REG - Braime Group PLC - Interim Results six months ended 30th June 2024
02/09/2024 15:45
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RNS Number : 5822C Braime Group PLC 02 September 2024
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries the "Group")
Interim Results for the six months ended 30th June 2024
The Company presents its unaudited interims results for the six months ended
30th June 2024:
Performance
Group sales revenue for the first six months of 2024 was £24.8m, slightly up
on the same period last year. Profit from operations for the first six
months in 2024 was £1.8m compared to £2.3m for the same period in 2023, and
profit before tax was £1.5m compared to £2.1m for the same six-month period
last year.
In the second half of 2023, geopolitical uncertainties had began to impact
business confidence, and thus our results for the first half of 2023 were
significantly better than the second half. As we stated in our 2023 full
year annual report, much of the world economy was concerned with, or at risk
of, being in recession, and we believed that this parlous environment would
inevitably affect our own performance in 2024.
The directors are therefore pleased that 2024 revenues, whilst flat compared
to the corresponding period, have in fact improved by 6% from the second half
of 2023. Profit from operations was up 26% up from the second half of 2023
and profit before tax, up £326,000 or 27% from the second half of 2023. The
results for 2024 include £317,000 of repair costs to our Hunslet Road
property. We remain cautiously optimistic for our performance for the rest
of the year, however much of the same uncertainties we mentioned in our annual
report remain such as the Ukraine war and Gaza conflict and customer sentiment
in our largest market, the USA, remains unpredictable.
Dividends
The Group's policy is to balance dividend growth alongside the Group's
requirement for investment in capital, in order to support long-term growth of
the business. Taking careful consideration of this, directors have decided to
maintain the interim dividend at 5.25p per share, the same level as the
interim dividend paid in October 2023. This dividend will be paid on 11th
October 2024 to the Ordinary and 'A' Ordinary shareholders on the register on
the 27th September 2024. The associated ex-dividend date is 26th September
2024.
Braime Pressings Limited
External sales revenue of £2.7m in the first 6 months of 2023 was £550,000
down on the same period last year essentially due to reduced volumes from key
customers. Intercompany sales were also reduced by £263,000 to £2.4m. The
manufacturing division made a profit after tax of £236,000 in the six-month
period to June 2024, down £271,000 compared to the same period last year but
up £130,000 compared to the second half of 2023.
4B Division
Our distribution division's external sales revenue of £22.1m increased by
£593,000 or 3% when compared to the same period last year and up £1.1m when
compared to the second half of 2023. Intercompany trading was £3.5m, up 13%
from the corresponding period last year. Profit for the period was £1.4m,
down 5% when compared to the first half of 2023 but encouragingly, £675,000
up on profit for the second half of 2023. Our North American and African
operations have seen good growth in sales from 2023 but our Australasian
business has had a slow start to the year whilst our European business remains
subdued by the ongoing Ukraine-Russia conflict and our new Middle East
operation is undoubtably affected by uncertainty in the region. On 29(th)
August, we purchased four acres of land and property adjoining the rear of our
USA warehouse, to cater for longer-term expansion plans in our largest market.
Balance Sheet
Net assets of the Group as at 30th June 2024 amounted to £21.9m (30th June
2023 - £20.1m). Tangible fixed asset additions during the period amounted
to £500,000, primarily plant and equipment and replacement vehicles. New
equipment included a water-jet wire cutter, sealer and heat tunnel, new
decoilers and robot control systems.
Inventories increased by £288,000 from the start of the year, debtors
increased by £1.6m and trade creditors decreased by £817,000 giving rise to
a decrease in working capital of £2.7m. This was due to a surge in sales
across the group at the end of the period.
Cash flow
The net cash position of the Group at the end of June 2024 was £450,000
compared to £886,000 as at 30th June 2023. Cash generated from operations
before working capital movements was £2.2m compared to £1.9m for the
corresponding period in 2023. Investment in capital projects gave rise to
outflows of £500,000. During the period the group repaid £405,000 of
borrowings and lease liabilities, without taking on additional loans.
Overall, net cash decreased by £1.7m during the six months to 30th June 2024.
