26 October 2020

PRESIDENT ENERGY PLC

("President", "the Company" or "the Group")

Unaudited Interim Results for H1 2020

Current trading

 

President (AIM:PPC), the oil and gas upstream company with a diverse portfolio of production and exploration assets focused primarily in Latin America, announces its unaudited interim results for the six months ended 30 June 2020.

 

Selected Results Summary

All numbers in US$ '000 unless stated	H1 2020	H1 2019	F/Y 2019
Average daily production, boe	2,747	2,461	2,415
Average realised price per boe (US$)	31.2	54.4	49.6
Revenue	13,737	23,315	40,812
Adjusted EBITDA	1,049	7,931	11,552
Free cash flow from core operations and treasury income	5,916	9,750	14,535
Group net debt	11,342	27,731	21,674
Profit after tax but before non-cash items	1,779	2,956	10,749
Administrative expenses US$ per boe	4.0	6.4	4.8
Well operating costs US$ per boe	16.5	19.9	20.4

 

Selected Current Financial Metrics

Net debt to trailing 12 month adjusted EBITDA at period end	2.4x
Current EV/2P ratio (US$ per boe)	1.9
Proven reserves replacement since end 2017	167%

 

Corporate and Financial Summary
 

· Trafigura, one of the largest commodity traders and logistic companies in the world, and a key offtaker, became a significant shareholder in President, now holding over 16%

· Group turnover decrease attributed to the 43% fall in realised prices in the most sudden peacetime fall in living memory

· Solid positive free cash flow from core operations (US$2.6 million) and intelligent pro-active treasury management giving an aggregate of US$5.9 million

· Net debt down by nearly 60% over the same period last year and 48% from the start of the year

· Third party financial borrowings now only US$3.7 million with the balance being covenant lite, long term largest shareholder related debt which itself has been reduced by 39%

· Adjusted EBITDA* remains positive in the face of the severe turbulent times encountered in the period

· Positive Group cash balances at period end showing the benefit of the share placing in the period

· Modest operational profit before noncash items

· Positive net profit after tax before non-cash items and after these items (comprising depletion, depreciation, amortisation, impairment, non-operating gains/losses and deferred tax) a loss largely reflecting the DDA charge of US$5.2 million in the period 

· Further cost cutting resulted in Group administration expenses down by 31% year on year with administrative expenses per barrel* decreased by 38% over the same period

 

Operational Summary
 

· Average group net daily production in the period increased by 14% over the full year 2019, split 71% oil and 29% gas

· Well operating costs per boe decreased by 17% over same period last year

· A new reserves report issued showing Group proven reserves of 15 MMboe and proven and probable reserves of 26 MMboe with the more valuable Rio Negro proven and probable reserves increasing by 20% over the previous 12 months

· In Rio Negro, Argentina, since 31 December 2017, President has not only replaced all its production in the period but has increased its total proven reserves by 67% and its 2P reserves by 42%

· A new 16 km sub-surface 6" steel gas pipeline constructed in Rio Negro Province unlocking the potential of the Estancia Vieja gas field

· Even through the darkest times of the period when both prices and demand plunged to depths not envisaged by any reasonable prior planning scenario, President did not shut in any one of its wells due to inability to have its production off taken. This vindicates the management strategy of focusing on the end market for its products

· President exported oil from Argentina for the first time

·     Louisiana produced normally throughout the pandemic without shut-ins. The minority 20% interest in the Jefferson Island project in Louisiana was relinquished as uneconomic in the light of depressed oil prices 

 

Current trading
 

· Management reports show average Group monthly revenue for the first two months of Q3 2020 ran at the rate of US$2.635 million a substantial increase compared to the US$1.47 million per month average for Q2 of this year

· President is currently drilling its second well in the two well programme in the Rio Negro Province, Argentina, where we are the only company to have drilled since the pandemic started

· The first well of this programme, Las Bases-1001 was drilled on time and budget. The well has been successfully tested and is expected to be placed on production by the end of November with an initial gas production rate of 100,000 m³/d (588 boepd)

· The second well, Estancia Vieja North-x1, is an exploration well. Drilling continues and preliminary results should be available by mid-November

