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RNS Number : 0668O Keras Resources PLC 29 September 2023
29 September 2023
Keras Resources plc ('Keras' or the 'Company')
Interim Results
Keras Resources plc (AIM: KRS) announces its half year results for the six
months ending 30 June 2023.
Overview
· Loss reduced to £255,000 and revenue increased to £397,000 compared
to the six-month period ended 30 June 2022 of £467,000 and £212,000
respectively;
· Sales of 2,196 tons compared to the six-month period ended 30 June of
2022 of 1,896 tons;
· 2023 mining season has commenced with processing at the Spanish Fork
plant ongoing; and
· Significant interest from fertiliser blenders who have now
successfully completed testwork on the high-grade Diamond Creek rock
phosphate.
Graham Stacey, Keras Chief Executive Officer, commented, "It was a tough start
to the year with record snowfall and an unpredictably long Utah winter,
exacerbated by a late spring and widespread heavy rains and flooding
throughout the Central California Valley where the majority of our customers
are located. That said we believe we are in a strong position to now gear-up
on the back of the marketing drive over the past year, which has resulted in
significant interest and positive testwork from third party fertiliser
blenders and producers. I think it is important to note that creating markets
for our product, which in essence is convincing a farm to change its modus
operandi, takes time but once that change is made that market has longevity.
As mentioned in the Chairman's review we have had significant positive results
in the testwork undertaken by third party organic fertiliser companies eager
to use our rock phosphate in their blends and look forward to updating our
shareholders in the near future about potential long-term offtakes or joint
ventures. To that end, we will provide guidance towards the end of the
fourth quarter for production and sales figures for 2024."
The information contained within this Announcement is deemed by the Company to
constitute inside information as stipulated under Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United Kingdom by virtue of the European
Union (Withdrawal) Act 2018 (as amended). Upon the publication of this
Announcement via the Regulatory Information Service, this inside information
is now considered to be in the public domain.
Graham Stacey Keras Resources plc graham@kerasplc.com (mailto:graham@kerasplc.com)
Ewan Leggat / Charlie Bouverat SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser & Joint Broker
Joint Broker Shard Capital Partners LLP +44 (0) 207 186 9900
Damon Heath / Erik Woolgar
CHAIRMAN'S REVIEW
FOR THE SIX MONTHS ENDED 30 JUNE 2023
I am pleased to provide an update on our progress since the last report and to
set out our outlook for the business going forward.
2023 has been a transformative year for Keras with the unbundling of our
investment interest in the Nayéga manganese mine in northern Togo and the
focus on becoming the pre-eminent high grade organic phosphate producer in
North America.
The Diamond Creek phosphate mine
The Diamond Creek phosphate mine, which is believed to be one of the highest
grade organic rock phosphate deposits in the US, comprises an opencast
operation located on an 840 acre Federal Lease located approximately 80km
south-east of Salt Lake City, Utah. Our focus going forward is to build the
operation into the premier high-grade organic phosphate producer in the US.
Our target market is the sustainable, organic agriculture sector and we are
strong advocates for the benefits of enhancing soil health and reducing the
impact that synthetic fertilisers have on water resources. Our organic
phosphate fertilizer products help farmers realise better crop growth without
sacrificing yields, and reduces the soil degradation seen when farmers use
chemically manufactured fertilisers, while at the same time reducing the
carbon footprint associated with growing their crops.
Sales for the first six months of 2023 were 2,192 tons sold, compared to the
first six months of 2022 of 1,896 tons. Year to date sales total 3,467 tons.
The lower than expected first half sales volume were a result of an extended
Utah winter and flooding throughout the Central California Valley which
impacted several key clients. High producer price inflation in the US also
impacted on buying patterns of organic fertilizer feedstocks as aggregators
and blenders preferred to preserve cash rather than build fertilizer stocks as
cost pressures impacted their own operations.
Mining has commenced, later than initially planned as a result of both cash
flow and inventory management which is a priority. Given our existing saleable
inventory, mining for the 2023 season, between now and end-November will be
between 2,500 and 4,000 tons dependent on offtake commitments from
customers. Although sales for the first half of the year were below
expectations, we are confident that these will pick up in the fourth quarter
as seen during the same period in 2022. In addition to our own sales of dry
crushed and milled product we have now seen a significant interest in organic
fertiliser blenders who have now undertaken testwork on our high-grade
phosphate rock to be incorporated in their blends. The results of this
testwork have been positive and we look forward to updating shareholders once
commercial terms have been agreed. As a company we believe that longer term
offtakes with fertiliser blenders will form a significant proportion of our
sales going forward.
