REG - AVANGARDCO INV - Half Year Results <Origin Href="QuoteRef">AVGRq.L</Origin>

Avangardco Investments PublicAnnouncement

31/08/2016 07:06

RNS Number : 4769I
AvangardCo Investments Public Ltd
31 August 2016
August 31,2016
AVANGARDCOINVESTMENTSPUBLICLIMITED
FINANCIALRESULTSFORTHE FIRST HALF OF 2016
yiv, Ukraine - AVANGARDCO INVESTMENTS PUBLIC LIMITED (LSE: AVGR) (the "Company" or "AVANGARDCO IPL"), the largest producer of shell eggs and dry egg products in Ukraine and number one producer in Europe, today announces its financial results for the first six months ended 30 June 2016.
H1 2016 Financial Highlights 
 Consolidated revenue amounted to US$64.8 mln, a decrease of 47% YoY (H1 2015: US$121.4 mln) 
 Export sales revenue amounted to US$31.7 mln, or 49% of the Company's consolidated revenue (H1 2015: US$44.2 mln or 36% of the Company's consolidated revenue)
 Gross profit amounted to US$2.7 mln, a decline of 64% YoY (H1 2015: US$7.5 mln). Gross margin amounted to 4% (H1 2015: 6%)
 Negative EBITDA of US$12.6 mln. (H1 2015: US$98.2 mln)
 Net loss reduced to US$32.6 mln (H1 2015: US$152.4 mln)
H1 2016 Operational Highlights
 Production of shell eggs totalled 1,249 mln units, a decline of 34% YoY (H1 2015: 1,892 mln units)
 Sales of shell eggs amounted to 751 mln units, down by 56% YoY (H1 2015: 1,700 mln units)
 Export of shell eggs amounted to 130 mln units, a decline of 37% YoY (H1 2015: 207 mln units)
 The average sales price of shell eggs was UAH 1.34 per unit, excluding VAT, up by 24% YoY (H1 2015: UAH 1.08 per unit, excluding VAT)
 The production of dry egg products amounted to 5,406 tonnes, an increase of 52% YoY (H1 2015: 3,562 tonnes)
 Sales of dry egg products totalled 3,918 tonnes, down by 31% YoY (H1 2015: 5,691 tonnes)
 Exports of dry egg products amounted to 3,469 tonnes, a decline of 14% YoY (H1 2015: 4,049 tonnes)
 The average sales price of dry egg products was US$5.65kg, up by 5% YoY (H1 2015: US$5.40/kg) 
 As at 30 June 2016, the total poultry flock amounted to 13.7 mln hens, a decrease of 14% YoY (30 June 2015: 16.0 mln hens) 
 As at 30 June 2016, the number of laying hens amounted to 10.8 mln hens, down by 11% YoY (30 June 2015: 12.1 mln hens) 
Nataliya Vasylyuk, ChiefExecutiveOfficerofAVANGARDCOIPL, commented:
"AVANGARDCO's financial and operating results reflect the difficult environment in which the Company continues to operate. The Company's H1 2016 results were affected by the Q2 sales price of shell eggs which fell below the 2015 level amid rising production costs. The lower sales price was due to increased domestic competition triggered by reduced shell egg exports from Ukraine and weaker domestic demand.
We have made good progress in optimising the Company's domestic and export sales structure. In the reporting period, we increased the share of export sales to 49% of the consolidated revenues, while we also significantly diversified our export destinations for shell eggs and egg products. Sales to the EU increased to 43% of export revenue, while the share of sales in the Middle East declined from 58% to 46% due to instability in the region.
We continue to streamline our domestic sales structure, selling almost half of our shell eggs to supermarket chains and reducing sales to the lower margin wholesale channel, as the average sales price to supermarkets is 10% - 20% higher compared to wholesale.
The ongoing challenging economic situation in Ukraine combined with the devaluation of the national currency and the reduction of tax incentives, continue to hinder the development of the Company, and there is still a difficult road to recovery. However, we continue to adjust our business processes in response to this so we are well placed to achieve revenue growth and profit once external conditions become more favourable."
Outlook:
In light of the ongoing political and economic uncertainty in Ukraine and low demand for shell eggs in the domestic market, the Company provides a conservative forecast for H2 2016. 
We expect a partial recovery in the demand and sales price for shell eggs in the second half of the year.
