Half-year Report

RNS Number : 1139N

Pelatro PLC

28 September 2021

 

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 1.6¢ (H1 2020: (0.6)¢)

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 £3.35m (pre expenses)

• Gross cash at 31 August $3.8m, net cash $2.8m after debt repayments of c. $0.6m

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 £3.35m 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)	[phone]
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 £3.35m (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 $0.6m of debt out of the proceeds of the equity fund-raising of £3.35m.

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 to 30 June 2021	6 months to 30 June 2020	Year to December 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	0.7¢	(1.3)¢	(7.2)¢
Adjusted
Basic and diluted	6	1.6¢	(0.6)¢	(7.2)¢

Group statement of financial position

		As at 30 June 2021	As at 30 June 2020	As at 31 December 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 to 30 June 2021	6 months to 30 June 2020	Year to December 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 capital	Share premium	Exchange reserve	Merger reserve	Share-based payments reserve	Retained profits		Total
	$'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 to 30 June 2021	6 months to 30 June 2020	Year to 31 December 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 to 30 June 2021	6 months to 30 June 2020	Year to 31 December 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 to 30 June 2021	6 months to 30 June 2020	Year to 31 December 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 to 30 June 2021	6 months to 30 June 2020	Year to 31 December 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 to 30 June 2021	6 months to 30 June 2020	Year to 31 December 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 to 30 June 2021	6 months to 30 June 2020	Year to 31 December 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 to 30 June 2021	6 months to 30 June 2020	Year to 31 December 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)	1.6¢	(0.6)¢	(5.5)¢

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 costs	Third party software	Patents	Customer relationships	Goodwill	Total
	$'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 30 June 2021	As at 30 June 2020	As at 31 December 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 30 June 2021	As at 30 June 2020	As at 31 December 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 30 June 2021	As at 30 June 2020	As at 31 December 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 30 June 2021	As at 30 June 2020	As at 31 December 2020
	$'000	$'000	$'000
Employee gratuities	108	76	116
Leave encashment	41	37	57
	_______	_______	_______
	149	113	173

Short-term	As at 30 June 2021	As at 30 June 2020	As at 31 December 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]

 

END

 

 

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