· Although overshadowed by the new drilling, the workover campaign in the Rio Negro Province continues with generally positive results. A review of all the results will be announced once the present cycle of work comes to an end at or near the end of this year. In the interim it is estimated that an additional 75,000 m³/d (440 boepd) of new gas production arising from this work will be able to be placed into production by the end of November ie at the same time as Las Bases LB-1001 comes on stream

· President continues its focus on reducing costs with the objective of further reducing its operational expenses next year

· The Louisiana low cost production remains stable, positive cash generative and has not been materially affected by the Hurricane season in that part of the world with no operational shutdowns

· Farm out discussions in relation to the Pirity Concession, Paraguay are continuing with a national oil company with a view to drilling an exploration well at the Delray complex of prospects next year. President's internal resource estimate for that complex is 230 million barrels of Pmean original oil in place

· President, on current trading, estimates average production for the full year to end 2020 to be in the range 2,800 to 3,000 boepd with an approximate split of 70% oil and 30% gas

 

Commenting on today's announcement, Peter Levine, Chairman said:
 

"President has, in the first half of 2020, traded through the hardest and most sudden global peacetime crisis in a century. Notwithstanding this, the Group has weathered the turbulence and is in a fit and solid financial and trading shape

 

"Despite the difficulties, President has delivered a positive adjusted EBITDA and free cash generation from core operations and finance income. The results reflect President's resilience and resourcefulness, together with the focus on conventional onshore production and its recognition of the importance of securing the end market for its production   

 

"The concentration on our core businesses, margins and the strategic decision taken to pro-actively materially reduce debt in times of sustained lower prices have resulted in a sound financial and trading platform on which sustained growth can be developed. In particular it would be wrong to overlook the organic potential of our producing and exploration portfolio.

 

"Especially in this most challenging of years, I would like to express my thanks and appreciation to our loyal and hard-working employees for their dedication and substantial efforts in times of great personal stress and hardship. I have been truly humbled by their efforts. 

 

"Finally my sincere gratitude also extends to both our major shareholder Trafigura for their close support with whom we look forward to continued cooperation and growing our strategic partnership, as well as those shareholders who have remained supportive in these challenging times."

 

Peter Levine

Executive Chairman

26 October 2020

 

* Adjusted EBITDA means Operating Profit before depreciation, depletion and amortisation, adjusted for non-cash share-based expenses and certain non-recurring items. Non-recurring items include workovers and a discretionary staff bonus award in 2019.

* Current Enterprise Value (EV) is calculated by taking the market value of shares in issue at current US$ fx rates and adding the value of net debt.

* Cost per boe metrics are adjusted for costs management consider are exceptional and non-recurring in nature

* Free cash flow from core operations is defined in the 2019 Annual Report. The treasury income which has been included is the exchange (losses)/gains on cash and cash equivalents as detailed in the Consolidated Statement of Cashflows

 

 

The 2020 Interim Report and Financial Statements will be made available at www.presidentenergyplc.com  

 

Investor Meet

President Energy Plc is pleased to announce that Peter Levine (Chairman) and Rob Shepherd (Group FD) will provide a live presentation on unaudited Interim results for H1 2020 via the Investor Meet Company platform on Monday 26th October 2020 at 11:00am.

 

The Company is committed to ensuring that there are appropriate communication structures for all elements of its shareholder base so that its strategy, business model and performance are clearly understood.

· The online presentation is open to all existing and potential shareholders.

· Questions can be submitted pre-event via your IMC dashboard or at any time during the live presentation via the "Ask a Question" function. Although the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market. Responses to the Q&A from the live presentation will be published at the earliest opportunity on the Investor Meet Company platform.

· Investor feedback can also be submitted directly to management post-event to ensure the Company can understand the views of all elements of its shareholder base.

 

Investors can sign up to Investor Meet Company for free and add to meet President via: https://www.investormeetcompany.com/president-energy-plc/register-investor

Investors who have already registered and added to meet the Company will be automatically invited.

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014.

 

 

Notes to Editors

 

President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets. The Company has independently assessed 1P reserves in excess of 15 MMboe and 2P reserves of more than 26 MMboe.