The Company continues to focus on ensuring the profitability and competitiveness of its business in the current challenging environment and the fulfillment of its financial obligations. In this regard, the strategy for H2 2016 includes:
 Keeping the number of laying hens at 11.0 mln, with flat production and sales of shell eggs in H2 to prevent a surplus in the domestic shell egg market and a lower sales price. 
 Moderately growing sales of dry egg products together with their inventories formed in Q2 2016. The price of dry egg products is expected to be stable.
 Expanding the Company's geographical outreach and export sales, by growing sales of shell eggs to Azerbaijan and egg products into the EU and the Far East. This will also help to reduce dependency on the volatile situation in the Middle East.
 Continuing to increase sales via all available distribution channels, focusing on higher margin supermarkets, and on additional export opportunities in existing and new markets.
###
The management team will host an investor and analyst conference call at 14.00 pm (London), 16.00 pm (Kiev/Moscow) and 09.00 am (New York) on Wednesday, 31 August 2016, including a question and answer session. 
Name:
AVANGARDCO 1H 2016 FINANCIAL RESULTS
ID:  
ID 70770288
UK Free call
0800 073 0438
Russia Free call
8108 002 434 2044
USA
1877 328 4999
UK Standard International
+44 (0) 1452 561 488
A live webcast of the presentation will be available at: 
https://webconnect.webex.com/webconnect/onstage/g.php?MTID=e7e243f1031adc25bd809e46cfdca6256
Please register approximately 15 minutes prior to the start of the call.
Financial results for the first six months of 2016 ended 30 June 2016 are available on the Company's website at: http://avangard.co.ua/eng/for-investors/financial-overview/financial-reports/interim-reports/
###
Financial results overview
Units
Q2 2016*
Q2 2015*
Change
H1 2016
H1 2015
Change
Consolidated Revenue
US$ '000
24,822
49,248
(50%)
64,777
121,397
(47%)
Gross Profit/(Loss)
US$ '000
(5,713)
(6,847)
-
2,676
7,512
(64%)
Gross Profit Margin
%
-
-
-
4%
6%
(2p.p.)
EBITDA
US$ '000
(22,556)
(103,280)
-
(12,608)
(98,191)
-
EBITDA Margin
%
-
-
-
-
-
-
Operating Profit/(Loss)
US$ '000
(26,521)
(109,340)
-
(20,973)
(110,446)
-
Operating Margin
%
-
-
-
-
-
-
Net Profit/(Loss)
US$ '000
(28,825)
(99,711)
-
(32,607)
(152,432)
-
Net Profit Margin
%
-
-
-
-
-
-
*recalculated at the average UAH/USD exchange rate for the second quarter of 2015 and 2016
Q2 2016:
Currency
30June
2016
Weighted average for Q2 2016
30 June
2015
Weighted average for Q2 2015
US dollar to Ukrainian Hryvnia
24.854
25.262
21.015
21.611
InQ2 2016, theCompany'sconsolidatedrevenuedecreasedby 50% YoY and amountedtoUS$24.8mln (Q2 2015: US$49.2mln), largely due to the decrease in sales of shell eggs by 56% YoY and the drop in the average sales price of shell eggs in the Ukrainian Hryvnia and US dollar by 8% YoY and 20% YoY respectively. 
Gross loss amounted to US$5.7 mln (Q2 2015: US$6.8 mln) as a result of decreased revenue and an increase in the cost per unit of production (in Q2 2016 the average sales price of shell eggs in the domestic market was lower than the cost of sales).
In Q2 2016, the loss from operating activities amounted to US$26.5 mln (Q2 2015: US$109.3 mln) and resulted from the provisions for doubtful debts for accounts receivables.
The negative EBITDA amounted to US$22.6 mln (Q2 2015: US$103.3 mln).
In Q2 2016 the Company's net loss was US$28.8 mln (Q2 2015: US$99.7 mln).
H1 2016:
Currency
30June
2016
Weighted average for the 6 months ended 
30 June 2016
30 June
2015
Weighted average for the 6 months ended 30 June 2015
US dollar to Ukrainian Hryvnia
24.854
25.458
21.015
21.365
In H1 2016, the Company's consolidated revenue decreased by 47% YoY, amounting to US$64.8 mln (H1 2015: US$121.4 mln). This was due to the devaluation of the Ukrainian Hryvnia against the US dollar and the decline in sales volumes of shell eggs and dry egg products by 56% YoY and 31% YoY, respectively. At the same time, the revenue was supported by the growth in the average sales price of shell eggs and egg products in US dollar terms by 4% YoY and 5% YoY respectively, as well as the increased share of exports to 49% of the consolidated revenue (H1 2015: 36%).
