REG - Donegal Investment - Announcement of Results
25/04/2025 13:30
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RNS Number : 2673G Donegal Investment Group PLC 25 April 2025
DONEGAL INVESTMENT GROUP PLC
ANNOUNCEMENT OF RESULTS FOR THE 6 MONTHS ENDED 28 FEBRUARY 2025
25 April 2025
Donegal Investment Group plc ('DIG') ('Company') ('Group') reports its interim
results for the 6 months ended 28 February 2025.
FINANCIAL PERFORMANCE
· The Group's seed potato business has delivered an excellent result
for the 6-month period ending 28 February 2025. Revenue increased by 28%
(€6.5m) to €29.5m - driven by double digit volume growth as well as strong
pricing, which delivered an operating profit €2.6m, an increase of €0.8m
on the prior period.
· Profit after tax was €2.5m an increase of €0.9m on the prior
year.
FINANCIAL POSITION
· The Group has a cash position, net of debt, of €2.0m at period end
compared to a -€0.3m net position in 2024. It should be noted that the
interim results generally represent the peak seasonal working capital position
in our seed potato business.
· €4.8m of the surplus cash position at 31 August 2024 was returned
to shareholders in January 2025 following the completion of a share conversion
and redemption.
RETURN OF CAPITAL
· Following approval at the AGM of 29 November 2024 the Company
returned €4.8m of capital to shareholders by converting and redeeming
290,222 ordinary shares at a price of €16.50 per share. The redemption and
subsequent payment for these shares was completed in January 2025.
· Additionally, the Group purchased 1,289 (2024: 2,873) treasury shares
at a total price of €21,268 (2024: €47,434). On 20 January 2025, 522
treasury shares were also cancelled as part of the conversion and redemption
process. The Group held 3,640 treasury shares at 28 February 2025.
6 months ended 6 months ended
28 February 2025 29 February 2024 Change
Revenue €'000 29,532 23,024 +€6.50m
Operating profit €'000 2,647 1,814 +€0.83m
Profit before tax €'000 2,858 1,885 +€0.97m
Profit after tax €'000 2,524 1,606 +€0.92m
Cash at bank incl short term bond (net of o/d) €'000 3,017 500 +€2.5m
Net cash/(debt) €'000 2,048 (256) +€2.3m
Other Investments €'000 737 737 €0.0m
Investment property carrying value €'000 475 540 -€0.06m
Net asset value per share* €'000 €12.86 €11.73 +€1.13
*Net assets are total equity attributable to equity holders of the Company
Enquiries:
Investors & Analysts
Padraic Lenehan
Director
Donegal Investment Group Plc
Tel: 074 9121766
Email: plenehan@donegaligroup.com (mailto:plenehan@donegaligroup.com)
Anthony Farrell
Davy Corporate Finance
Tel: + 353 1 679 6363
Email: anthony.farrell@davy.ie (mailto:anthony.farrell@davy.ie)
H1 2024/25 Performance Review
The Board is very pleased with the performance of the Group's seed potato
business which delivered an improved performance for period ended 28 February
2025.
Our seed potato business, IPM Potato Group, delivered double digit growth in
terms of seed tonnage sold following the successful market roll out of several
new varieties. Group revenue was €29.5m for the period with an operating
profit of €2.6m. The Group had a cash position, net of debt, of €2.0m at
period end.
The Group also successfully returned €4.8m in capital to shareholders in
January 2025, which brings total capital returned to shareholders to €96.1m
since 1 January 2016.
Outlook
The Board are confident our seed potato business will remain ahead of plan for
the full year ended 31 August 2025 with sales to all markets virtually
complete at this time of year. IPM Potato Group continue to bring new
innovative seed potato varieties to market, and the board are pleased with the
continued performance of several new varieties which provide access to new
sectors of the seed potato market.
Dividend
The Board would like to announce the payment of an interim dividend of 24c per
share to all shareholders on the record 6 June 2025 with payment due on 27
June 2025.
