intangible non-current
assets 991 993 2,122
Fair value adjustment on contingent
consideration - (149) (149)
Share-based payments 15 27 32
Foreign exchange (gains)/losses 10 6 25
_______ _______ _______
Operating cash flows before movements
in working capital 1,642 668 516
(Increase)/decrease in trade and
other receivables (199) 416 2,229
(Increase)/decrease in contract assets 173 122 (544)
Increase/(decrease) in trade and
other payables (623) 386 676
Increase in contract liabilities (293) (413) (276)
_______ _______ _______
Cash generated from operating activities 700 1,179 2,601
Income tax paid (191) (110) (339)
_______ _______ _______
Net cash generated from operating
activities 509 1,069 2,262
Cash flows from investing activities
Development of intangible assets (1,354) (1,210) (2,807)
Purchase of intangible assets (3) (3) (9)
Acquisition of property, plant and
equipment (42) (791) (902)
Payment of earn out consideration
relating to prior period acquisition - - (851)
_______ _______ _______
Net cash used in investing activities (1,399) (2,004) (4,569)
Cash flows from financing activities
Proceeds from issue of ordinary shares,
net of issue costs - - 2,589
Proceeds from borrowings 226 1,117 1,753
Repayment of borrowings (81) (301) (919)
Repayments of principal on lease
liabilities (85) (93) (171)
Interest received 4 37 20
Interest paid (125) (61) (185)
Less interest accrued but not paid - 16 -
Interest expense on lease liabilities (9) (8) (16)
_______ _______ _______
Net cash generated by/(used in) financing
activities (70) 707 3,071
Net increase/(decrease) in cash and
cash equivalents (960) (228) 764
Net foreign exchange differences (61) (43) (60)
Cash and cash equivalents at beginning
of period 1,805 934 1,101
_______ _______ _______
Cash and cash equivalents at end
of period 784 663 1,805
Comprising:
Cash at bank and in hand 945 749 1,805
Overdraft (161) (86) -
_______ _______ _______
784 663 1,805
Group statement of changes in equity
Share Share Exchange Merger Share-based Retained Total
capital premium reserve reserve payments profits
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January
2020 1,065 11,603 (216) (527) 100 4,177 16,202
(Loss) after taxation
for the period - - - - - (439) (439)
Share-based payments - - - - 50 - 50
Other comprehensive
income:
Exchange differences - - (13) - - - (13)
_____ _____ _____ _____ _____ _____ _____
Balance at 30 June
2020 1,065 11,603 (229) (527) 150 3,738 15,800
(Loss) after taxation
for the period - - - - - (2,018) (2,018)
Share-based payments - - - - 48 - 48
Transfer on lapse of
share options (14) 14 -
Other comprehensive
income:
Exchange differences - - (11) - - - (11)
Transactions with owners:
Shares issued by Pelatro
Plc for cash 147 2,620 - - - - 2,767
Issue costs - (178) - - - - (178)
_____ _____ _____ _____ _____ _____ _____
Balance at 31 December
2020 1,212 14,045 (240) (527) 184 1,734 16,408
Profit after taxation
for the period - - - - - 271 271
Share-based payments - - - - 51 - 51
Other comprehensive
income:
Exchange differences - - (79) - - - (79)
_____ _____ _____ _____ _____ _____ _____
Balance at 30 June
2021 1,212 14,045 (319) (527) 235 2,005 16,651
Notes to the Group financial statements
1 Basis of preparation
The Group has prepared its interim financial statements (the
"statements") for the 6 months ended 30 June 2021 (the "interim
results") in accordance with the AIM Rules of the London Stock
Exchange and not in accordance with IAS34 Interim Financial
Reporting ; the statements are prepared in accordance with the
recognition and measurement principles of International Accounting
Standards in conformity with the requirements of the Companies Act
2006, but do not include all the disclosures that would otherwise
be required
The statements have been prepared under the historical cost
convention. The accounting policies adopted in the statements are
consistent with those adopted in the Group's Annual Report and
Financial Statements for the year ended 31 December 2020 and those
which will be adopted in the preparation of the annual report for
the year ending 31 December 2021. The statements do not constitute
full statutory accounts within the meaning of section 434 of the
Companies Act 2006 and are unaudited.
