Interim Results

IQE plc

Solid financial performance despite economic crisis; smartphones
driving recovery

IQE plc  (AIM: IQE,  the  "Group"), the  leading global  supplier  of
advanced wafer  products  and  wafer services  to  the  semiconductor
industry, announces its Interim  Results for the  half year ended  30
June 2009.


FINANCIAL HIGHLIGHTS

- Sales of £21.4m (H1 2008: £30.2m)
- Gross profit of £3.8m  (H1 2008: £4.3m)
- EBITDA of £1.9m (H1 2008: £3.6m before exceptional charges of
£1.6m).
- Operating loss of £0.8m (H1 2008: profit £1.6m before exceptional
charges of £1.6m)
- Cash inflow from operating activities of £0.1m (H1 2008: inflow
£2.8m)
- Loss per share of 0.31 pence (H1 2008: 0.19 pence profit per share
before exceptionals)
- Net debt of £18.9m, better than expectations reflecting strong cash
management
BUSINESS HIGHLIGHTS

- Sharp increase in orders from May 2009 as destocking began to reach
its conclusion
- Continued strength in smartphone and advanced wireless shipments
(e.g. notebooks) despite global recession.
- Management actions in Q4 2008 to restructure the business and
reduce costs have underpinned a solid H1 performance.
- Opportunities taken during the downturn to capture market share,
attract new talent, and drive operational efficiencies.
- Further evidence of trend towards outsourcing as customers seek to
control capital and operating expenditure.

TRADING OUTLOOK

- Trading has returned to pre-recession levels in Q3 2009,
positioning the Group for a strong second half performance.
- Outperformance of smartphone market likely to accelerate in
recovery.
- Significant progress in high-growth emerging markets of solar and
solid state lighting. IQE's industry-leading CPV solar cell products
gaining market share, contributing to H2 sales.


Dr Drew Nelson, IQE Chief Executive, commenting on the results said:

"IQE is in  a strong position,  having taken decisive  action to  cut
costs and  restructure for  growth. Our  core smartphone  market  has
recovered quickly and is  now growing rapidly  as phones become  more
connected and multi-functional, demanding ever more of our  products.
Furthermore, we have  significant opportunities  ahead of  us in  the
emerging solar cell and solid state lighting markets.

"Even at  the lowest  point  of the  destocking cycle,  IQE  remained
EBITDA positive, demonstrating the effectiveness of our restructuring
and the resilience of our  business. Now that trading has  recovered,
our high level of operational gearing should produce a strong  second
half with substantial free cash flow generation."


Contacts:


IQE plc                 ([phone])
Drew Nelson
Phil Rasmussen
Chris Meadows

 College Hill           ([phone])
Adrian Duffield
Carl Franklin

Noble & Company Limited ([phone])
John Llewellyn-Lloyd
Sam Reynolds





NOTE TO EDITORS

IQE is the leading global supplier of advanced semiconductor  wafers,
with products that cover a  diverse range of applications,  supported
by an innovative, outsourced  foundry services portfolio that  allows
the Group to provide  a 'one stop  shop' for the  wafer needs of  the
world's leading semiconductor manufacturers.

IQE uses advanced crystal growth technology (epitaxy) to  manufacture
and supply bespoke semiconductor  wafers ('epi-wafers') to the  major
chip manufacturing companies, who then  use these wafers to make  the
chips which form the key components of virtually all high  technology
systems. IQE is unique  in being able to  supply wafers using all  of
the leading crystal growth technology platforms.

IQE's   products   are   found   in   many   leading-edge   consumer,
communication, computing  and  industrial applications,  including  a
complete range  of  wafer products  for  the wireless  industry.  Our
technology is  an  integral  part of  mobile  handsets,  particularly
smartphones, wireless  infrastructure, Wi-Fi,  WiMAX, base  stations,
GPS, and  satellite communications,  optical communications,  optical
storage  (CD,   DVD),  laser   optical   mouse,  laser   printers   &
photocopiers, thermal imagers, leading-edge medical products, barcode
readers, ultra high  brightness LEDs, a  variety of advanced  silicon
based systems  and  high-efficiency concentrator  photovoltaic  (CPV)
solar cells.