Geoffrey Vance
Chairman
Donegal Investment Group plc
Condensed consolidated statement of profit or loss and comprehensive
income
for the 6 months ended 28 February
2025
Audited
Unaudited 6 months ended 28 February 2025 Unaudited 6 months ended 29 February 2024 12 months ended 31 August 2024
Note Total Total Total
€'000 €'000 €'000
€'000 €'000
Continuing operations
Revenue 4 29,532 29,532 23,024 23,024 33,096
Cost of sales (19,892) (19,892) (15,568) (15,568) (22,840)
Gross profit 9,640 9,640 7,456 7,456 10,256
Other income 5 71 71 77 77 205
Other expense 6 - - - - -
Distribution expenses (3,365) (3,365) (2,863) (2,863) (3,441)
Administrative expenses (3,699) (3,699) (2,856) (2,856) (5,150)
Profit/(loss) from operating activities 2,647 2,647 1,814 1,814 1,870
Finance income 248 248 130 130 397
Finance expenses (37) (37) (59) (59) (62)
Net finance income 211 211 71 71 335
Profit/(loss) before income tax 2,858 2,858 1,885 1,885 2,205
Income tax (charge)/benefit (334) (334) (279) (279) (410)
Profit for the period - continuing operations 4 2,524 2,524 1,606 1,606 1,795
Profit for the year - from discontinued operations, net of tax - - - - -
Profit/(loss) for the year 2,524 2,524 1,606 1,606 1,795
Donegal Investment Group plc
Condensed consolidated statement of profit or loss and comprehensive income
(continued)
for the 6 months ended 28 February
2025
Unaudited Unaudited Audited
6 months ended 28 February 2025 6 months ended 29 February 2024 12 months ended 31 August 2024
Total Total Total
€'000 €'000 €'000
Other comprehensive income
Items that are or may be reclassified to profit or loss
Foreign currency translation differences for foreign operations 2 1 43
Recycle of currency translation differences for foreign operations - - -
Total comprehensive income for the period 2,526 1,607 1,838
Profit attributable to:
Equity holders of the Company 2,509 1,607 1,815
Non-controlling interest 15 (1) (20)
2,524 1,606 1,795
Total comprehensive income attributable to:
Equity holders of the Company 2,521 1,607 1,856
Non-controlling interest 5 - (18)
2,526 1,607 1,838
Donegal Investment Group plc
Condensed consolidated statement of profit or loss and comprehensive income
(continued)
for the 6 months ended 28 February
2025
Unaudited Unaudited Audited
6 months ended 28 February 2025 6 months ended 28 February 2024 12 months ended 31 August 2024
Total Total Total
€'000 €'000 €'000
Earnings per share
Basic earnings per share
(euro cent):
Continuing 172.23 105.60 119.36
172.23 105.60 119.36
Diluted earnings per share (euro cent):
Continuing
172.23 105.60 119.36
172.23 105.60 119.36
Donegal Investment Group plc
Condensed consolidated statement of financial position
As at 28 February 2025
Unaudited Unaudited Audited
Note 28 February 2025 29 February 2024 31
€'000 €'000 August
2024
€'000
Assets
Property, plant and equipment 8 3,782 2,937 3,474
Investment property 9 475 540 583
Goodwill 500 500 500
Intangible assets 227 117 35
Investment in associates - - -
Other investments 737 3,236 737
Total non-current assets 5,721 7,330 5,329
Inventories 1,884 1,749 821
Biological assets - - 1,813
Trade and other receivables 14,812 19,474 4,296
Debt Instruments - - 7,110
Cash at bank 7,413 3,223 2,635
Deferred tax asset - 8 -
Total current assets 24,109 24,454 16,675
Total assets 29,830 31,784 22,004
Equity
Share capital 159 197 197
Share premium account 2,975 2,975 2,975
Other reserves (643) (721) (680)
Retained earnings 13,331 15,394 15,602
Total equity attributable to equity holders of the Company
15,822 17,845 18,094
Non-controlling interest (587) (574) (592)
Donegal Investment Group plc
Condensed consolidated statement of financial position (continued)
As at 28 February 2025
Total equity 15,235 17,271 17,502
Liabilities
Loans and borrowings 601 489 579
Deferred tax liabilities 46 - 115
Deferred income 168 147 160
Total non-current liabilities 815 636 854
Loans and borrowings 368 267 330
Trade and other payables 8,676 8,018 3,184
Bank overdraft 4,396 5,222 49
Current tax 340 370 85
Total current liabilities 13,780 13,877 3,648
Total liabilities 14,595 14,513 4,502
Total equity and liabilities 29,830 31,784 22,004
Donegal Investment Group plc
Condensed consolidated statement of changes in equity
for the 6 months ended 28 February
2025