Going concern
A gradual "return to normal" on the part of our customers, our
successful adaptation to new working methods and the global rollout
of vaccination programmes means that the Directors consider that
coronavirus no longer presents a material downside risk to the
Group. The Directors have considered trading and cash flow
forecasts prepared for the Group, and based on these, and confirmed
banking facilities, are satisfied that the Group will continue to
be able to meet its liabilities as they fall due for at least one
year from the date of these results. On this basis, they consider
it appropriate to have adopted the going concern basis in the
preparation of the interim results, which were approved by the
Board of Directors on 27 September 2021.
Comparative financial information
The comparative financial information presented herein for the
year ended 31 December 2020 does not constitute full statutory
accounts for that period. Statutory accounts for the year ended 31
December 2020 have been filed with the Registrar of Companies.
These statutory accounts carried an unqualified Auditor's Report,
did not draw attention to any matters by way of emphasis and did
not contain a statement under Section 498(2) or 498(3) of the
Companies Act 2006.
2 Segmental analysis
Revenue by type
6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
Recurring software sales and
services 1,922 817 1,528
Maintenance and support 506 719 1,323
_______ _______ _______
Total recurring revenues 2,428 1,536 2,851
Change requests 1,009 331 426
_______ _______ _______
Total repeating revenues 3,437 1,867 3,277
Licence related income 23 424 698
Consulting - - 45
_______ _______ _______
3,460 2,291 4,020
Revenue by geography
The Group recognises revenue in seven geographical regions based
on the location of customers, as set out in the following
table:
6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
Caribbean 64 60 145
Central Asia 287 32 175
Eastern Europe 75 74 168
Africa 152 42 64
South Asia 1,102 923 1,096
South East Asia 1,780 1,160 2,372
_______ _______ _______
3,460 2,291 4,020
3 Non-GAAP profit measures and exceptional items
Reconciliation of operating profit to earnings before interest,
taxation, depreciation and amortisation ("EBITDA"):
6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
Operating profit/(loss) 400 (334) (1,906)
Adjusted for:
- amortisation and depreciation 1,175 1,091 2,420
_______ _______ _______
EBITDA 1,575 757 514
Other adjustments:
- revenue recognised as interest
under IFRS 15 19 22 44
Expensed share-based payments 15 27 32
Exceptional items:
- gain on adjustment of deferred
consideration liability - (149) (149)
_______ _______ _______
Adjusted EBITDA 1,609 657 441
The criteria for adjusting operating income or expenses in the
calculation of adjusted EBITDA are that they are material and
either (i) arise from an irregular and significant event or (ii)
are such that the income/cost is recognised in a pattern that is
unrelated to the resulting operational performance. Materiality is
defined as an amount which, to a user, would influence
decision-making based on, and understandability of, the financial
statements.
Exceptional items are treated as exceptional by reason of their
nature and are excluded from the calculation of adjusted EBITDA
(and adjusted earnings per share below) to allow a better
understanding of comparable year-on-year trading and thereby an
assessment of the underlying trends in the Group's financial
performance. These measures also provide consistency with the
Group's internal management reporting.
Adjustment for share-based payment expense is made because, once
the cost has been calculated for a given grant of options, the
Directors cannot influence the share-based payment charge incurred
in subsequent years relating to that grant; also the value of the
share option to the employee differs considerably in value and
timing from the actual cash cost to the Group.
Elements of depreciation on right-to-use assets recognised under
IFRS 16 and share-based payment expense are deemed to be directly
attributable overheads for the purposes of capitalising relevant
expenditure on developing intangible assets (see Note 7). The
figures above are shown net of amounts so capitalised.
4 Finance income
6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Interest receivable on interest-bearing
deposits 4 15 20
Notional interest accruing on
contracts with a significant
financing component 19 22 44
_______ _______ _______
Total finance income 23 37 64
5 Finance expense
6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Interest and finance charges
paid or payable on borrowings 101 79 198
Interest on lease liabilities
under IFRS 16 13 15 31
Less: amounts capitalised as
intangible assets (4) (7) (14)
Acquisition-related financing
expense - unwinding of discount
on financial liabilities - 19 25
_______ _______ _______
Total finance expense 110 106 240
6 Earnings per share
Earnings per share - reported ("EPS")
The calculation of the basic and diluted EPS is based on the
following data:
6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
Earnings
Earnings for the purposes of
basic and diluted earnings per
share being net profit attributable
to equity holders of the parent 271 (439) (2,457)
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
and diluted earnings per share 37,032,431 32,532,431 34,136,617
The weighted average number of shares and the loss for the year
for the purposes of calculating the fully diluted earnings per
share are the same as for the basic loss per share calculation.