The  manufacturers  of  these  chips  are  increasingly  seeking   to
outsource wafer production  to specialist  foundries such  as IQE  in
order to reduce overall  wafer costs and  accelerate time to  market.
The Group is  also able  to lever  its global  purchasing volumes  to
reduce the  cost  of raw  materials.  In this  way  IQE's  outsourced
services, provide  compelling benefits  in terms  of flexibility  and
predictability of  cost,  thereby  significantly  reducing  operating
risk.

IQE  also  provides  bespoke  R&D  services  to  deliver   customised
materials for specific applications  and offers specialist  technical
staff to manufacture to specification either at its own facilities or
on the customer's own sites.

IQE operates six  manufacturing facilities located  in Cardiff  (two)
and Milton Keynes in the UK; in Bethlehem, Pennsylvania and Somerset,
New Jersey in  the USA; and  Singapore. The Group  also has 11  sales
offices located in major economic centres worldwide.

INTERIM RESULTS 2009

1. OVERVIEW

IQE  has  a  proven  track  record  of  more  than  20  years  as   a
world-leading  supplier  of  advanced  wafers  to  the  semiconductor
industry. The group has demonstrated  its ability to withstand  tough
economic cycles  and the  combination of  robust strategy  and  early
management action was decisive in steering the business  successfully
through the global  economic downturn  that began  during the  second
half of 2008.

A severe  slowdown in  sales  started towards  the  end of  2008  and
continued into  early 2009  as  customers aggressively  destocked  to
minimise  their  risks  during  a  period  of  significant   economic
uncertainty. Evidence of  an end to  the destocking appeared  towards
the end  of the  first quarter,  with orders  in the  second  quarter
picking up sharply.
Now, in the third quarter of 2009, the Group is confident that orders
have returned to the higher levels seen in 2008.

IQE's strategy  is  to  focus on  high-growth,  high-volume  markets.
Despite the global economic slowdown, the smartphone and 3G  segments
of the handset  market have  proven to  be robust.  Indeed, they  are
showing signs of higher-than-anticipated  growth as economies  emerge
from  the  recession  and  consumers  opt  for  more  multifunctional
handsets. Their  reliance on  GaAs devices  for the  advanced  mobile
features means that  the growth  rate for  IQE's high-speed  wireless
components continues to  outstrip the  overall growth  in demand  for
mobile handsets.

The Group has  developed a  unique set of  competitive advantages  to
provide  customers   with  world-leading   epitaxial  wafer   foundry
services.  By  delivering  these  advantages  both  consistently  and
globally, and  through its  strong operational  performance, IQE  has
become a leader in its field.

Despite  the  economic  turmoil,  IQE  has  announced  a  number   of
significant contract wins including some strategically important  R&D
contracts with  DARPA and  TriQuint. The  Group has  also bucked  the
industry  trend  by   strengthening  its  team   with  a  number   of
high-profile senior appointments during the downturn.

2. RESULTS

Revenues of £21.4m  (H1 2008: £30.2m)  reflected a challenging  first
quarter in which destocking continued from the downturn of late 2008.
However, sales picked up strongly towards  the end of the first  half
as destocking ended and manufacturing began to accelerate to previous
levels. The reduction in sales volumes was in part offset by a weaker
pound.

However, gross margins of  18% remained in line  with the prior  year
(before exceptional items) thanks to significant reductions in labour
and overhead costs, combined with  a more favourable sales mix.  This
demonstrates a  strong degree  of resilience  in a  highly  leveraged
business model.

Selling, general and  administrative expenses  remained firmly  under
control, but increased from £4.3m in H1 2008 to £4.6m in H1 2009 as a
result of foreign currency translation.

EBITDA remained positive throughout the half year, even at the lowest
point of the cycle in  January. Nevertheless, the reduction in  sales
inevitably resulted in lower profitability, with EBITDA of £1.9m  (H1
2008: £3.6m, before exceptional items  of £1.6m). The Group  reported
an operating loss  of £0.8m, compared  with a profit  of £1.6m in  H1
2008.

Interest payments fell from £0.7m to £0.5m.

The retained loss for the period  was £1.4m (H1 2008: £0.9m  retained
profit before exceptionals),   representing 0.31 pence loss per share
(H1 2008: 0.19 pence profit per share before exceptionals).

The Group had no tax charge during the period, reflecting the benefit
of the substantial tax losses at its disposal. These tax losses  will
enable IQE to shelter up to £100 million of future taxable profits.