 

The Company has operated interests in the Puesto Flores and Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura contract area in Rio Negro Province, Argentina and in the Puesto Guardian Concession, in the Noreste Basin in NW Argentina. The Company is focused on growing production in the near term in Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.

 

President Energy's second largest shareholder is Trafigura, one of the leading commodity and logistics companies in the World, with operations and a refinery in Argentina. The Company is actively pursuing development / acquisition of high-quality production and assets capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support and an in-country management teams, President Energy has world class standards of corporate governance, environmental and social responsibility.

 

Contact:

President Energy PLC Rob Shepherd, Finance Director Nikita Levine, Investor Relations	+44 (0) 207 016 7950
finnCap (Nominated Advisor and Joint Broker) Christopher Raggett, Charlie Beeson	+44 (0) 207 220 0500
Shore Capital (Joint Broker)
Jerry Keen, Antonio Bossi	+44 (0) 207 408 4090
Tavistock (Financial PR)	+44 (0) 207 920 3150
Nick Elwes, Simon Hudson

 

 

Glossary of terms

Boe(pd)  Barrels of oil equivalent (per day)

Bopd  Barrels of oil per day

DDA    Depletion, depreciation and. amortisation

EV  Enterprise value meaning market capitalisation plus debt

MMbbls  Million barrels of oil

MMboe  Million barrels of oil equivalent

MMBtu  Million British Thermal Units (gas)

M³/d  Cubic metres of production of gas or oil per day (as the case may be)

 

 

Condensed Consolidated Statement of Comprehensive Income

Six months ended 30 June 2020

				6 months		6 months		Year to
				to 30 June		to 30 June		31 Dec
				2020		2019		2019
				(Unaudited)		(Unaudited)		(Audited)
	Note			US$000		US$000		US$000
Continuing Operations
Revenue				13,737		23,315		40,812
Cost of sales
Depletion, depreciation & amortisation				(5,142)		(4,332)		(10,412)
Other cost of sales				(11,461)		(13,891)		(26,892)
Total cost of sales		3		(16,603)		(18,223)		(37,304)
Gross profit/(loss)				(2,866)		5,092		3,508
Administrative expenses		4		(1,988)		(2,866)		(4,367)
Operating profit / (loss) before impairment charge
and non-operating gains / (losses)				(4,854)		2,226		(859)
Presented as:
Adjusted EBITDA				1,049		7,931		11,552
Non-recurring items				(368)		(1,201)		(1,649)
EBITDA excluding share options				681		6,730		9,903
Depreciation, depletion & amortisation				(5,207)		(4,347)		(10,529)
Share based payment expense				(328)		(157)		(233)
Operating profit / (loss)				(4,854)		2,226		(859)
Impairment charge		5		(125)		-		(88,160)
Non-operating gains /(losses)		6		62		33		(337)
Profit/(loss) after impairment and non-operating
gains and (losses)				(4,917)		2,259		(89,356)
Finance income		7		3,604		221		641
Finance costs		7		(2,178)		(2,231)		(4,847)
Profit / (loss) before tax				(3,491)		249		(93,562)
Income tax (charge)/credit
Current tax income tax (charge)/credit				-		-		4
Deferred tax being a provision for future taxes				(544)		(1,607)		5,281
Total income tax (charge)/credit				(544)		(1,607)		5,285
Profit/(loss) for the period from continuing operations				(4,035)		(1,358)		(88,277)
Other comprehensive income
- Items that may be reclassified subsequently
to profit or loss
Exchange differences on translating foreign operations				-		-		-
Total comprehensive profit/(loss) for the period
attributable to the equity holders of the Parent Company				(4,035)		(1,358)		(88,277)
Earnings/ (loss) per share from continuing operations				US cents		US cents		US cents
Basic earnings/ (loss) per share		8		(0.32)		(0.12)		(7.90)
Diluted earnings / (loss) per share		8		(0.32)		(0.12)		(7.90)

 

