REG-Acuity RM Group Plc: Half-year Report
28/09/2023 08:15
28 September 2023
Acuity RM Group plc
('ACRM' or the 'Company or the “Group”')
Interim Results to 30 June 2023
Acuity RM Group plc (AIM:ACRM), which owns Acuity Risk Management Limited
(“Acuity”), today releases its interim results for the six months ended 30
June 2023 (“H1 2023” or the “Period”).
During the Period the Company acquired the balance of the issued and to be
issued share capital Acuity via a reverse takeover (the “Acquisition”),
therefore the results for H1 2023 comprise the period to 23 April 2023, prior
to the Acquisition when the Company was constituted as an investing company,
and the period from 23 April to 30 June 2023, following the Acquisition of the
outstanding shares not already owned by the Company in Acuity, when the
consolidated results incorporate the trading performance of Acuity for that
period.
H1 2023 Highlights
* During the period the Company transitioned from being an investing company
to a trading company, following the acquisition of the outstanding share
capital of Acuity not already by the Company, which was completed in April
2023;
* To reflect this the Company changed its name from Drumz plc to Acuity RM
Group plc
Post Period end highlights
* Since the completion of the Acquisition, Acuity has secured two new UK based
contracts with a combined value of over £450,000. In addition, since the
period end Kerry Chambers was appointed as CEO of Acuity and as a main board
Director of ACRM.
Angus Forrest, Chief Executive of ACRM commented on the results: “The
Acquisition is a major strategic move for ACRM, having worked with Acuity for
three years we understand the business and its opportunities, Acuity’s Key
Performance Indicators (KPIs) are shown in my report. They demonstrate
continuing advances across all parts of the business and particularly the
sales and market opportunity which is expanding quickly with major orders
being won.”
For further information please contact:
Acuity RM Group plc www.acuityrmgroup.com
Angus Forrest +44 (0) 20 3582 0566
WH Ireland (NOMAD & Broker) www.whirelandcb.com
Mike Coe / Sarah Mather +44 (0) 20 7220 1666
Peterhouse Capital Limited (Joint broker)
Lucy Williams / Duncan Vasey +44 (0) 20 7469 0936
Clear Capital (Joint broker)
Andrew Blaylock +44 (0) 20 3869 6080
Note to Editors
Acuity RM Group plc
Acuity RM Group plc (AIM: ACRM), is an established provider of risk management
services. Its award-winning STREAM® software platform collects data about
organisations to improve business decisions and management. It is used by
around 70 organisations in markets including government, utilities, defence,
broadcasting, manufacturing and healthcare. The Company is focused on
delivering long term, sustainable growth in shareholder value. In the short to
medium term this is expected to come from the organic growth of Acuity and
thereafter may also come from complementary acquisitions.
CHAIRMAN’S STATEMENT
I am pleased to present the Company’s interim results for the six months
ended 30 June 2023. It has been a transformative period for the Company, in
which it has transitioned from being an investing company to a trading
company, following the acquisition of the outstanding share capital of Acuity,
not already owned by the Company, which was completed in April 2023 (the
“Acquisition”). In addition to reflect this change, the Company
changed its name from Drumz plc to Acuity RM Group plc.
Acuity is an established provider of risk management services. Acuity’s
award-winning STREAM® is a GRC software platform, which collects data about
organisations to improve business decisions and management. It is used by
around 70 organisations in markets including government, utilities, defence,
broadcasting, manufacturing and healthcare. Most customers use it for managing
cybersecurity and IT risks and for compliance with ISO 27001 and other
standards and regulations. STREAM® is sold on a SaaS or private cloud
delivery (on-premise) basis, typically with a three year licence, invoiced
annually in advance. Sales are made directly through the Company’s own sales
team and via a growing network of partners in the UK and the US.
In conjunction with the Acquisition, the Company raised £1.45 million (before
expenses) by issuing new ordinary shares in a placing and the Company’s name
has been changed to “Acuity RM Group plc” from “Drumz plc”. In
addition, the Company has created a new website, which I would recommend to
all shareholders, to view:
www.acuityrmgroup.com
Results and performance
The H1 2023 results comprise the period to 23 April 2023, when the Company was
constituted as an investing company and the period from 23 April to 30 June
2023, following the Acquisition when the consolidated results incorporate the
trading performance of Acuity for that period.