The cash inflow from  operations was £0.1m  (H1 2008: £2.8m  inflow),
reflecting a £1.7m absorption of cash into working capital during the
first half of 2009 as trading activity recovered from the destocking.


Capital expenditure was  controlled tightly at  just £0.7m (H1  2008:
£3.4m) which included  £0.3m to  complete capital  projects begun  in
2008.

Net debt of £18.9m (H1 2008: £15.8m) was lower than expected, leaving
more than £5.0 million of funding headroom. With strong growth in Q3,
the Group expects strong free cash flow generation and the  reduction
of net debt during the second half.


3. STRATEGY

IQE continues to focus on fast-growing, large-volume technologies and
in  particular  high-speed   wireless  communications  and   advanced
optoelectronics. The Group continues  to develop advanced solar  cell
technology,  high-efficiency  solid-state  light  sources,   advanced
lasers and ultra-high-speed microprocessor and memory-chip  materials
technologies for these large-volume emerging markets.

IQE has established itself  as a clear world  leader by offering  its
customers a unique set of advantages, including:

- a complete range of products covering all major applications;
- global multi-site production capabilities in the primary
manufacturing platforms to allow efficient capacity planning and for
disaster scenario contingency;
- maintenance of a broad contact base and global presence with access
to all the key global markets;
- delivery of benefits from economies of scale including purchasing
power and research and development efficiencies;
- sharing of best practices and innovation across the group to
deliver improved operating and cost efficiencies; and
- provision of surge capacity to meet the expected growth in demand
in the mobile device sector and other high-volume activities.

This strategy has  continued to  deliver robust  results despite  the
global economic downturn and will continue to deliver on current  and
next-generation products.  In  addition, IQE  is  able to  lever  its
substantial manufacturing capacity  to deliver  tangible benefits  to
customers, shareholders and other stakeholders.

4. PRODUCTS AND MARKETS

IQE's product roadmap and strategy continues to be driven by four key
market  dynamics,  all   of  which   have  high-growth,   high-volume
prospects:

- The acceleration in the adoption of advanced, high-speed mobile
communications, including 3G, WiFi, GPS and other wireless
technologies. As mobile technologies continue to advance at an
enormous pace with new features constantly emerging, the role of
advanced compound semiconductor materials such as GaAs has become
critical in enabling high-speed data processing whilst maintaining
low levels of power consumption. IQE's products are critical in the
drive to 3G and beyond, along with the need for backward network
compatibility. They enable the speed and power to accommodate
features such as high-resolution imaging, video, high-speed wireless
data access, VoIP and satellite navigation. Today's high-speed
devices contain many more GaAs components than previous generations.

- The ubiquity of applications for high-volume semiconductor  lasers,
including HD DVD,  laser mouse, laser  projection, gaming and  office
and industrial  applications.  In  particular,  laser  projection  is
viewed as one of the  most exciting applications of this  technology,
with first-generation  projectors  already  being  incorporated  into
mobile handsets and cameras.

- The drive  for  clean,  efficient and  sustainable  energy  sources
(solar cells), and highly efficient light sources (LEDs) in order  to
reduce the impact  of global  warming, reliance on  fossil fuels  and
provide a  much  cleaner  environment.  Compound  semiconductors  are
playing  a  critical  role  and  IQE  is  involved  in   leading-edge
development of materials for these applications, including solar-cell
technologies that are achieving record levels of energy conversion.

- The continuing need for higher-speed, more powerful microprocessors
and higher-speed, ultra-high-density memories. This is driving the
demand for new materials solutions based on silicon substrates
including the incorporation of compound semiconductors directly onto
silicon substrates, as demonstrated by the recent release of new
engineered substrates such as Germanium on Insulator (GeOI) for
next-generation integrated circuits and devices. IQE has established
powerful positions in both technologies, working with some of the
biggest names in the industry.

The wireless  market currently  provides the  group with  high-volume
sales and  the expectation  of continued  high growth.  However,  the
other markets  are undergoing  rapid  development and  offer  further
near-term, high-growth potential and product diversity.


5. TRADING OUTLOOK

IQE's markets  continue to  prove resilient  to the  global  economic
slowdown, as demonstrated by the return of strong customer demand and
industry analysts' reports on the strength of 3G handset,  smartphone
and advanced wireless system sales.