The business continues to have good headroom within its £3.5m bank overdraft
facility. Our USA property purchase cost $875,000 and was financed through
our existing facility. Management remain focused in ensuring that working
capital requirements, particularly for stock and debtors, are carefully
monitored and controlled.
Principal exchange rates
The Group reports its results in Sterling, its presentational currency. The
Group operates in seven other currencies and the average of the principal
exchange rates in use during the half year and the closing rates as at 30th
June 2024 are shown in the table below, along with comparatives. As
mentioned previously, a significant proportion of the Group revenues are
derived in the USA. Sterling weakened slightly against the US dollar from
the start of 2024, however, when compared to the average during 2023, Sterling
was on average, stronger against the US dollar in 2024 and our interim results
are therefore reduced accordingly. The total positive impact of foreign
currency translations on cashflow was £104,000.
The total gain on translation of overseas assets amounted to £42,000 for the
six-month period as compared to the loss of £505,000 for the 2023 interim
period. This is shown in the consolidated statement of comprehensive income
table on page 5.
Avg rate Avg rate Avg rate Closing rate Closing rate Closing rate
Currency Symbol HY 2024 HY 2023 FY 2023 30th Jun 2024 30th Jun 2023 31st Dec 2023
Australian Dollar AUD 1.923 1.852 1.880 1.893 1.910 1.868
Chinese Renminbi (Yuan) CNY 9.026 8.639 8.821 9.043 9.143 9.041
Euro EUR 1.172 1.146 1.152 1.180 1.165 1.154
South African Rand ZAR 23.744 22.857 23.088 23.075 24.023 23.307
Thai Baht THB 46.009 42.678 43.423 46.430 44.906 43.805
United Arab Emirates Dirham AED 4.646 4.556 4.578 4.639 4.667 4.671
United States Dollar USD 1.265 1.241 1.248 1.264 1.271 1.275
Key performance indicators
The Group uses the following key performance indicators to assess the
performance of the Group as a whole and of the individual businesses:
Key performance indicator Note Half year Half year Full year
2024 2023 2023
Turnover growth 1 0.2% 16.0% 7.3%
Gross margin 2 48.1% 48.6% 46.8%
Operating profit 3 £1.80m £2.31m £3.75m
Stock days 4 183 days 187 days 179 days
Debtor days 5 58 days 57 days 52 days
Notes to KPI's
1. Turnover growth
The Group aims to increase shareholder value by measuring the year-on-year
growth in Group revenue. Despite revenues being flat when compared against
the comparative period, we are pleased that there has been an upturn in
performance when compared to the second half of 2023.
2. Gross margin
Gross profit (revenue less change in inventories and raw materials used) as a
percentage of revenue is monitored to maximise profits available for
reinvestment and distribution to shareholders. Gross margin of 48.1% is in
line with the same period last year and is improved from the average in 2023,
partly as a result of a more favourable sales mix on certain product ranges.
The directors continue to monitor the margins carefully for further movement.
3. Operating profit
Sustainable growth in operating profit is a strategic priority to enable
ongoing investment and increase shareholder value. Operating profits
decreased compared to the same period last year due to unfavourable economic
conditions but have improved when compared to the second half of 2023 as a
direct result of the increase in sales particularly in the 4B division.
4. Stock days
The value of period-end inventories divided by raw materials and consumables
used and changes in inventories of finished goods and work in progress
expressed as a number of days is monitored to ensure the right level of stocks
are held in order to meet customer demands whilst not carrying excessive
amounts which impacts upon working capital requirements. Stock days have
decreased from the level as at June 2023 but increased compared to stock days
as at December 2023 reflecting the anticipation of future orders at these
period ends. Management are focused on reducing the level of stock days.
5. Debtor days
The value of period-end trade receivables divided by revenue expressed as a
number of days. This is an important indicator of working capital
requirements. Debtor days at 58 days are marginally higher than the
equivalent figure of 57 as at June 2023 Management remain focused on reducing
this to improve cash.
Other metrics monitored weekly or monthly include quality measures (such as
customer complaints), raw materials buying prices, capital expenditure, line
utilisation, reportable accidents and near-misses.