The Group’s principal assets of the Group are our wholly owned subsidiary
Acuity, the award winning business specialising in risk management and
cybersecurity and the legacy holding in KCR Residential REIT plc (“KCR”),
a company listed on AIM, which owns property in the private rented residential
sector. The share price performance of KCR continues to disappoint and these
interim results include a further downward adjustment to the fair value of
this investment of £73,000 (30 June 2022: loss of £146,000) to reflect its
prevailing market price.
The Group’s results for the Period showed consolidated revenue of £347,000
(H1 2022: £30,000), reflecting the income earned by Acuity for the short
period it was fully owned by the Company. Taking into account the increase
in administrative costs occasioned by the Acquisition of Acuity of £387,000,
the Group incurred an operating loss of £272,000 (30 June 2022: loss of
£115,000). After the loss on investments referred to above of £73,000, the
charge for amortisation and depreciation of £62,000, the write off costs of
the Acquisition, taken through the statement of comprehensive income, £46,000
and the share option and other costs of £27,000 the Company made a loss
before taxation of £384,000 (30 June 2022: loss of £261,000).
The basic and fully diluted loss per share amounted to 0.5p (30 June 2022:
loss per share of 0.4p). No dividend has been declared for the period.
Principally as a result of the Acquisition, the Company’s net assets have
increased to £5,463,000 (30 June 2022: £1,374,000), As more fully set out in
Note 7 to these financial statements, these financial statements include the
goodwill on acquisition of £5,829,000 and the inclusion for the first time of
capitalised development costs of £353,000. Cash and cash equivalents at 30
June 2023 amounted to £493,000 (30 June 2022: £413,000).
Board
On 9 March 2023 Nish Malde, a non-executive director of the Company, resigned
to focus on his other business commitments. The Board would like to place on
record its thanks to Nish for his long standing commitment to the Company and
to wish him well for the future.
As anticipated at the time of the Acquisition, in June 2023, Simon Marvell,
who had been appointed to the Board following the completion of the
Acquisition of Acuity, stood down as a director of the Company and was
replaced by Kerry Chambers who was appointed a director of the Company and CEO
of Acuity in July. I am pleased to be able to report that that the Group will
continue to benefit from Simon’s good counsel, as he will continue to serve
as non-executive director of Acuity and be available to the Group as a
consultant.
Outlook
Over the past three years the Board has worked closely with Acuity,
particularly in relation to sales and marketing activities and improving its
key business indicators. I am therefore delighted that the acquisition of
Acuity has now been completed, good progress has been made since completion of
the Acquisition with a number of new contracts secured and I look forward to
reporting further progress at Acuity under the leadership of Kerry Chambers
and her team. I would also like to take this opportunity to thank my
colleagues on the Board, the Company’s advisers and its shareholders for
their continued support.
Simon Bennett
Chairman
28 September 2023
CHIEF EXECUTIVE’S REPORT
H1 2023 has been one of significant change for the Company. At beginning of
the year, the Company was an investing company with two principal investments:
a 25% stake in Acuity and a legacy shareholding in KCR Residential REIT, which
will be realised as and when an opportunity presents itself.
In April 2023, the Company completed the acquisition of the balance of the
issued and to be issued share capital in Acuity, which it did not already own,
for a total consideration of approximately £3.6 million, which was satisfied
by the issue of 45,709,570 new ordinary shares and the payment of £0.5
million in cash. In order to fund the cash consideration of the Acquisition,
pay the deal costs and fund the continued development of the Group, the
Company raised £1.45 million (net of expenses) through a placing and
subscription of 32,222,222 new ordinary shares.
The rationale for the Acquisition of Acuity was based on the increasing
confidence of the Board in the progress being made at the business, since the
Company’s initial investment in Acuity in September 2020. We have worked
closely with Acuity since then, the primary focus having been on further
improving the commercialisation of Acuity.