The growth in demand  for IQE's products is  largely being driven  by
the increasing content of GaAs within mobile devices, which  reflects
the rapid  adoption  of 3G  and  smartphone technology  to  meet  the
growing demand for mobile features  such as email, internet  browsing
and video  streaming. 3G  smartphone handset  sales are  expected  to
double from 131  million in  2008 to more  than 300  million by  2012
(Park Associates; July 2009).

As economies  emerge from  the global  recession, there  have been  a
number of statements from leading semiconductor companies  indicating
strengthening commitments towards outsourcing, as businesses seek  to
cut capital and operational costs.

The continued  increase  in  sales volumes  during  Q3  supports  the
outlook for the second half remaining strong. This positive  outlook,
despite the  continuing  backdrop  of  global  economic  uncertainty,
reflects the Group's powerful positioning in its high-growth markets,
principally in wireless communications, including 3G and feature-rich
smartphones.

In addition, IQE continues to innovate with excellent progress in new
product development  such as  CPV solar  cells, where  customers  are
achieving  record  efficiencies  using  IQE  materials.  This  market
continues to develop rapidly,  addressing the need for  utility-scale
deployment of efficient solar cell technologies.

Further progress is also being made in cutting-edge technologies  for
emerging and  fast-growing,  large-volume markets  such  as  advanced
lasers, high-speed microprocessor and memory devices, ultra-low power
LED   products   and   next-generation   electronic   materials,   as
demonstrated by the recent release of new engineered substrates  such
as Germanium  on  Insulator  (GeOI)  for  next-generation  integrated
circuits and devices.

The continued  successful  implementation of  the  Group's  strategy,
combined with  strong  operational performance  during  an  extremely
tough economic period, give  the Board confidence  in both the  short
term and long term growth prospects  of the business. IQE remains  on
course to deliver significant growth in sales during the second  half
of 2009 and beyond.

Dr Drew Nelson
President and CEO
2nd September 2009.





                               6 months to 6 months to 12 months to
CONSOLIDATED INCOME            30 Jun 2009 30 Jun 2008  31 Dec 2008
STATEMENT

(All figures £'000s)      Note   Unaudited   Unaudited      Audited


Revenue                             21,421      30,178       60,485
Cost of sales                     (17,614)    (25,903)     (51,898)
Gross profit                         3,807       4,275        8,587
Gross profit before                  3,807       5,503       11,755
exceptional items
Exceptional items          3             -     (1,228)      (3,168)

Selling, general and               (4,640)     (4,264)      (8,518)
administrative expenses
Operating (loss) / profit            (833)          11           69
Operating (loss) / profit            (833)       1,579        4,000
before exceptional items
Exceptional items          3             -     (1,568)      (3,931)

Finance income                           -          20           26
Finance costs                        (528)       (740)      (1,480)
Loss for the period                (1,361)       (709)      (1,385)
attributable to equity
shareholders


Pre exceptional (loss) /   4        (0.31)        0.19         0.59
earnings pence per share
Loss pence per share       4        (0.31)      (0.16)       (0.32)
Diluted loss pence per     4        (0.31)      (0.16)       (0.32)
share



Earnings before interest, tax, depreciation and amortisation
(EBITDA) have been calculated as follows:

Loss for the period                (1,361)       (709)      (1,385)
attributable to equity
shareholders
Share based payments                   359         434          884
Exceptional items                        -       1,568        3,931
Net interest payable                   528         720        1,454
Depreciation of tangible             2,045       1,382        3,076
fixed assets
Amortisation of intangible             338         205          447
fixed assets
EBITDA                               1,909       3,600        8,407









CONSOLIDATED STATEMENT OF         6 months to 6 months to   12 months
                                                                   to
COMPREHENSIVE INCOME              30 Jun 2009 30 Jun 2008 31 Dec 2008

(All figures £'000s)                Unaudited   Unaudited     Audited
Loss for the period                   (1,361)       (709)     (1,385)
Cash flow hedges                          213           -           -
Currency translation differences
on foreign currency net               (4,483)         241       7,723
investments
Total comprehensive income for        (5,631)       (468)       6,338
the period





                                      As At       As At       As At
CONSOLIDATED BALANCE SHEET      30 Jun 2009 30 Jun 2008 31 Dec 2008