Other un- denominated capital Share Trans- Treasury Non-
Share €'000 premium lation reserve Retained controlling Total
capital account reserve €'000 earnings Total interest equity
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Balance at 1 September 2024 197 1,140 2,975 (1,772) (48) 15,602 18,094 (592) 17,502
Total comprehensive income for the period
Profit for the period - - - - - 2,509 2,509 15 2,524
Other comprehensive income
Foreign currency translation differences for foreign
Operations
- - - 12 - - 12 (10) 2
Other comprehensive income - - - 12 - - 12 (10) 2
Total comprehensive income for the period
- - - 12 - 2,509 2,521 5 2,526
Transactions with owners recorded directly in equity
Contributions by and distributions to owners
Conversion and Redemption of Redeemable Shares (38) 38 - - - (4,780) (4,780) - (4,780)
Purchase of treasury shares - - - - (13) - (13) - (13)
Total contributions by and distributions to owners
(38) 38 - - (13) (4,780) (4,793) - (4,793)
Balance at 28 February 2025 159 1,178 2,975 (1,760) (61) 13,331 15,822 (587) 15,235
Donegal Investment Group plc
Condensed consolidated statement of changes in equity (continued)
for the 6 months ended 28 February
2025
Other un- denominated capital Share Trans- Treasury Non-
Share €'000 premium lation reserve Retained controlling Total
capital account reserve €'000 earnings Total interest equity
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Balance at 1 September 2023 197 1,140 2,975 (1,813) - 13,787 16,286 (574) 15,712
Total comprehensive income for the period
Profit for the period - - - - - 1,607 1,607 (1) 1,606
Other comprehensive income
Foreign currency translation differences for foreign
Operations
- - - - - - - 1 1
Other comprehensive income - - - - - - - 1 1
Total comprehensive income for the period
- - - - - 1,607 1,607 - 1,607
Transactions with owners recorded directly in equity
Contributions by and distributions to owners
Purchase of treasury shares - - - - (48) - (48) - (48)
Total contributions by and distributions to owners
- - - - (48) - (48) - (48)
Balance at 29 February 2024 197 1,140 2,975 (1,813) (48) 15,394 17,845 (574) 17,271
Donegal Investment Group plc
Condensed consolidated statement of cash
flows
for the 6 months ended 28 February
2025
-
6 months ended 28 February 2025 6 months ended 28 February 2024 12 months ended 31 August 2024
Note
€'000 €'000 €'000
Cash flows from operating activities
Profit for the period 2,524 1,606 1,795
Adjustments for:
Depreciation 210 216 422
Amortisation of intangibles 13 2 4
Amortisation of capital grant 1 5 -
Reversal of investment asset impairment - - -
Change in fair value of investment property (5) - (43)
Change in fair value of other investments - - -
Net finance income (237) (90) (376)
Interest charged in relation to lease arrangements 26 19 41
MTM Revaluation of Debt Instruments - - (24)
Gain on sale of other investments - - -
Gain on sale of property, plant and equipment (42) - (38)
Profit for the year - from discontinued operations, net of tax - - -
Share-based payment transactions - - -
Income tax expense 334 279 410
Change in inventories 791 454 (386)
Change in trade and other receivables (10,433) (14,015) 1,093
Change in trade and other payables 5,588 5,045 266
(1,230) (6,479) 3,164
Interest (paid)/refund (11) (40) (21)
Income tax (paid)/refund (113) 73 (202)
Net cash from operating activities (1,354) (6,446) 2,941
Cash flows from investing activities
Interest received 54 32 152
Dividends received - - -
Proceeds from sale of investment property - 225 -
Dividend received from associate 36 - 225
Proceeds from sale of property, plant and equipment 49 - 38
Proceeds from sale of other investments - - -
Disposal of discontinued operations, net of cash disposed of - - -
Acquisition of property, plant and equipment (338) (68) (206)
Acquisition of intangibles (117) - (10)
Net cash (used)/generated in investing activities (316) 189 199
Donegal Investment Group plc
Condensed consolidated statement of cash flows
(continued)
for the 6 months ended 28 February
2025
6 months ended 28 February 2025 6 months ended 28 February 2024 12 months ended 31 August 2024
Note
€'000 €'000 €'000
Cash flows from financing activities
Payment of finance lease liabilities (195) (137) (364)