Outlook for the second half of 2024
As suggested in the Chairman's Report for 2023, after the initial "post-covid
boost" enjoyed by the Group in 2021 and 2022, with the important exception of
North America, the Group's principal markets became increasingly subdued
during the last quarter of 2023 and remained so through the whole of the first
half of 2024. This largely explains the decline in the Group's result after
the record levels in 2021.
An inflationary spike in material costs and the relatively high interest rates
introduced globally by the central banks to try to stem this inflation,
created a clear global drop in investment in projects to either upgrade
existing facilities, build additional capacity or new projects to construct
additional facilities for the processing or storage of granular product, such
as cereal crops, which make up the Group's main sales areas. The Group
largely depends on such investment projects to generate the volume of sales of
its mechanical components to equipment manufacturers.
However, both our UK and overseas subsidiaries have recently seen an increase
in customer demand for pricing for new projects which, if realised in orders,
would result in the return to growth in the sales of our key volume
products. One important area of remaining concern though, which might dent
this possible positive scenario, is the degree to which the US economy retains
its current buoyancy, through the remaining months of the current Presidential
election year and, following its result, through into 2025.
Meanwhile, we continue to pursue opportunities for further extending our sales
into the additional potential growth markets recently identified, by further
increasing the proportion of our sales to end user facilities. We also
continue to invest in strengthening our business structure and in recruiting
additional engineering staff to ensure we are in the best possible place to
fully exploit these opportunities when our market finally returns to growth.
Employees
All our employees in the Group, regardless of location continue to make a
major contribution and we thank them for their efforts during these
challenging times.
For further information please contact:
Nicholas Braime - Chairman
Cielo Cartwright - Chief Financial Officer
0113 245 7491
Zeus Capital Limited
Katy Mitchell
0113 394 6628
Braime Group PLC Unaudited Unaudited Audited
6 months to
6 months to
Consolidated income statement for the six months
year to
30th June 30th June
ended 30th June 2024
2024
2023 31st December
Note 2023
£'000 £'000 £'000
Revenue 24,750 24,706 48,155
Changes in inventories of finished goods and work in progress
215 (49) (426)
Raw materials and consumables used (13,073) (12,650) (25,188)
Employee benefits costs (5,967) (5,398) (11,009)
Depreciation expense (760) (828) (1,678)
Other expenses (3,339) (3,503) (6,270)
Other operating income (24) 36 164
Profit from operations 1,802 2,314 3,748
Finance costs (259) (199) (485)
Finance income 3 - 72
Profit before tax 1,546 2,115 3,335
Tax expense (451) (605) (999)
Profit for the period 1,095 1,510 2,336
Profit attributable to:
Owners of the parent 1,097 1,478 2,274
Non-controlling interests (2) 32 62
1,095 1,510 2,336
Basic and diluted earnings per share 2 76.04p 104.86p 162.22p
Braime Group PLC Unaudited Unaudited Audited
Consolidated statement of comprehensive income for the six months 6 months to 6 months to year to
ended 30th June 2024 30th June 30th June 31st December
2024 2023 2023
£'000 £'000 £'000
Profit for the period 1,095 1,510 2,336
Items that will not be reclassified subsequently to profit or loss
Net pension remeasurement gain on post-employment benefits - - 19
Items that may be reclassified subsequently to profit or loss
Share capital introduced by minority interest 22 - -
Foreign exchange gains/(losses) on re-translation of overseas operations (505) (505)
42
Other comprehensive income for the period 64 (505) (486)
Total comprehensive income for the period 1,159 1,005 1,850
Total comprehensive income attributable to:
Owners of the parent 1,128 955 1,775
Non-controlling interests 31 50 75
The foreign currency movements arise on the re-translation of overseas
subsidiaries' opening balance sheets at closing rates.