(All figures £'000s)              Unaudited   Unaudited     Audited

Non-current assets :
Intangible assets                    14,348      12,856      14,675
Property, plant and equipment        21,469      19,703      25,626
Total non-current assets             35,817      32,559      40,301

Current assets :
Inventories                          10,291       8,829      11,262
Trade and other receivables          10,835      12,534      11,671
Cash and cash equivalents                 -       1,646           -
Total current assets                 21,126      23,009      22,933
Total assets                         56,943      55,568      63.234

Current liabilities :
Borrowings                         (10,937)     (6,254)     (8,090)
Trade and other payables           (12,903)    (14,208)    (14,798)
Total current liabilities          (23,840)    (20,462)    (22,888)

Non-current liabilities :
Borrowings                          (8,059)    (11,142)    (10,045)
Long term creditors                       -       (829)           -
Deferred income                        (64)       (102)        (83)
Total non-current liabilities       (8,123)    (12,073)    (10,128)
Total liabilities                  (31,963)    (32,535)    (33,016)
Net assets                           24,980      23,033      30,218

Shareholders' equity :
Ordinary shares                       4,361       4,324       4,333
Share premium                           336     172,281         124
Other reserves                       14,338       (422)      18,455
Profit and loss account               5,945   (153,150)       7,306
Total shareholders' equity           24,980      23,033      30,218







                                  6 months to 6 months to   12 months
                                                                   to
CONSOLIDATED CASH FLOW STATEMENT  30 Jun 2009 30 Jun 2008 31 Dec 2008

(All figures £'000s)                Unaudited   Unaudited     Audited

Cash flows from operating
activities :
Cash inflow from operations     6          95       2,758       7,461
Interest received                           -          20          26
Interest paid                           (559)       (475)     (1,531)
Net cash inflow/(outflow) from          (464)       2,303       5,956
operating activities

Cash flows from investing
activities :
Development expenditure                 (916)       (786)     (1,520)
Investment in other intangible              -       (100)       (134)
fixed assets
Purchase of property, plant and         (916)     (2,605)     (6,361)
equipment
Proceeds from sale of tangible              -           -         179
fixed assets
Net cash used in investing            (1,832)     (3,491)     (7,836)
activities

Cash flows from financing
activities :
Issues of ordinary share                  240         107         208
capital
Loans and leases                        (244)       3,738       1,755
(repaid)/received
Net cash (used in)/generated from         (4)       3,845       1,963
financing activities
Net (decrease)/increase in cash       (2,300)       2,657          83
and cash equivalents

Cash and cash equivalents at the        (928)     (1,011)     (1,011)
beginning  of the period
Cash and cash equivalents at    7     (3,228)       1,646       (928)
the end of the period










1 BASIS OF PREPARATION

These interim results  have been prepared  under the historical  cost
convention and in accordance  with International Financial  Reporting
Standards ("IFRS") and interpretations in issue at 30 June 2009.

The interim results were approved by  the Board of Directors and  the
Audit Committee  on 01  September 2009.  The interim  results do  not
constitute statutory accounts within the meaning of the Companies Act
1985 and have not been  audited.  Comparative figures in the  interim
results for the year ended 31 December 2008 have been taken from  the
published audited statutory financial statements.   All other periods
presented are unaudited.








                                     6 months 6 months to 12 months
                                           to                    to
2 SEGMENTAL INFORMATION                30 Jun 30 Jun 2008    31 Dec
                                         2009                  2008

(All figures £'000s)                Unaudited   Unaudited   Audited

Revenue by business
segment :
Wireless                               16,289      23,646    48,490
Optoelectronics                         4,593       5,278    10,169
Electronics                               539       1,254     1,826
Total revenue                          21,421      30,178    60,485

Operating (loss)/profit by business segment  before exceptional
items:
Wireless                                (201)       3,091     7,356
Optoelectronics                         (437)       (893)   (1,999)
Electronics                             (195)       (619)   (1,357)
Total operating (loss)/profit           (833)       1,579     4,000
before exceptional items

Operating (loss)/profit by business segment:
Wireless                                (201)       1,523     4,381
Optoelectronics                         (437)       (893)   (2,645)
Electronics                             (195)       (619)   (1,667)
Total operating (loss)/profit           (833)          11        69




                              6 months to 6 months to 12 months to
3 EXCEPTIONAL ITEMS           30 Jun 2009 30 Jun 2008  31 Dec 2008

(All figures £'000s)            Unaudited   Unaudited      Audited

Exceptional items comprise :
Relocation costs                        -       1,568        2,486
Group restructuring                     -           -        1,445
                                        -       1,568        3,931


The relocation costs in 2008 related to the one-off costs incurred in
relocating the Singapore operation to a new state-of-the-art
facility. The relocation was completed in November 2008.