Togo
In May 2023 the Company announced an agreement with the Republic of Togo (the
"State") on a way forward for the Nayéga Manganese project ("Nayéga") in
Northern Togo. Keras and the State agreed that Nayéga is a Togolese
strategic asset and the exploitation permit will be awarded to Société
Togolaise de Manganèse, a Togolese incorporated company 100% owned by the
State ("STM") and Keras will no longer pursue the Nayéga exploitation permit.
The State paid Keras a cash consideration of US$1.7m (one million seven
hundred thousand United States dollars) on 17 July 2023 and thereafter:
· Keras will be paid an advisory fee of 1.5% (one and a half percent)
of gross revenue generated from the Nayéga mine for the provision of advisory
services for 3 (three) years; and
· Keras will be paid 6.0% (six percent) of gross revenue generated from
the Nayéga mine for the provision of brokerage services for the lesser of 3.5
(three and a half) years or 900,000 (nine hundred thousand) tonnes of
beneficiated manganese ore produced and sold from Nayéga.
Since the agreement was signed in May, the Company and State have had positive
discussions regarding the development of Nayéga. This process continues and
the Company believes that the continued constructive dialogue between the
Company and the State will stand the project in good stead, and we look
forward to updating shareholders on the way forward.
Financial review
The results for the 6 months ended 30 June 2023 show a loss of £255,000
compared to the six-month period ended 30 June 2022 of £467,000. The
reduced loss was due to increased revenue of £397,00 (2022: £212,000) and a
profit on sale of intellectual property of £184,000.
On 13 April 2023 Chris Grosso from Kershner Grosso & Co. ('Kershner
Grosso'), a Saratoga Springs, New York State based Investment Advisor acquired
First Uranium Resources Ltd's (CSE: URNM) (KMMIF:OTC) ('First Uranium') entire
holding of 8,000,000 ordinary shares of 1 pence each in the Company ("Ordinary
Shares") representing 10% of the Company's issued share capital. Subsequent
to his initial investment he has increased his holding to 15.64%. The Keras
Board is very pleased to have Kershner Grosso on board as a cornerstone
shareholder. Kershner Grosso's investment philosophy is very much aligned with
Keras's growth strategy in the US and the relationship is expected to provide
access to new markets and opportunities throughout North America.
On 4 July 2023 the Company announced receipt of the US$1.7m cash
consideration from the Republic of Togo and made cash payments of US$800,000,
being part of the consideration for the acquisition of Falcon Isle Resources
LLC Falcon Isle Holdings LLC ("Falcon Isle"), and US$240,000, being part of a
severance payment to the former CEO of Falcon Isle which totalled US$340,000.
Outlook
Although it has been a tough first half of the year, the Company remains very
positive about both the future of Diamond Creek and the fertiliser market
macro-economic conditions that underpin its future. We are mining an
essential resource that can create value, be part of the greener economy and
contribute to a more sustainable future. As a mining company we remain ever
conscious of our obligations and commitments in line with best environmental,
social and governance ("ESG") practice and will continue to take the
initiative within this area.
I would like to thank our shareholders for their ongoing support and I look
forward updating all stakeholders as we continue to build Keras and Diamond
Creek into the premier organic phosphate producer in the US.
Russell Lamming
Chairman
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2023
6 months to 30-Jun-23 6 months to 30-Jun-22 12 months to 31-Dec-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 397 212 994
Cost of production (44) (104) (263)
Gross profit/loss 353 108 731
Profit on sale of intellectual property relating to Togo 184 - -
Administrative expenses (686) (550) (1,524)
Loss from operating activities (149) (442) (793)
Finance income - - -
Finance costs (106) - (204)
Net finance costs (106) (25) (204)
Loss before taxation (255) (467) (997)
Taxation - - -
Loss for the period (255) (467) (997)
Other comprehensive income - items that may be subsequently reclassified to
profit or loss
Exchange translation on foreign operations 29 53 150
Total comprehensive loss for the period (226) (414) (847)
Loss attributable to:
Owners of the Company (255) (470) (1,076)
Non-controlling interests - 3 79
Loss for the period (255) (467) (997)
Total comprehensive loss attributable to:
Owners of the Company (226) (414) (907)
Non-controlling interests - - 60
Total comprehensive loss for the period (226) (414) (847)
Earnings per share
Basic and diluted loss per share (pence) (0.28) (0.015) (1.148)
The notes are an integral part of this condensed consolidated interim