Condensed Consolidated Statement of Financial Position

As at 30 June 2020

				30 June		30 June		31 Dec
				2020		2019		2019
				(Unaudited)		(Unaudited)		(Audited)
				US$000		US$000		US$000
	Note
ASSETS
Non-current assets
Intangible exploration and evaluation assets		9		55,657		104,027		55,750
Goodwill				705		705		705
Property, plant and equipment		9		50,913		93,945		54,092
				107,275		198,677		110,547
Deferred tax				1,244		1,726		1,248
Other non-current assets				102		351		351
				108,621		200,754		112,146
Current assets
Trade and other receivables		10		4,387		13,756		6,498
Inventory				-		-		28
Cash and cash equivalents				3,614		197		895
				8,001		13,953		7,421
TOTAL ASSETS				116,622		214,707		119,567
LIABILITIES
Current liabilities
Trade and other payables		11		8,481		22,927		24,770
Borrowings		12		1,488		4,236		2,462
				9,969		27,163		27,232
Non-current liabilities
Trade and other payables		11		2,533		625		1,697
Long-term provisions				5,883		4,507		5,520
Borrowings		12		13,468		23,692		20,107
Deferred tax				1,564		8,390		1,024
				23,448		37,214		28,348
TOTAL LIABILITIES				33,417		64,377		55,580
EQUITY
Share capital				35,506		24,353		24,465
Share premium				257,863		245,304		245,692
Translation reserve				(50,240)		(50,240)		(50,240)
Profit and loss account				(167,381)		(76,427)		(163,346)
Other reserve				7,457		7,340		7,416
TOTAL EQUITY				83,205		150,330		63,987
TOTAL EQUITY AND LIABILITIES				116,622		214,707		119,567

 

 

Condensed Consolidated Statement of Changes in Equity

		Share capital		Share premium		Translation reserve		Profit and loss account		Other reserve		Total
		US$000		US$000		US$000		US$000		US$000		US$000
Balance at 1 January 2019		23,654		240,904		(50,240)		(75,069)		7,183		146,432
Share-based payments		-		-		-		-		157		157
Debt conversion		130		907								1,037
Issue of ordinary shares		569		3,985		-		-		-		4,554
Cost of issue		-		(492)		-		-		-		(492)
Transactions with owners		699		4,400		-		-		157		5,256
Loss for the period		-		-		-		(1,358)		-		(1,358)
Exchange differences on
translation		-		-		-		-		-		-
Total comprehensive
income/(loss)		-		-		-		(1,358)		-		(1,358)
Balance at 30 June 2019		24,353		245,304		(50,240)		(76,427)		7,340		150,330
Share-based payments		-		-		-		-		76		76
Issue of ordinary shares		-		1		-		-		-		1
Cost of issue		-		-		-		-		-		-
Debt conversion		-		(1)								(1)
Subscription		112		388		-		-		-		500
Transactions with owners		112		388		-		-		76		576
Loss for the period		-		-		-		(86,919)		-		(86,919)
Exchange differences on
translation		-		-		-		-		-		-
Total comprehensive
income/(loss)		-		-		-		(86,919)		-		(86,919)
Balance at 1 January 2020		24,465		245,692		(50,240)		(163,346)		7,416		63,987
Share-based payments		-		-		-		-		41		41
Offer of shares		2,603		2,213								4,816
Costs of issue				(434)		-		-		-		(434)
Debt conversion		3,344		3,869								7,213
Subscriptions		4,490		6,010								10,500
Issued in settlement		604		513		-		-		-		1,117
Transactions with owners		11,041		12,171		-		-		41		23,253
Loss for the period		-		-		-		(4,035)		-		(4,035)
Exchange differences on
translation		-		-		-		-		-		-
Total comprehensive
income/(loss)		-		-		-		(4,035)		-		(4,035)
Balance at 30 June 2020		35,506		257,863		(50,240)		(167,381)		7,457		83,205