Redemption/(Acquisition) of Debt Instruments 7,086 (2,500) (7,086)
Purchase of treasury shares (13) (48) (48)
Share redemption (4,780) - -
Dividend paid to non-controlling interest - - -
Net cashflow from financing activities 2,098 (2,685) (7,498)
Net increase/(decrease) in cash and cash equivalents 428 (8,942) (4,358)
Cash and cash equivalents at start of period 2,586 6,942 6,942
Effect of exchange rate fluctuations on cash held 3 - 2
Cash and cash equivalents at period end 3,017 (2,000) 2,586
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
for the 6 months ended 28 February 2025
(1) Reporting entity
Donegal Investment Group Plc (the "Company") is a company domiciled in
Ireland. The unaudited condensed consolidated interim financial statements of
the Group as at and for the six months ended 28 February 2025 ("the interim
financial statements") comprise the Company and its subsidiaries (together
referred to as the "Group") and the Group's interests in associates.
(2) Basis of preparation
These interim financial statements have been prepared in accordance with IAS
34 Interim Financial Reporting and should be read in conjunction with the
Group's last annual consolidated financial statements as at and for the year
ended 31 August 2024 ('last annual financial statements'). They do not include
all of the information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to explain events
and transactions that are significant to an understanding of the changes in
the Group's financial position and performance since the last annual financial
statements.
The 28 February 2025 figures and the 28 February 2024 comparative figures do
not constitute statutory financial statements of the Group within the meaning
of the Companies Act, 2014. The consolidated financial statements of the Group
for the year ended 31 August 2024, together with the independent auditor's
report thereon, were filed with the Irish Registrar of Companies following the
Company's Annual General Meeting and are also available on the Company's
Website. The auditor's report on those financial statements was unqualified.
The interim financial statements have been prepared on the going concern
basis. The Directors have reviewed the Group's business plan for the next 12
months and other relevant information and have a reasonable expectation that
the Group will continue in operational existence for the foreseeable future.
The Interim Financial Statements are presented in Euro, rounded to the nearest
thousand, which is the functional currency of the Company and also the
presentation currency for the Group's financial reporting.
The significant accounting policies applied in these interim financial
statements are the same as those applied by the Group in its consolidated
financial statements as at and for the year ending 31 August 2024.
(3) Estimates and judgements
The preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates. In preparing
these financial statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied in prior impairment of trade
receivables, in respect of the carrying value of goodwill, recognition of
deferred tax assets, measurement of financial assets and liabilities.
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(4) Segment Information
IFRS 8 Operating Segments requires operating segments to be identified on the
basis of internal reports that are regularly reviewed by the chief operating
decision maker (CODM) which the Group has identified to the Board of Directors
in order to allocate resources to the segments and to assess their
performance.
Produce: The growing, sales and distribution of seed potatoes and rental and
sale of related property assets.
The main factors employed in the identification of the single segment include:
• the Group's organisational structure
• the nature of reporting lines to the Chief Operating Decision Maker
• the structure of internal reporting documentation such as management
accounts and budgets
• Segment performance is evaluated based on operating profit. Given that net
finance costs, taxation, share based payments and exceptional income and costs
are managed on a centralised basis, these items are not allocated to the
operating segment for internal reporting purposes and in the segmental
analysis below.