In H1 2016, the Company's export revenues decreased by 28% YoY to US$31.7 mln (H1 2015: US$44.2 mln) as a result of the decline in export sales of shell eggs and dry egg products by 37% YoY and 14% YoY respectively.
In H1 2016, the cost of sales fell by 49% YoY and amounted to US$59.1 mln (H1 2015: US$116.0 mln) due to lower sales volumes of shell eggs and egg products. 
As a result of the decrease in the consolidated revenue and the increase in the cost of sales per unit, the Company's gross profit was down by 64% to US$2.7 mln (H1 2015: US$7.5 mln), with the gross profit margin at 4% (H1 2015: 6%).
In H1 2016, a loss from operating activities amounted to US$21.0 mln (H1 2015: US$110.4 mln), which was affected by provisions for doubtful debts of US$21.2 mln in addition to the aforementioned reasons.
Negative EBITDA amounted to US$12.6 mln (H1 2015: US$98.2 mln).
In H1 2016, the Company's net loss reduced to US$32.6 mln (H1 2015: US$152.4 mln), primarily resulting from softer operational results in Q2 2016 due to lower sales volumes and unfavourable prices in the domestic market.
Cash flow and debt structure:
As at 30 June 2016, net cash ouflow from operating activities amounted to US$0.8 mln (30 June 2015: cash inflow of US$3.3 mln) due to the reduced operating profit from unfavourable pricing in the domestic market in Q2 2016 and the continued growth of cost per unit of output. 
Net cash used in investing activities amounted to US$9.2 mln for maintenance capex (30 June 2015: US$14.9 mln).
Net cash used in financing activities was US$4.5 mln (30 June 2015: US$6.2 mln).
As at 30 June 2016, net cash outflow amounted to US$14.5 mln (30 June 2015: US$17.8 mln.). Cash and cash equivalents decreased to US$17.2 mln (30 June 2015: US$52.2 mln) due to cash outflow from operating, financing and investing activities.
As at 30 June 2016, the Company's total debt amounted to US$343.4 mln (31 December 2015: US$336.4 mln). Net debt amounted to US$326.3 mln (31 December 2015: US$305.0mln). 
The Company's Eurobond issue, which has a maturity date of 29 October 2018, amounted to 61% of the Company's total debt.
Segment review
Shell Eggs Segment
Units
As at 30.06.2016
As at 30.06.2015
Change
Total Poultry Flock
Heads (mln)
13.7
16.0
(14%)
Laying Hens
Heads (mln)
10.8
12.1
(11%)
As at 30 June 2016, the total poultry flock was down by 14% YoY to 13.7 mln heads (30 June 2015: 16.0 mln heads) and the number of laying hens decreased by 11% YoY to 10.8 mln heads (30 June 2015: 12.1 mln heads) due to a lower demand for shell eggs in Ukraine. Approximately 80% of laying hens are now located at the newly built and more efficient Avis and Chornobaivske poultry complexes.
Units
Q2 2016
Q2 2015
Change
H1 2016
H1 2015
Change
Total Production
Units (mln)
622
841
(26%)
1,249
1,892
(34%)
Processing
Units (mln)
325
205
59%
459
303
51%
Sales 
Units (mln)
276
634
(56%)
751
1,700
(56%)
Export
Units (mln)
55
99
(44%)
130
207
(37%)
Average Sales Price
UAH (excl. VAT)
1.00
1.09
(8%)
1.34
1.08
24%
The production volume of shell eggs decreased by 26% YoY to 622 mln units in Q2 2016 (Q2 2015: 841 mln units) and by 34% YoY to 1,249 mln units in H1 2016(H1 2015: 1,892 mln units) due to the reduction in the number of laying hens.
In Q2 2016, sales of shell eggs decreased by 56% YoY to 276 mln units (Q2 2015: 634 mln units) and by 56% YoY to 751 mln units in H1 2016 (H1 2015: 1,700 mln units). This was a result of the reduction in exports with lower consumer demand in Ukraine, affected by usual seasonality alongside constrained household budgets.