Condensed Consolidated Statement of Cash Flows

Six months ended 30 June 2020

		6 months		6 months		Year to
		to 30 June		to 30 June		31 Dec
		2020		2019		2019
		(Unaudited)		(Unaudited)		(Audited)
		US$000		US$000		US$000
Cash flows from operating activities - (Note 13)
Cash generated/(consumed) by operations		2,903		6,749		21,487
Interest received		69		102		184
Taxes paid		-		-		4
		2,972		6,851		21,675
Cash flows from investing activities
Expenditure on exploration and evaluation assets		(32)		(77)		(263)
Expenditure on development and production assets
(excluding increase in provision for decommissioning)		(5,990)		(8,002)		(12,628)
Expenditure on decommissioning costs		-		(280)		(283)
Proceeds from asset sales		30		19		52
Acquisition & licence extension in Argentina		(165)		(1,135)		(2,395)
Release of bond with state authorities		249		-		-
USA acquisition		(158)		-		-
		(6,066)		(9,475)		(15,517)
Cash flows from financing activities
Proceeds from issue of shares (net of expenses)		4,882		4,062		4,563
Loan drawdown		856		1,948		3,407
Repayment of borrowings		(2,194)		(3,081)		(9,900)
Payment of loan interest and fees		(644)		(1,875)		(4,036)
Repayment of obligations under leases		(359)		(242)		(719)
		2,541		812		(6,685)
Net increase/(decrease) in cash and cash equivalents		(553)		(1,812)		(527)
Opening cash and cash equivalents at beginning of year		895		1,970		1,970
Exchange (losses)/gains on cash and cash equivalents		3,272		39		(548)
Closing cash and cash equivalents		3,614		197		895

 

 

 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2020

 

1 Nature of operations and general information

President Energy PLC and its subsidiaries' (together "the Group") principal activities are the exploration for and the evaluation and production of oil and gas.

 

President Energy PLC is the Group's ultimate parent company. It is incorporated and domiciled in England. The Group has onshore oil and gas production and reserves in Argentina and the USA. The Group also has onshore exploration assets in Paraguay and Argentina. The address of President Energy PLC's registered office is Carrwood Park, Selby Road, Leeds, LS15 4LG. President Energy PLC's shares are listed on the Alternative Investment Market of the London Stock Exchange.

 

These condensed consolidated interim financial statements (the interim financial statements) have been approved for issue by the Board of Directors on 25th October 2020. The financial information for the year ended 31 December 2019 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months ended 30 June 2020 and 30 June 2019 was neither audited nor reviewed by the auditor. The Group's statutory financial statements for the year ended 31 December 2019 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006

 

2 Basis of preparation

The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2019, which have been prepared under IFRS as adopted by the European Union.

 

These financial statements have been prepared under the historical cost convention, except for any derivative financial instruments which have been measured at fair value. The accounting policies adopted in the 2020 interim financial statements are the same as those adopted in the 2019 Annual report and accounts.

 

 

 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2020 - continued

 

			6 months		6 months		Year to
			to 30 June		to 30 June		31 Dec
			2020		2019		2019
			(Unaudited)		(Unaudited)		(Audited)
			US$000		US$000		US$000
3 Cost of Sales
	Depreciation		5,142		4,332		10,412
	Royalties & production taxes		2,839		4,730		7,481
	Well operating costs		8,622		9,161		19,411
			16,603		18,223		37,304
4 Administrative expenses
	Directors and staff cost		1,348		2,399		3,655
	Share-based payments		328		157		233
	Depreciation		65		15		117
	Other		247		295		362
			1,988		2,866		4,367
5  Impairment credit / (charge)
	DP1002 well in Argentina (PP&E)		-		-		216
	Puesto Guardian in Argentina (PP&E)		-		-		(39,913)
	Pirity Licence in Paraguay (Intangible)		-		-		(48,463)
	Jefferson Island in USA (intangible)		(125)		-		-
			(125)		-		(88,160)
6  Non-operating gains / (losses)
	Reversal of provision for doubtful taxes		-		-		(236)
	Arising on lease modifications		32		-		-
	Other (gains) / losses		30		33		(101)
			62		33		(337)
7 Finance income & costs
	Interest income		69		102		184
	Exchange gains		3,535		119		457
	Finance income		3,604		221		641
	Interest & similar charges		2,178		2,231		4,847
	Exchange losses		-		-		-
	Finance costs		2,178		2,231		4,847
8 Earnings / (loss) per share
	Net profit / (loss) for the period attributable
	to the equity holders of the
	Parent Company		(4,035)		(1,358)		(88,277)
			Number		Number		Number
			'000		'000		'000
	Weighted average number
	of shares in issue		1,262,087		1,126,561		1,116,944
	Earnings /(loss) per share		US cents		US cents		US cents
	Basic		(0.32)		(0.12)		(7.90)
	Diluted		(0.32)		(0.12)		(7.90)