This is because the outstanding share options would have the effect
of reducing the loss per ordinary share and would therefore not be
dilutive under IAS33.
Adjusted earnings per share
Adjusted EPS is calculated as follows:
6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020
$'000 $'000 $'000
Earnings attributable to owners
of the Parent 271 (439) (2,457)
Adjusting items:
- exceptional items - (149) (149)
- expensed share-based payments 15 27 32
- finance charge on liabilities
relating to
contingent consideration - 19 25
- amortisation of acquisition-related
intangibles 342 342 686
- prior year adjustments to
tax charge (18) - (18)
_______ _______ _______
Adjusted earnings attributable
to owners of the Parent 610 (200) (1,881)
Weighted number of ordinary
shares in issue 37,032,431 32,532,431 34,136,617
Adjusted earnings per share
attributable to shareholders
(basic and diluted) 1.6c (0.6)c (5.5)c
The criteria for inclusion of adjusting items in the calculation
of adjusted EPS are the same as those relating to the calculation
of adjusted EBITDA as set out in Note 3. Additionally, amortisation
of acquisition-related intangibles relates to the amortisation of
intangible assets in respect of customer relationships which are
recognised on a business combination and are non-cash in
nature.
The Group has one category of potentially dilutive ordinary
share, being those share options granted to employees where the
exercise price (plus the remaining expected charge to profit under
IFRS 2) is less than the average price of the Company's ordinary
shares during the period.
7 Intangible assets
Intangible assets comprise capitalised development costs,
acquired software, customer relationships and goodwill.
Development Third Patents Customer Goodwill Total
costs party relationships
software
$'000 $'000 $'000 $'000 $'000 $'000
Cost
At 1 January
2021 9,263 110 27 6,862 470 16,732
Additions 1,390 6 - - - 1,396
Foreign exchange - (1) - - - (1)
_______ _______ _______ _______ _______ _______
At 30 June
2021 10,653 115 27 6,862 470 18,127
Amortisation
or impairment
At 1 January
2021 (3,373) (52) - (1,658) - (5,083)
Charge for
the period (639) (10) - (343) - (992)
_______ _______ _______ _______ _______ _______
At 30 June
2021 (4,012) (62) - (2,001) - (6,075)
Net carrying
amount
At 30 June
2021 6,641 53 27 4,861 470 12,052
At 1 January
2021 5,890 58 27 5,204 470 11,649
8 Contract assets
Contract assets are comprised as follows:
As at As at As at 31
30 June 30 June December
2021 2020 2020
$'000 $'000 $'000
Due after one year
Contract assets relating to revenue 98 446 311
Contract fulfilment assets 363 - 440
_______ _______ _______
461 446 751
Due within one year
Contract assets relating to revenue 581 246 457
Contract fulfilment assets 152 - 152
_______ _______ _______
733 246 609
9 Loans and borrowings
As at As at As at 31
30 June 30 June December
2021 2020 2020
$'000 $'000 $'000
Non-current liabilities
Secured term loans 237 - 277
Unsecured borrowings 794 1,145 919
_______ _______ _______
1,031 1,145 1,196
Current liabilities
Current portion of term loans 138 62 99
Unsecured borrowings 366 86 145
_______ _______ _______
504 148 244
Total loans and borrowings 1,535 1,293 1,440
10 Trade and other payables
As at As at As at 31
30 June 30 June December
2021 2020 2020
$'000 $'000 $'000
Due within a year
Trade payables 30 40 810
Other payables 326 763 283
_______ _______ _______
Total trade and other payables 356 803 1,093
11 Provisions
Long-term As at As at As at 31
30 June 30 June December
2021 2020 2020
$'000 $'000 $'000
Employee gratuities 108 76 116
Leave encashment 41 37 57
_______ _______ _______
149 113 173
Short-term As at As at As at 31
30 June 30 June December
2021 2020 2020
$'000 $'000 $'000
Employee gratuities 12 9 13
Leave encashment 17 15 24
Other provisions (including tax) 169 65 126
_______ _______ _______
198 89 163
12 Post balance sheet events
Other than disclosed above there have been no events subsequent
to the reporting date which would have a material impact on these
interim financial results.
[END]
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