In that regard, contract terms have been revised and all sales of Acuity’s
risk management software, STREAM®, have been put on a SaaS or private cloud
(on-premise) subscription basis. Sales and marketing activities have been
strengthened, with a new digital marketing programme and the sales team has
been strengthened through recruitment. The benefits of these measures are
starting to be recognised and the Board believes Acuity is well placed to
exploit the opportunities presented to it in the large and expanding global
GRC (Governance, Risk, Compliance) market in which it operates.
Further information on Acuity and its business is set out below
Operating review of the Period
The integration of Acuity into the Group has gone smoothly. Since the
completion of the Acquisition, Acuity has secured two new UK based contracts
with a combined value of over £450,000 over three years.
Part of Acuity’s strategy has been to focus on its partners in 2023, in line
with the most successful suppliers of GRC software in the market place. This
programme has been a success, both in terms of the number of partners and, in
addition, when measured by the winning of more customers at higher values and
with a growing order book.
The Acuity staff have reacted positively to the change in ownership.
Furthermore, management has been strengthened post the period end with the
appointment of both Adam Freeman as Chief Technical Officer and Tom Miller as
Chief Financial Officer. I am pleased to be able to report that both have hit
the ground running and begun to have a positive impact on the business.
All of the Acuity’s key performance Indicators (“KPIs”) as at 31 March
2023 (being Acuity’s historic financial year end) were trending positive as
shown in table below:
31 March 2023 31 March 2022 31 March 2021
Annual revenues £’000 1,754 1,558 1,226
Gross margin % 89% 92% 92%
Renewal rate 96% 82% 81%
Sales pipeline £’000 4,200 1,360 1,549
Net recurring revenue % 125.6% _ _
Monthly recurring revenue£’000 139 112 88
As at 31 August monthly recurring revenue was c. £150,000.
Overview of Acuity
Acuity is an established provider of governance, risk and compliance
(“GRC”) risk management software and services via its award-winning
software platform STREAM®. STREAM® collects data about organisations and
provides functionality to improve business decisions and management. It is in
use in sectors including government, utilities, defence, broadcasting,
manufacturing and healthcare. Most customers use STREAM® for GRC, managing
cybersecurity and IT risks and for compliance with ISO 27001 and other
standards and regulations, although it can be configured to manage other risks
such as vendor management to provide a comprehensive view of risk and
compliance across an organisation.
STREAMÒ has several competitive strengths including:
* Speed of deployment – it can be deployed in four to six weeks
* Flexibility – STREAMÒ can be used to manage a wide range of risks
* Configurability – which allows the user to set the configuration
themselves without the need for custom coding; and
* User experience and industry analysis - STREAMÒ has been developed over 15
years, is simple and intuitive to use and is well reviewed by influential
analysts, including Gartner.
The GRC market, in which Acuity operates in, includes all organisations in the
public, private and not for profit sectors which have a requirement to manage
their risks or comply with regulations and standards. The drivers of the
market are digital transformation and organisations’ increasing awareness of
their internal requirement to optimise all aspects of their business and
external relations and regulation for better compliance and governance.
Acuity operates in the enterprise GRC market which is large, valued at $15bn
in 2022 and expanding, and forecast to grow to $27bn by 2027 (Source
marketsandmarketsä).
STREAM® is sold via subscription on a SaaS or private cloud delivery
(on-premise) basis (using a customer’s infrastructure), typically on a three
year licence, invoiced annually in advance. The first year’s price will be
higher as it will usually include an element of consultancy for both
customisation and implementation of the system. Sales are made directly
through Acuity’s own sales team and via a growing network of partners in the
UK and the US. The software is usually delivered from the cloud hosted by the
SaaS business, often utilising an international platform such as Amazon Web
Services, Microsoft Azure, Google Cloud or similar.
Strategy
The future strategy of the Company following the acquisition of Acuity is to
develop its business to deliver long term, sustainable growth in shareholder
value. In the short to medium term this is expected to come from organic
growth and thereafter may also come from complementary acquisitions.
The Group will be focused on key business objectives including:
* accelerating revenue growth organically in both existing and new global
markets;
* further penetrating existing markets by forging stronger customer and
partner relationships;
* improving operational efficiencies;
* continuing to invest in developing STREAM® to enhance its offering; and
* becoming a profitable and cash generative group.