In Q2 2016, the volume of shell eggs for processing increased by 59% YoY to 325 mln units (Q2 2015: 205 mln units) and in H1 2016 by 51% YoY to 459 mln units (H1 2015: 303 mln units). This was in response to the market situation and to avoid the accumulation of inventories and damage of shell eggs, as egg products have a longer shelf life than eggs.
In H1 2016, the Company sold shell eggs to supermarkets and to wholesale customers as well as for export. In line with its strategy, the share of sales through supermarkets has increased significantly reaching 54% of total sales (H1 2015: 39%), whilst the share of sales to the lower margin wholesale channel reduced to 29% (H1 2015: 49%). 
The share of shell egg export sales rose to 17% (H1 2015: 12%) due to the diversification of its export destinations into Iraq, UAE, Moldova, Azerbaijan and Liberia. However, in Q2 2016, exports of shell eggs decreased by 44% YoY to 55 mln units (Q2 2015: 99 mln units) and by 37% YoY to 130 mln units in H1 2016 (H1 2015: 207 mln units). The main reason for this decline was the unstable situation in Iraq, one of the Company's key markets for shell egg exports. 
In Q2 2016, the average sales price of shell eggs decreased by 8% YoY to 1.00 UAH per unit, excluding VAT (Q2 2015: 1.09 UAH per unit, excluding VAT) in addition to seasonality this was caused by lower domestic demand combined with oversupply of shell eggs in the domestic market due to the decline of exports from Ukraine. In H1 2016, the average sales price of shell eggs rose by 24% YoY to 1.34 UAH per unit, excluding VAT (H1 2015: 1.08 UAH per unit, excluding VAT) due to a higher Q1 2016 sales price and an increased proportion of sales to supermarkets and for export. 
In H1 2016, the shell egg segment's revenue decreased by 54% YoY to US$39.4 mln. (H1 2015: US$85.7 mln) as a result of reduced sales. The segment's net loss amounted to US$18.8 mln (H1 2015: US$34.4 mln.) due to the reduced sales, higher costs and provisions for doubtful debts.
Dry Egg Products Segment
Units
Q2 2016
Q2 2015
Change
H1 2016
H1 2015
Change
Dry egg products production
Tonnes
3,832
2,412
59%
5,406
3,562
52%
Sales volume
Tonnes
2,280
2,440
(7%)
3,918
5,691
(31%)
Export
Tonnes
2,082
1,928
8%
3,469
4,049
(14%)
Average Sales Price
US$/Kg
5.64
5.67
(1%)
5.65
5.40
5%
In Q2 2016, the volume of dry egg products increased by 59% YoY to 3,832 tonnes (Q2 2015: 2,412 tonnes) and in H1 2016 it rose by 52% YoY to 5,406 tonnes (H1 2015: 3,562 tonnes). The production of dry egg products was increased in response to unfavourable sales conditions for shell eggs in Ukraine to avoid the accumulation of inventories. 
In Q2 2016, sales of dry egg products decreased by 7% YoY to 2,280 tonnes (Q2 2015: 2,440 tonnes). In H1 2016, sales of dry egg products decreased by 31% YoY to 3,918 tonnes (H1 2015: 5,691 tonnes including 2,129 tonnes of inventories) due to untypically high sales in H1 2015.
In Q2 2016, the export of dry egg products rose by 8% YoY to 2,082 tonnes (Q2 2015: 1,928 tonnes). In H1 2016, the export of dry egg products declined by 14% YoY to 3,469 tonnes (H1 2015: 4,049 tonnes) and amounted 89% of the total sales (H1 2015: 71% of the total sales). The decline in exports was mainly due to reduced sales to the Middle East resulting from the unstable situation in the region. In the reporting period, the Company expanded its geographic sales outreach to 13 countries in the EU, Asia and the Far East, the Middle East and North Africa. The Company continues to increase its sales to the European market which in H1 2016 amounted to 67% of exports of dry egg products. 
In Q2 2016, the average sales price of dry egg products decreased by 1% YoY US$5.64/kg (Q2 2015: US$5.67/kg). In H1 2016, the average sales price of dry egg products rose by 5% YoY to US$5.65/kg (H1 2015: US$5.40/kg) due to a different sales breakdown within product mix and geography, as well as an increased share of export sales.