During the fourth quarter of 2008 the Group carried out a
restructuring of its activities and operations to reduce its
operating costs. This involved a 16% reduction in headcount in
addition to a streamlining of certain manufacturing activities. As a
result the Group incurred an exceptional charge of £1,445,000.





4 LOSS PER SHARE                 6 months to 6 months to 12 months to
                                 30 Jun 2009 30 Jun 2008  31 Dec 2008

                                   Unaudited   Unaudited      Audited

Results in £'000s:
(Loss)/profit for the period         (1,361)         859        2,546
(before exceptional items)
Loss for the period attributable     (1,361)       (709)      (1,385)
to ordinary shareholders

Number of shares:
Weighted average number of       434,131,613 431,500,695  432,207,766
ordinary shares

(Loss)/profit pence per share         (0.31)        0.19         0.59
(before exceptional items)
Loss pence per share                  (0.31)      (0.16)       (0.32)
Diluted loss pence per share          (0.31)      (0.16)       (0.32)



Basic profit/(loss) per share is calculated by dividing the loss
attributable to ordinary shareholders by the weighted average number
of ordinary shares during the period.  Diluted loss per share is
calculated by adjusting the weighted average number of ordinary
shares in issue on the assumption of conversion of all dilutive
potential ordinary shares.

The group incurred losses in the period and, as such, options and
warrants that may be converted would be considered anti dilutive,
since they would reduce the loss per share.


5 STATEMENT OF CHANGES IN         6 months to 6 months to   12 months
                                                                   to
   SHAREHOLDERS' EQUITY           30 Jun 2009 30 Jun 2008 31 Dec 2008

(All figures £'000s)                Unaudited   Unaudited     Audited

Loss for the period attributable      (1,361)       (709)     (1,385)
to equity shareholders
Cash flow hedges                          213           -           -
Net exchange differences offset       (4,483)         241       7,723
in reserves
Total comprehensive income            (5,631)       (468)       6,338
Share option costs credited to            153         434         747
reserves
Shares issued net of issue costs          240         107         173
                                      (5,238)          73       7,258
Shareholders' equity at start of       30,218      22,960      22,960
period
Shareholders' equity at end of         24,980      23,033      30,218
period









                                    6 months to 6 months to 12 months
                                                                   to
6 CASH GENERATED FROM OPERATIONS    30 Jun 2009 30 Jun 2008    31 Dec
                                                                 2008

(All figures £'000s)                  Unaudited   Unaudited   Audited

Operating (loss)/profit                   (833)          11        69

Depreciation of tangible assets           2,045       1,382     3,076
Amortisation of intangible assets           338         205       447
(Gain)/loss on sale of tangible           (103)           -         6
assets
Government grants released                 (19)        (19)      (39)
Non cash exceptional costs                    -         961     2,866
Non cash share based payment costs          359         434       884
Cash from operations before changes       1,787       2,974     7,309
in working capital

(Increase)  in inventories                (132)     (1,186)   (1,426)
(Increase)/decrease in trade and          (581)     (1,935)     1,618
other receivables
(Decrease)/increase in trade and          (979)       2,905      (40)
other payables
Cash inflow generated from                   95       2,758     7,461
operations




                                        As At       As At       As At
7 ANALYSIS OF NET DEBT            30 Jun 2009 30 Jun 2008 31 Dec 2008

(All figures £'000s)                Unaudited   Unaudited     Audited

Cash at bank and in hand                    -       1,646           -
Overdraft                             (3,228)           -       (928)
Total cash and cash equivalents       (3,228)       1,646       (928)

Loans due after one year              (8,016)    (11,073)     (9,961)
Loans due within one year             (7,653)     (6,211)     (7,098)
Finance leases due after one year        (43)        (69)        (84)
Finance leases due within one            (56)        (43)        (64)
year
Total borrowings                     (15,768)    (17,396)    (17,207)
Net debt                             (18,996)    (15,750)    (18,135)

---END OF MESSAGE---




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