Summary
The focus is on building the value of Acuity, through growth of the customer
base, winning new orders which will produce rising revenues. Recent contract
wins and a strong pipeline of opportunities are giving the Board increasing
confidence that the initiatives that have already been implemented are
beginning to deliver.
The Board is confident that further progress will be made in the second half
despite the general economic gloom and looks forward to updating shareholders
in due course.
Angus Forrest
Chief Executive
Condensed consolidated statement of comprehensive income
Notes Unaudited six months to 30 June 23 Unaudited six months to 30 June 22 Audited 12 months to 31 Dec 22
Continuing operations Acquisition24 Apr – 30 Jun Total Continuing operations Continuing operations
£’000 £’000 £’000 £’000 £’000
Revenues 20 327 347 18 60
Cost of sales - (33) (33) - -
Gross profit 20 294 314 18 60
Administration costs (199) (387) (586) (133) (316)
Operating loss (179) (93) (272) (115) (256)
Loss on investments (73) (73) (146) (85)
Amortisation of intangible assets (60) (60) - -
Depreciation (3) (3) - -
Share option provision 25 25
Finance (1) (1)
Loss before tax (227) (157) (384) (261) (341)
Tax - - -
Loss for period (227) (157) (384) (261) (341)
Earnings per share (4) (0.3) (0.2) (0.5) (0.4) (0.8)
Basic EPS from continuing operations (4) (0.3)
Basic EPS from loss for the period (4) (0.2) (0.5) (0.4) (0.8)
Diluted earnings per share is taken as equal to basic earnings per share as
the Company is loss making and the average share price during the period is
lower than the exercise price and therefore the effect of including share
options is anti-dilutive.
Condensed consolidated statement of financial position
Unaudited as at 30 June 2023 Unaudited as at 30 June 2022 Audited as at 31 Dec 2022
Note £’000 £’000 £’000
ASSETS
Non-current assets
Investments at fair value through profit or loss 9 232 942 930
Tangible assets 10
Intangible assets 7 6,204
6,446 942 930
Current assets
Trade and other receivables 678 34 122
Cash and cash equivalents 493 413 222
1,171 447 344
Total assets 7,617 1,389 1,274
LIABILITIES
Current liabilities
Trade and other payables 568 15 47
Deferred income 1,406
Total liabilities 1,974 15 47
Net assets 5,643 1,374 1,227
EQUITY
Share capital 8 2,767 2,688 2,688
Share premium account 12,269 8,385 8,385
Share option reserve 67 41 51
Convertible loan - - -
Merger reserve 1,833 1,012 1,012
Retained earnings (11,293) (10,752) (10,909)
Total equity attributable to shareholders of the company 5,643 1,374 1,227
Condensed consolidated statement of changes in equity
Share Share
Share premium option Merger Retained Total
capital account Reserve reserve earnings equity
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2022 2,688 8,385 30 1,012 (10,568) 1,547
Total comprehensive profit — — __ —
Share option reserve __ __ __ _
Balance at 30 June 2022 2,688 8,385 30 1,012 (10,568) 1,547
Total comprehensive loss — — __— — (341) (341)
Share option reserve __ __ 21 __ 21
Balance at 31 December 2022 2,688 8,385 51 1,012 (10,909) 1,227
Total comprehensive loss — — — — (384) (384)
Issue of shares net of costs 79 3,884 3,963
Fair value adjustment - - - 821 821
Share option reserve __ __ 16 __ __ 16
Balance at 30 June 2023 2,767 12,269 67 1,833 (11,293) 5,643
Condensed consolidated statement of cash flows
Unaudited 6 months to 30 June 2023 Unaudited 6 months to 30 June 2022 Audited year to 31 December 2022
£’000 £’000 £’000
Cash flows from operating activities
(Loss)/profit before taxation (384) (184) (341)
Adjustments for:
Fair value adjustment for listed investments 73 73 85
Depreciation and amortisation 63
Share option reserve (25) 11 21
Changes in working capital:
- (Increase)/decrease in trade and other receivables (544) (11) (99)
- (Decrease)/increase in trade and other payables 2,059 (37) (5)
Subsidiary working capital movement on acquisition (1,849)
Net cash used in operating activities (607) (148) (339)
Cash flows from investing activitiesPurchase of investmentsCash flows from financing activitiesCash raised through issue of shares (net of transaction costs) 878
Cash received from financing activities 878
Net increase / (decrease) in cash and cash equivalents 271 (148) (339)
Cash and cash equivalents at beginning of period 222 561 561
Cash and cash equivalents at end of period 493 413 222
1. Nature of operations and general information
The principal activity of the Company is investing in and managing technology
companies, which offer value creation opportunities over the short and medium
term. In the period the Company acquired Acuity Risk Management Ltd on 24
April 2023 from which date it has been classified as a trading business and is
actively participating in the management of Acuity Risk Management Ltd.