In H1 2016, as a result of the decrease in sales, the dry egg product segment's revenues decreased by 28% YoY to US$22.1 mln (H1 2015: US$30.7 mln).
The segment's net loss amounted to US$2.4 mln (H1 2015: US$34.5 mln) and was affected by reduced sales alongside higher costs.
- Ends -
For investor's inquiries:
Valeriya Nikitina
AVANGARDCO IPL 
Investor Relations Manager 
phone: +38 044 393 40 50 
mob.: +38 067 223 46 88 
e-mail: ir@avangardco.ua
FTI Consulting London
Elena Kalinskaya / Nicola Krafft
phone: +44 (0) 20 3727 1000
e-mail:avangard@fticonsulting.com
# # #
Information for editors
AVANGARDCO IPL is one of the largest agro-industrial companies in Ukraine, specialising in the production of shell eggs and dry egg products. As at 30 June 2016, the Company holds a 31% share of the industrial shell egg market and a 84% share of the dry egg product market in Ukraine. The Company's laying hens flock is one of the largest globally. 
AVANGARDCO IPL has a vertically integrated production cycle. The Company's facilities are located in 14 regions of Ukraine and the Autonomous Republic of Crimea. The Company has 19 laying farms, 3 hatcheries, 10 rearing farms, 6 feed mills, 3 long-term storage facilities and the Imperovo Foods egg processing plant, which is one of the most technologically-advanced facilities for processing eggs in Europe. 
The Company exports its products to the Middle East, Africa, Asia, the CIS and EU. 
The Company's shares, in the form of Global Depositary Receipts, have been trading on the London Stock Exchange since May 2010. The Eurobond issue for approximately US$200 mln with a maturity on 29 October 2018 was included in the official list of the UK Listing Authority (UKLA) and admitted to trading on a regulated market of the London Stock Exchange on 1 November 2010.
# # #
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of AVANGARDCO IPL. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might", the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general eonomic conditions, our competitive environment, risks associated with operating in the Company's geographical locations, rapid 
Condensed consolidated statement of financial position
AS AT 30 JUNE 2016
(in USD thousand, unless otherwise stated)
30 June 2016
31 December 2015
ASSETS
Property, plant and equipment
397,105 
404,930 
Non-current biological assets
6,153 
13,403 
Deferred tax assets
5,668 
2,761 
Held to maturity investments
7,619 
9,257 
Other non-current assets
6 
6 
Non-current assets
416,551 
430,357 
Inventories
65,141 
58,149 
Current biological assets
13,610 
13,736 
Trade accounts receivable, net
31,448 
56,665 
Prepaid income tax
39 
72 
Prepayments and other current assets, net
13,846 
21,027 
Taxes recoverable and prepaid
18,168 
12,858 
Cash and cash equivalents
17,178 
31,307 
Current assets
159,430 
193,814 
TOTAL ASSETS 
575 981 
624,171 
EQUITY
Share capital
836 
836 
Share premium
201,164 
201,164 
Reserve capital
115,858 
115,858 
Retained earnings
888,948 
921,435 
Effect of translation into presentation currency
(1,035,301)
(1,018,085)
Equity attributable to owners of the Company
171,505 
221,208 
Non-controlling interests
12,677 
13,847 
Total equity 
184,182 
235,055 
LIABILITIES
Long-term bond liabilities
210,728 
202,871 
Long-term loans
56,871 
64,423 
Deferred tax liabilities
384 
410 
Deferred income
1,278 
1,384 
Dividends payable
29,542 
29,542 
Long-term finance lease
21 
28 
Non-current liabilities
298,824 
298,658 
Current portion of non-current liabilities
25,912 
19,125 
Short-term loans
50,000 
50,000 
Trade payables
2,538 
3,375 
Other accounts payable
14,525 
17,958 
Current liabilities
92,975 
90,458 
TOTAL LIABILITIES
391,799 
389,116 
TOTAL EQUITY AND LIABILITIES
575,981 
624,171 
Condensed consolidated statement of profit and loss and other comprehensive income
FOR 6 Months ENDED 30 JUNE 2016
(in USD thousand, unless otherwise stated)
6 months ended
30 June 2016