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(4) Segment information (continued)
Business segments (continued)
Produce Total - Group
6 months ended 28 February 2025 6 12 6 months ended 28 February 2025 6 12
months ended 29 February 2024 months ended 31 August 2024 months ended 29 February 2024 months ended 31 August 2024
€'000 €'000 €'000 €'000 €'000 €'000
Total revenues 29,532 23,024 33,096 29,532 23,024 33,096
Segment result before exceptional items 2,642 1,814 1,827 2,642 1,814 1,827
Segmental result from continuing operations before exceptional items
2,642 1,814 1,827 2,642 1,814 1,827
Change in fair value of investment property and other assets 5 - 43
Net finance income 211 71 335
Income tax (expense)/benefit (334) (279) (410)
Profit/(loss) for the period - continuing operations 2,524 1,606 1,795
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(4) Segment Information (continued)
Business segments (continued)
Produce Total - Group
28 February 2025 29 February 2024 31 August 2024 28 February 2025 29 February 2024
31 August 2024
€'000 €'000 €'000 €'000 €'000 €'000
22,417 28,553 22,417 28,553
Segment assets 11,522 18,632
Cash at bank (unallocated) 7,413 3,223 2,635
Other Instruments 737
Deferred tax asset - 8 -
29,830 31,784
22,004
Segment liabilities 9,230 8,535 9,230 8,535
3,544 3,544
Bank overdraft (unallocated) 4,396 5,222 49
Loans and borrowings (unallocated) 969 756 909
Total liabilities 14,595 14,513 4,502
Capital expenditure (inclusive of IFRS 16) 662 159 662 159
216 216
Depreciation and amortisation 223 218 426 223 218 426
Change in fair value of investment property and other assets 5 - 5 -
43 43
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(4) Segment Information (continued)
Entity-wide disclosures
Section 1: Information about products and service
The Group determines that the categories used in investor presentations can be
used to meet the objective of the disaggregation disclosure requirement in
paragraph 114 of IFRS 15, which is to disaggregate revenue from contracts with
customers into categories that depicts how the nature, amount, timing and
uncertainty of revenue and cashflows are affected by economic factors.
The following table illustrates the disaggregation disclosure by principal
products and services to external customers.
Produce
6 months ended 28 February 2025 6 months ended 29 February 2024 12 months ended 31 August 2024
€'000 €'000 €'000
Seed potato 29,532 23,024 33,096
29,532 23,024 33,096
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(5) Other income - continuing
operations
6 months ended 6 months ended 12 months
ended
28 February 2025 29 February 2024 31 August 2024 2019
€'000 €'000 €'000 €'000
Income from investment and other property rentals 23 76 123 80
Change in fair value of investment property 5 - 43
Gain on disposal of property, plant and equipment 42 - 38 -
Government grant 1 1 1
71 77 205 110
(6) Other expense - continuing
operations
6 months ended 6 months ended 12 months
ended
28 February 2025 29 February 2024 31 August 2024 2019
€'000 €'000 €'000 €'000
Change in fair value of investment property - - - 80
Loss on disposal of investment property - - -
- - - 110
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(7) Earnings per share
The calculation of basic and diluted earnings per share is set out below:
6 months ended 6 months ended 12
months ended
28 February 2025 29 February 31 August
2024 2024
€'000 €'000 €'000
Profit/(loss) for the period - continuing operations 2,524 1,606 1,795
Profit for the period 2,524 1,606 1,795
Profit attributable to ordinary shareholders 2,509 1,607 1,815
Weighted average number of ordinary shares 6 months ended 6 months 12 months
In thousands of shares 28 February 2025 ended ended
€'000 29 February 2024 31 August 2024
€'000 €'000
Weighted average number of ordinary shares in issue for the period 1,460 1,522 1,522
Weighted average number of treasury shares (3) (1) (2)
Denominator for basic earnings per share 1,457 1,521 1,520
Weighted average number of ordinary shares (diluted) at end of period 1,457 1,521 1,520
6 months 6 months 12 months ended
ended ended 31 August
28 February 29 February 2024
2025 2024
Basic earnings/(loss) per share (euro cent)
Continuing 172.23 105.60 119.36
172.23 105.60 119.36
Diluted earnings/(loss) per share (euro cent)
Continuing 172.23 105.60 119.36
172.23 105.60 119.36
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(8) Property, plant and equipment
Additions and disposals
During the 6 months ended 28 February 2025, the Group acquired assets for
€455,000 (29 February 2024: €68,000) in addition to recognition of
€207,000 (29 February 2024: €91,000) in right of use assets under IFRS 16.