Braime Group PLC Unaudited Unaudited Audited
Consolidated balance sheet at 30th June 2024 6 months to 6 months to year to 31st
30th June 30th June December
2024 2023 2023
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 10,000 9,841 10,082
Intangible assets 415 561 489
Right of use assets 595 380 717
Total non-current assets 11,010 10,782 11,288
Current assets
Inventories 12,875 13,025 12,587
Trade and other receivables 9,479 8,915 7,973
Cash and cash equivalents 2,201 1,965 2,310
Total current assets 24,555 23,905 22,870
Total assets 35,565 34,687 34,158
Current liabilities
Bank overdraft 1,751 1,079 138
Trade and other payables 6,215 7,139 6,991
Other financial liabilities 2,742 3,931 3,769
Corporation tax liability 18 85 52
Total current liabilities 10,726 12,234 10,950
Non-current liabilities
Financial liabilities 2,934 2,294 2,325
Deferred income tax liability 44 90 44
Total non-current liabilities 2,978 2,384 2,369
Total liabilities 13,704 14,618 13,319
Total net assets 21,861 20,069 20,839
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve 253 219 221
Retained earnings 21,141 19,439 20,182
Total equity attributable to the shareholders of the parent Company 22,011 20,275 21,020
Non-controlling interests (150) (206) (181)
Total equity 21,861 20,069 20,839
Unaudited Unaudited Audited
Braime Group PLC 6 months to 6 months to year to
Consolidated cash flow statement for the six months 30th June 30th June 31st December
ended 30th June 2024 Note 2024 2023 2023
£'000 £'000 £'000
Operating activities
Net profit 1,095 1,510 2,336
Adjustments for:
Depreciation 760 828 1,678
Foreign exchange gains/(losses) 105 (398) (424)
Finance income (3) - (72)
Finance expense 259 199 485
Gain on sale of plant, machinery and motor vehicles (9) (20) (80)
Adjustment in respect of defined benefit scheme - - 69
Income tax expense 451 605 999
Income taxes paid (440) (794) (1,401)
Operating profit before changes in working capital and provisions
2,218 1,930 3,590
(Increase)/decrease in trade and other receivables (1,552) (79) 998
(Increase)/decrease in inventories (288) 264 702
Decrease in trade and other payables (817) (1,647) (2,053)
(2,657) (1,462) (353)
Cash generated from operations (439) 468 3,237
Investing activities
Purchases of property, plant, machinery and motor vehicles (500) (784) (1,421)
Sale of plant, machinery and motor vehicles 14 20 88
Interest received 3 - 22
(483) (764) (1,311)
Financing activities
Proceeds from long term borrowings - 1,191 977
Repayment of borrowings (197) (237) (372)
Repayment of hire purchase creditors (60) (86) (172)
Repayment of lease liabilities (148) (143) (283)
Bank interest paid (218) (163) (404)
Lease interest paid (33) (24) (64)
Hire purchase interest paid (7) (12) (17)
Dividends paid (137) (130) (205)
(800) 396 (540)
(Decrease)/increase in cash and cash equivalents (1,722) 100 1,386
Cash and cash equivalents, beginning of period 2,172 786 786
Cash and cash equivalents (including overdrafts), end of period
3 450 886 2,172
Braime Group PLC
Consolidated statement of
changes in equity for the Foreign
six months ended Share Capital Exchange Retained Minority Total
30th June 2024 Capital Reserve Reserve Earnings Total Interests Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1st January
2024 360 257 221 20,182 21,020 (181) 20,839
Comprehensive income
Profit - - - 1,097 1,097 (2) 1,095
Other comprehensive income
Shared capital introduced by minority interest
- - - - - 22 22
Foreign exchange gain/(loss)
on re-translation of overseas operations
- - 32 (1) 31 11 42
Total other comprehensive
income - - 32 (1) 31 33 64
Total comprehensive
income - - 32 1,096 1,128 31 1,159
Transactions with owners
Dividends - - - (137) (137) - (137)
Total transactions with owners - - - (137) (137) - (137)
Balance at 30th June 2024 360 257 253 21,141 22,011 (150) 21,861
Braime Group PLC
Consolidated statement of
changes in equity for the Foreign
six months ended Share Capital Exchange Retained Minority Total
30th June 2023 Capital Reserve Reserve Earnings Total Interests Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1st January
2023 360 257 742 18,091 19,450 (256) 19,194
Comprehensive income
Profit - - - 1,478 1,478 32 1,510
Other comprehensive income
Foreign exchange (loss)/gain
on re-translation of overseas operations
- - (523) - (523) 18 (505)
Total other comprehensive
income - - (523) - (523) 18 (505)
Total comprehensive
income - - (523) 1,478 955 50 1,005
Transactions with owners
Dividends - - - (130) (130) - (130)
Total transactions with owners - - - (130) (130) - (130)
Balance at 30th June 2023 360 257 219 19,439 20,275 (206) 20,069