Acuity RM Group plc is incorporated and domiciled in the United Kingdom. The
address of the registered office is 2(nd) Floor 80 Cheapside, London, EC2V
6EE.
The Company’s shares are listed on AIM, a market operated by the London
Stock Exchange. The condensed consolidated interim financial report was
approved for issue by the Board of Directors on 27 September 2023.
The financial information set out in this interim financial report does not
constitute statutory accounts as defined in Sections 434(3) and 435(3) of the
Companies Act 2006. The Company’s statutory financial statements for the
year ended 31 December 2022 have been filed with the Registrar of Companies
and are available at www.acuityrmgroup.com. The auditor’s report on those
financial statements was unqualified and did not contain any statement under
Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Basis of preparation
The condensed consolidated interim financial report has been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Company has chosen not to adopt IAS 34 “Interim Financial Statements”
in preparing this interim financial information. The condensed consolidated
interim financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2022. The interim
financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRSs) as adopted by the United Kingdom which
have not differed from the previously EU-endorsed IFRS, and hence the
previously reported accounting policies still apply.
Going concern
The Directors, having made appropriate enquiries, consider that adequate
resources exist for the Company and Group to continue in operational existence
for the foreseeable future and that, therefore, it is appropriate to adopt the
going concern basis in preparing the condensed consolidated interim financial
statements for the period ended 30 June 2023.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Group’s medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company’s 2022 Annual Report and Financial Statements, a copy
of which is available on the Company’s website: www.acuityrmgroup.com.
Critical accounting estimates
The preparation of condensed consolidated interim financial report requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the end of the reporting period. Significant
items subject to such estimates are set out in the Company’s 2022 Annual
Report and Financial Statements. The nature and amounts of such estimates have
not changed significantly during the interim period.
3. Accounting policies
Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed consolidated
interim financial statements as were applied in the preparation of the
Group’s annual financial statements for the year ended 31 December 2022.
3.1 Changes in accounting policy and disclosures
(a) Accounting developments during 2023
The International Accounting Standards Board (IASB) issued various amendments
and revisions to International Financial Reporting Standards and IFRIC
interpretations. The amendments and revisions were applicable for the period
ended 30 June 2023 but did not result in any material changes to the financial
statements of the Group or Company.
Standard Impact on initial application Effective date
IAS 8 Accounting estimates 1 January 2023
IAS 1 Classification of Liabilities as Current or Non-Current. 1 January 2023
IAS 1 Disclosure of Accounting Policies 1 January 2023
(b) New standards, amendments and interpretations in issue but not yet
effective or not yet endorsed and not early adopted
The Group is evaluating the impact of the new and amended standards above
which are not expected to have a material impact on the Group’s results or
shareholders’ funds.
4. Loss per ordinary share
The loss per ordinary share is based on the weighted average number of
ordinary shares in issue during the period of 70,042,357 ordinary shares of
0.1p (2022: 41,982,205 ordinary shares of 0.1p adjusted for share
reorganisation 24 April 2023) and the following figures:
Unaudited 6 months to 30 June 2023 Unaudited 6 months to 30 June 2022 Audited year to 31 December 2022
Loss attributable to equity shareholders £’000 (384) (184) (341)
Loss per ordinary share (0.5)p (0.4)p (0.8)p
There was a 1 for 2,000 consolidation followed by a 200 for 1 subdivision of
the ordinary shares of 0.1p on 24 April 2023. Following that exercise, each
new ordinary share is worth approximately 10 old shares. All share numbers
and loss per share set out above have been adjusted to reflect the change, in
that they are calculated using the new consolidated ordinary shares
Diluted loss per share is taken as equal to basic earnings per share as the
Company’s average share price during the period is lower than the exercise
price and therefore the effect of including share options is anti-dilutive.