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2020 - continued

9 Non-current assets
					Property
			E&E		Plant and		Total
			Assets		Equipment
			US$000		US$000		US$000
	Cost
	At 1 January 2019		146,024		124,646		270,670
	Additions		77		4,829		4,906
	Right of use assets (IFRS16)		-		1,346		1,346
	At 30 June 2019		146,101		130,821		276,922
	Additions		186		5,533		5,719
	Acquisition of licence in Argentina		-		136		136
	Right of use assets (IFRS16)		-		670		670
	Disposals		-		(97)		(97)
	At 1 January 2020		146,287		137,063		283,350
	Additions		32		1,194		1,226
	Acqusition in USA		-		172		172
	Right of use assets (IFRS16)		-		662		662
	At 30 June 2020		146,319		139,091		285,410
	Depreciation/Impairment
	At 1 January 2019		42,074		32,529		74,603
	Charge for the period		-		4,347		4,347
	At 30 June 2019		42,074		36,876		78,950
	Impaired		48,463		39,913		88,376
	Charge for the period		-		6,182		6,182
	At 1 January 2020		90,537		82,971		173,508
	Impaired		125		-		125
	Charge for the period		-		5,207		5,207
	At 30 June 2020		90,662		88,178		178,840
	Net Book Value 30 June 2020		55,657		50,913		106,570
	Net Book Value 30 June 2019		104,027		93,945		197,972
	Net Book Value 31 December 2019		55,750		54,092		109,842

 

 

 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2020 - continued

			30 June		30 June		31 Dec
			2020		2019		2019
			(Unaudited)		(Unaudited)		(Audited)
			US$000		US$000		US$000
10 Trade and other receivables
	Trade and other receivables		4,219		13,649		6,135
	Prepayments		168		107		363
			4,387		13,756		6,498
11. Trade and other payables
	Current
	Trade and other payables		7,755		22,448		14,797
	Current portion of leases		726		479		652
	Current portion of contract liability		-		-		9,321
			8,481		22,927		24,770
	Non-current
	Non-current trade and other payables		1,444		-		-
	Non-current portion of leases		1,089		625		864
	Non-current portion of contract liability		-		-		833
			2,533		625		1,697
	Total carrying value		11,014		23,552		26,467
12 Borrowings
	Current
	Bank loan		1,488		4,236		2,462
			1,488		4,236		2,462
	Non-Current
	IYA Loan		11,074		19,373		18,083
	Bank loan		2,394		4,319		2,024
			13,468		23,692		20,107
	Total carrying value of borrowings		14,956		27,928		22,569

 

 

 

 

Notes to the Half-Yearly Financial Statements

Six months ended 30 June 2020 - continued

 

13 Reconciliation of operating profit to net cash outflow from operating activities
			6 months		6 months		Year to
			to 30 June		to 30 June		31 Dec
			2020		2019		2019
			(Unaudited)		(Unaudited)		(Audited)
			US$000		US$000		US$000
Profit/(loss) from operations before taxation			(3,491)		249		(93,562)
	Interest on bank deposits		(69)		(102)		(641)
	Interest payable and loan fees		2,178		2,153		4,847
	Depreciation and impairment of property,
	plant and equipment		5,207		4,347		10,529
	Impairment charge		125		-		88,160
	Gain on non-operating transaction		(62)		(33)		337
	Share-based payments		328		157		233
	Foreign exchange difference		(3,535)		(119)		-
Operating cash flows before movements
	in working capital		681		6,652		9,903
	(Increase)/decrease in receivables		1,999		(3,427)		3,592
	(Increase)/decrease in inventory		28		84		56
	(Decrease)/increase in payables		195		3,440		7,936
Net cash generated by/(used in)
operating activities			2,903		6,749		21,487