Braime Group PLC
Consolidated statement of
changes in equity for the Foreign
year ended 31st December Share Capital Exchange Retained Minority Total
2023 Capital Reserve Reserve Earnings Total Interests Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1st January 2023 360 257 742 18,091 19,450 (256) 19,194
Comprehensive income
Profit - - - 2,274 2,274 62 2,336
Other comprehensive
income
Net pension remeasurement
gain recognised directly in
equity - - - 19 19 - 19
Foreign exchange losses on
re-translation of overseas
operations - - (521) 3 (518) 13 (505)
Total other comprehensive
income - - (521) 22 (499) 13 (486)
Total comprehensive
income - - (521) 2,296 1,775 75 1,850
Transactions with owners
Dividends - - - (205) (205) - (205)
Total transactions with owners - - - (205) (205) - (205)
Balance at 31st December
2023 360 257 221 20,182 21,020 (181) 20,839
1. Accounting policies
Basis of preparation
The interim financial report has been prepared using accounting policies that
are consistent with those used in the preparation of the full financial
statements to 31st December 2023 and those which management expects to apply
in the Group's full financial statements to 31st December 2024.
This interim financial report is unaudited. The comparative financial
information set out in this interim financial report does not constitute the
Group's statutory accounts for the period ended 31st December 2023 but is
derived from the accounts. Statutory accounts for the period ended 31st
December 2023 have been delivered to the Registrar of Companies. The
auditors have reported on those accounts. Their audit report was unqualified
and did not contain any statements under Section 498 of the Companies Act
2006.
The Group's condensed interim financial information has been prepared in
accordance with International Financial Reporting Standards ('IFRS') as
adopted for the use in the European Union and in accordance with IAS 34
'Interim Financial Reporting' and the accounting policies included in the
Annual Report for the year ended 31st December 2023, which have been applied
consistently throughout the current and preceding periods.
The Group has adopted the following new or amended standards as of 1st January
2024 and beyond:
(a) New and amended standards adopted by the Group:
· Amendments to IAS 1 - Classification of Liabilities as Current or
Non-current - Clarifies that the classification of liabilities as current or
non-current should be based on rights that exist at the end of the reporting
period - effective accounting periods beginning on or after 1st January 2024.
· Amendments to IAS 1 - Non-current Liabilities with Covenants -
Clarifies that only those covenants with which an entity must comply on or
before the end of the reporting period affect the classification of a
liability as current or non-current - effective accounting periods beginning
on or after 1st January 2024.
· Amendments to IFRS 16 - Lease Liability in a Sales and Leaseback -
Specifies requirements relating to measuring the lease liability in a sale and
leaseback transaction after the date of the transaction - effective accounting
periods beginning on or after 1st January 2024.
· Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements -
Requires an entity to provide additional disclosures about its supplier
finance arrangements - effective accounting periods beginning on or after 1st
January 2024.
(b) New standards, amendments and interpretations issued but effective for
the financial year beginning 1st January 2024 and not early adopted:
· Amendments to IAS 21 - Lack of Exchangeability - Requires a
consistent approach to assessing whether a currency is exchangeable and, when
it is not, to determining the exchange rate to use and the disclosures to
provide - effective accounting periods beginning on or after 1st January 2025.
· Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification
and Measurement of Financial Instruments - Clarifies how contractual cash
flows on financial assets with environmental, social and governance (ESG) and
similar features should be assessed when determining if they are consistent
with a basic lending arrangement and, hence, whether they are measured at
amortised cost or fair value. Clarifies the date on which a financial asset or
financial liability can be derecognised when settlement is via an electronic
cash transfer. Requires additional disclosures for certain equity
investments and financial investments with contingent features - effective
accounting periods beginning on or after 1st January 2026.