5. Segmental analysis
There Company now manages its wholly owned subsidiary a software company,
Acuity Risk Management Limited and may acquire other technology businesses.
Six months to 30 June 2023
Acuity Risk Management Ltd Acuity RM Group plc Total
£’000 £’000 £’000
Revenue 327 20 347
Cost of sales (33) (33)
Admin costs (387) (199) (586)
Operating Loss (93) (179) (272)
Amortisation and depreciation (63) (63)
Finance (1) (1)
Loss on investment (73) (73)
Share option charge 25 25
Tax
Loss of period (157) (227) (384)
All activities are based mainly in the United Kingdom.
6. Business combinations
On 24 April 2023 the Group acquired the ordinary shares in Acuity Risk
Management Limited which it did not own, valuing Acuity Risk Management Ltd at
£5 million. The consideration for the shares acquired was £3,585,396.
This investment is included in the parent company’s Statement of Financial
Position at its fair value at the date of acquisition.
The completion accounts show a breakdown of the assets and liabilities of the
acquired company to be as follows:
Book value Fair value adjustment Fair value to Group
£’000 £’000 £’000
Investments
Intangible fixed assets 1,493 4,711 6,204
Tangible fixed assets 10 10
Receivables 385 385
Cash and Bank 163 163
Payables (363) (363)
Deferred revenues (1,399) (1,399)
Deferred tax
Net assets on acquisition 289 4,711 5,000
Goodwill on acquisition (1,415)
Total consideration 3,585
Discharged by:
Shares in Acuity RM Group plc 3,085
Cash payment 500
Total 3,585
The revenue and loss included in the Consolidated Statement of Comprehensive
Income for the nine weeks to 30 June was £327,000 and (£157,000) Pre-tax
respectively
7. Intangible assets
Other Intangible Assets Goodwill acquired on acquisition Development costs Total
£’000 £’000 £’000 £’000
Cost
1 January 2023 - - - -
Additions 22 5,829 353 6,204
At 30 June 2023 22 5,829 353 6,204
Amortisation
At 1 January 2023 - - - -
Charge in period -
At 30 June 2023 -
Net book value
30 June 2023 22 5,829 353 6,204
31 December 2022 - - - -
8. Share capital
As at 30 June 2023 the Company’s share capital was as follows:
Allotted, issued and fully paid No. Value £
Ordinary shares of 0.1p each 121,025,303 121,025
Deferred shares of 0.1p each 2,645,954,765 2,645,955
Total 2,766,980
As at 31 December 2022 41,982,205 (adjusted for reorganisation approved 24
April 2023)
There was a consolidation and subdivision of the ordinary shares of 0.1p on 24
April 2023. Following that exercise, the number of shares was reduced on the
basis of 1 for 10.
9. Investment
The Company made investments as follows during the years ended 31 December:
2018 it acquired 2,435,710 shares in KCR Residential REIT PLC, an AIM listed
real estate investment trust specialising in the acquisition and management of
rented residential portfolios in the UK.
The cost was £1,705,000.
In accordance with IFRS 7, financial instruments are measured by level of the
following fair value measurement hierarchy:
Level 1: quoted prices in an active market for identical assets or
liabilities. The fair value of financial instruments traded in active markets
is based on quoted market prices at the balance sheet date. A market is
regarded as active if quoted prices are readily and regularly available and
those prices represent actual and regularly occurring market transactions on
an arm’s-length basis. The quoted market price used for financial assets
held by the Group is the closing price on the last day of the financial year
of the Group. These instruments are included in level 1 and comprise FTSE and
AIM-listed investments classified as held at fair value through profit or
loss.
Fair value at 30 June 2023 was £232,000 (31 December 2022 £305,000) and at
30 June 2022: £317,000).
It is the directors’ intention to realise this investment when there is an
appropriate opportunity.
In the period the Company acquired 100% of the issued share capital of Acuity
Risk Management Ltd, a company in which it had previously owned a 25%
shareholding and in previous periods had been accounted for as an investment.
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