30 June 2015
Revenue
64,777 
121,397 
(Loss)/profit from revaluation of biological assets at fair value
(3,023)
2,068 
Cost of sales
(59,078)
(115,953)
GROSS PROFIT
2,676 
7,512 
General administrative expenses
(3,876)
(3,188)
Distribution expenses
(2,974)
(7,187)
Income from government grants and incentives
48 
48 
Income from special VAT treatment
3,982 
4,575 
Other operating expenses
(20,829)
(112,206)
LOSS FROM OPERATING ACTIVITIES
(20,973)
(110,446)
Finance income
1,512 
2,121 
Finance costs
(15,307)
(14,908)
Losses on exchange
(708)
(31,717)
NET FINANCE COSTS
(14,503)
(44,504)
LOSS BEFORE TAX
(35,476)
(154,950)
Income tax credit
2,869 
2,518 
LOSS FOR THE PERIOD
(32,607)
(152,432)
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
Items that are or may be reclassified subsequently to profit or loss
Effect from translation into presentation currency
(18,266)
(192,636)
TOTAL COMPREHENSIVE INCOME
(50,873)
(345,068)
LOSS ATTRIBUTABLE TO
Owners of the Company
(32,487)
(148,055)
Non-controlling interests
(120)
(4,377)
(32,607)
(152,432)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Owners of the Company
(49,823)
(329,802)
Non-controlling interests
(1,050)
(15,266)
(50,873)
(345,068)
Loss per share, USD (basic and diluted)
(5)
(23)
Condensed consolidated statement of cash flows
FOR 6 MONTHS ENDED 30 JUNE 2016
(in USD thousand, unless otherwise stated)
6 months ended
30 June 2016
30 June 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before income tax
(35,476)
(154,950)
Adjustments for:
Depreciation of property, plant and equipment
7,738 
12,255 
Change in allowance for irrecoverable amounts 
21,180 
46,108 
Loss on disposal of current assets
255 
4 
(Profit)/loss on disposal of property, plant and equipment
(169)
6 
Impairment of current assets
627 
37,503 
Effect of fair value adjustments on biological assets
3,023 
(2,068)
Gains realised from accounts payable written-off
(32)
(90)
Amortization of deferred income on government grants
(48)
(48)
Discount bonds amortization
1,002 
808 
Impairement of funds
- 
28,863 
Discount on VAT government bonds amortization
(758)
(1,034)
Interest income
(754)
(1,087)
Interest payable on loans and bonds
14,295 
14,081 
Losses on exchange
708 
36,685 
Operating profit before working capital changes
11,591 
17,036 
Decrease/(increase) in trade receivables
2,312 
(24,452)
Decrease in prepayments and other current assets
3,196 
2,206 
(Increase)/decrease in taxes recoverable and prepaid
(3,569)
18,672 
Increase in inventories
(9,062)
(14,892)
Decrease in deferred income
(9)
- 
Decrease in trade payables
(672)
(484)
Decrease in biological assets
3,260 
5,986 
Decrease in finance leases
- 
(1)
(Decrease)/increase in other accounts payable
(5,239)
1,207 
Cash generated from operations
1,808 
5,278 
Interest paid
(2,543)
(1,884)
Income tax paid
(17)
(45)
Net cash (used in)/generated from operating activities
(752)
3,349 
CASH FLOWS FROM INVESTING ACTIVITIES
Payments and receipts - property, plant and equipment
(11,091)
(16,092)
Proceeds from sale of non-current assets
343 
- 
Interest received
1,532 
1,187 
Net cash used in investing activities
(9,217)
(14,905)
Condensed consolidated statement of cash flows (cont.)
FOR 6 Months ENDED 30 JUNE 2016
(in USD thousand, unless otherwise stated)
6 months ended
30 June 2016
30 June 2015
CASH FLOWS FROM FINANCING ACTIVITIES
New loans received
- 
9,419 
Repayment of loans
(1,968)
(5,647)
Interest paid for bonds issued
(2,575)
(10,000)
Net cash used in financing activities
(4,543)
(6,228)
Net decrease in cash and cash equivalents
(14,512)
(17,784)
Cash and cash equivalents at 1 January
31,307 
117,856 
Impairement of funds
-
(29,344)
Effect from translation into presentation currency
383 
(18,553)
Cash and cash equivalents at 30 June 
17,178 
52,175 

This information is provided by RNS
The company news service from the London Stock Exchange
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IR URRWRNNAWOAR