· Annual Improvements to IFRS Accounting Standards - Volume 11 - Minor
amendments to IFRS 1 First-time Adoption of International Financial Reporting
Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial
Instruments, IFRS 10 Consolidated Financial Statements and IAS 7. Statement
of Cash Flows - effective accounting periods beginning on or after 1st January
2026.
· IFRS 18 Presentation and Disclosure in Financial Statements -
Introduces new requirements for classification of income and expenses in
specified categories and presentation of defined subtotals in the statement of
profit or loss, enhanced guidance and requirements for more useful aggregation
and disaggregation of information in the primary financial statements and in
the notes; and additional disclosures about management-defined performance
measures related to the statement of profit or loss. Supersedes IAS 1
Presentation of Financial Statements - effective accounting periods beginning
on or after 1st January 2027.
The application and interpretations surrounding the new or amended standards
is not expected to have a material impact on the Group's reported financial
performance or position. However, they may give rise to additional
disclosures being made in the financial statements.
2. Earnings per share and dividends
Both the basic and diluted earnings per share have been
calculated using the net results attributable to shareholders of Braime Group
PLC as the numerator.
The weighted average number of outstanding shares used for
basic earnings per share amounted to 1,440,000 (2023 - 1,440,000). There are
no potentially dilutive shares in issue.
6 months to
30th June
2024
£'000
Dividends paid on equity shares
Ordinary shares
Interim of 9.50p per share paid on 24th May 2024 46
'A' Ordinary shares
Interim of 9.50p per share paid on 24th May 2024 91
Total dividends paid 137
Year to
31st December
2023
£'000
Dividends paid on equity shares
Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 43
Interim of 5.25p per share paid on 13th October 2023 25
68
'A' Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 87
Interim of 5.25p per share paid on 13th October 2023 50
137
Total dividends paid 205
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months to 6 months to year to
30th June 30th June 31st December
2024 2023 2023
£'000 £'000 £'000
Cash at bank and in hand 2,201 1,965 2,310
Bank overdrafts (1,751) (1,079) (138)
450 886 2,172
4. Segmental information
Unaudited 6 months to
30th June 2024
Central Manufacturing Distribution Total
£'000 £'000 £'000 £'000
Revenue
External - 2,697 22,053 24,750
Inter company 1,274 2,432 3,485 7,191
Total 1,274 5,129 25,538 31,941
Profit
EBITDA (51) 300 2,313 2,562
Finance costs (150) (46) (63) (259)
Finance income - - 3 3
Depreciation (349) (18) (393) (760)
Tax expense (16) - (435) (451)
(Loss)/profit for the period (566) 236 1,425 1,095
Assets
Total assets 7,847 11,557 16,161 35,565
Additions to non-current assets 203 23 311 537
Liabilities
Total liabilities 2,103 2,984 8,617 13,704
Unaudited 6 months to
30th June 2023
Central Manufacturing Distribution Total
£'000 £'000 £'000 £'000
Revenue
External - 3,247 21,459 24,706
Inter company 1,061 2,694 3,095 6,850
Total 1,061 5,941 24,554 31,556
Profit
EBITDA (32) 583 2,591 3,142
Finance costs (101) (46) (52) (199)
Depreciation (351) (20) (457) (828)
Tax expense (15) (10) (580) (605)
(Loss)/profit for the period (499) 507 1,502 1,510
Assets
Total assets 7,550 9,922 17,215 34,687
Additions to non-current assets 567 22 315 904
Liabilities
Total liabilities 2,975 3,602 8,041 14,618
Audited year to
31st December 2023
Central Manufacturing Distribution Total
£'000 £'000 £'000 £'000
Revenue
External - 5,710 42,445 48,155
Inter company 2,567 4,747 7,819 15,133
Total 2,567 10,457 50,264 63,288
Profit
EBITDA (including exceptional item) 490 692 4,244 5,426
Finance costs (255) (94) (136) (485)
Finance income - 50 22 72
Depreciation (720) (35) (923) (1,678)
Tax expense (46) - (953) (999)
(Loss)/profit for the period (531) 613 2,254 2,336
Assets
Total assets 7,739 10,664 15,755 34,158
Additions to non-current assets 1,319 40 879 2,238
Liabilities
Total liabilities 2,337 3,000 7,982 13,319
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