Assets with a net book value of €7,000 were disposed of during the 6 months
ended 28 February 2025 (29 February 2024: €Nil), resulting in a gain on
disposal of €42,000 (29 February 2024: no
loss/gain).
(9) Investment property 28 February 2025 29 February 2024 31 August 2024
€'000 €'000 €'000
Balance at start of the period 583 540 540
Disposal of investment property (113) - -
Change in fair value 5 - 43
Balance at end of the period 475 540 583
The Group holds an interest in an office building along with one other
property asset. Proceeds from disposal of investment property received after
period end 28 February 2025.
(10) Events after the balance sheet date
There have been no significant events subsequent to the period end, which
would require adjustment to, or disclosure in, the interim financial
statements.
Donegal Investment Group plc
Notes to the preliminary condensed consolidated financial statements
(continued)
for the 6 months ended 28 February 2025
(11) Share Capital
Ordinary Shares Redeemable Ordinary Shares Deferred Shares Total
of €0.13 each
of €0.13 each
of €0.13 each
Number €'000 Number €'000 Number €'000 €'000
Authorised
Balance at 1 September 2024 50,000,000 6,500 1,307,190 170 1,307,190 170 6,840
Amendment to capital in the year - - (1,017,599) (132) (1,017,599) (132) (264)
Balance at 28 February 2025 50,000,000 6,500 289,591 38 289,591 38 6,576
Issued, called up and fully paid
Balance at 1 September 2024 1,522,293 197 - - - - 197
Converted in the year (290,222) (38) 290,222 38 - - -
Redeemed in the year - - (290,222) (38) - - (38)
Balance at 28 February 2025 1,232,071 159 - - - - 159
As approved by shareholders at the Annual General Meeting held on 29 November
2024, the authorised share capital of the Company was decreased from
€6,708,000 to €6,576,000 by, inter alia, the reduction of 1,017,599
Redeemable Ordinary Shares of €0.13 each and 1,017,599 Deferred Shares of
€0.13 each.
The Ordinary Shares and the Redeemable Ordinary Shares rank pari passu. A
Deferred Share has no rights other than a right to participate in any surplus
arising on the winding up of the Company up to the nominal amount paid up on
the Deferred Share.
Following on from this, 290,222 Ordinary Shares were converted and redeemed on
20 January 2025 at €16.50 per share. On redemption these shares were
cancelled from the issued share capital of the Company with €37,728 being
credited to the Company's Other Undenominated Capital. €4,780,000 was paid
during the period in relation to the redemption of Redeemable Ordinary shares.
Following the Return of Capital, the Company's issued Ordinary Share Capital
is 1,232,071.
(13) Related party transactions
Details of related party transactions in respect of the year ended 31 August
2024 are contained in Note 36 to the Consolidated Financial Statements of the
Group's 2024 Annual Report. The Group continued to enter into transactions in
the normal course of business with its associates and other related parties
during the period. The Group has entered into consultancy agreements with
Culkeen Consulting Limited, which is owned and operated by Non-Executive
Director, Mr Ian Ireland, and Drumgornan Limited, which is owned and operated
by Non-Executive Director, Mr Padraic Lenehan. These companies will provide
management services as required to support the strategy of the board going
forward. There were no other transactions with related parties in the period
or changes to transactions with related parties disclosed during the period
that had a material effect on the financial position or the performance of the
Group.
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