financial report.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Assets
Non-current assets
Intangible assets 7 3,418 4,875 3,558
Property, plant and equipment 8 372 591 381
Right of use asset 9 59 185 121
3,849 5,651 4,060
Current assets
Inventory 10 660 484 668
Trade and other receivables 11 1,612 115 191
Assets held for sale - - 1,558
Cash and cash equivalents 39 440 207
2,311 1,039 2,624
Total assets 6,160 6,690 6,684
Equity
Equity attributable to owners of the Company
Share capital 12 797 798 797
Share premium 12 5,838 5,838 5,838
Other reserves 311 173 282
Retained deficit (3,245) (2,885) (2,990)
3,701 3,924 3,927
Non-controlling interests (146) (133) (146)
Total equity 3,555 3,791 3,781
Liabilities
Current liabilities
Trade and other payables 13 1,478 1,423 1,158
Liabilities held for sale - - 471
Lease liabilities - current 9 61 120 126
1,539 1,543 1,755
Non-current liabilities
Trade and other payables 13 1,066 1,293 1,148
Lease liabilities - non-current 9 - 63 -
1,066 1,356 1,148
Total liabilities 2,605 2,899 2,903
Total equity and liabilities 6,160 6,690 6,684
The notes are an integral part of this condensed consolidated interim
financial report.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Share option/
warrant reserve Retained earnings/ (deficit) Non-controlling interests
Share capital £'000 Share premium £'000 Exchange reserve £'000 £'000 Total
£'000 £'000 Total equity
£'000 £'000
Balance at 1 January 2023 (audited) 797 5,838 102 180 (2,990) 3,927 (146) 3,781
Loss for the period - - - - (255) (255) - (255)
Other comprehensive income - - - 29 - 29 - 29
Total comprehensive loss for the period - - 29 (255) (226) - (226)
Issue of ordinary shares - - - - - - - -
Issue costs - - - - - - - -
Non-controlling interest on acquisition of subsidiary
- - - - - - - -
Share based payment transactions - - - - - - - -
Transactions with owners, recognised directly in equity - - - - - - - -
Balance at 30 June 2023 (unaudited) 797 5,838 102 209 (3,245) 3,701 (146) 3,555
The notes are an integral part of this condensed consolidated interim
financial report.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2022
Share option/
warrant reserve Non-controlling interests
Share capital Share premium £'000 Exchange reserve Retained £'000 Total
£'000 £'000 £'000 Earnings/ (deficit) Total equity
£'000 £'000 £'000
Balance at 1 January 2022 (audited) 630 4,033 100 11 (1,721) 3,053 229 3,282
Loss for the period - - - - (1,076) (1,076) 79 (997)
Other comprehensive income - - - 169 - 169 (19) 150
Total comprehensive loss for the period - - - 169 (1,076) (907) 60 (847)
Issue of ordinary shares 167 1,845 - - - 2,012 - 2,012
Costs of share issue - (40) - - - (40) - (40)
Acquisition of non-controlling interest - - - - (200) (200) (435) (635)
Share option expense - - 9 - - 9 - 9
Share option forfeit - - (7) - 7 - - -
Transactions with owners, recognised directly in equity 167 1,805 2 - (193) 1,781 (435) 1,346
Balance at 31 December 2022 (audited) 797 5,838 102 180 (2,990) 3,927 (146) 3,781
The notes are an integral part of this condensed consolidated interim
financial report.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2022
Share option/
warrant reserve Non-
Share capital Share premium £'000 Exchange reserve Retained earnings controlling interests Total
£'000 £'000 £'000 £'000 Total £'000 equity
£'000 £'000
Balance at 1 January 2022 (audited) 630 4,033 100 11 (1,721) 3,053 229 3,282
Loss for the period - - - - (470) (470) 3 (467)
Total other comprehensive income - - - 56 - 56 (3) 53
Total comprehensive loss for the period - - - 56 (470) (414) - (414)
Issue of ordinary shares 168 1,845 - - - 2,013 - 2,013
Issue costs - (40) - - - (40) - (40)
Acquisition of NCI without a change in control (note 14)
- - - - (694) (694) (362) (1,056)
Share based payment transactions - - 6 - - 6 6
Transactions with owners, recognised directly in equity 168 1,805 6 - (694) 1,285 (362) 923
Balance at 30 June 2022 798 5,838 106 67 (2,885) 3,924 (133) 3,791
(unaudited)
The notes are an integral part of this condensed consolidated interim
financial report.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
30-Jun-23 30-Jun-22 31 -Dec-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Loss from operating activities (226) (467) (997)
Adjustments for:
Depreciation and amortisation 61 99 179
Profit on sale of intellectual property relating to Togo (184) - -
Expenses settled in shares - - 109
Finance costs recognised 106 - 204
Foreign exchange differences - (356) -
Equity-settled share-based payment transactions - 6 9
(243) (718) (496)
Changes in:
- inventories 8 (211) (395)
- trade and other receivables (8) (21) (97)
- trade and other payables 116 (747) 119
Cash used in operating activities (127) (1,697) (869)
Interest paid (9) - (52)
Net cash used in operating activities (136) (1,697) (921)
Cash flows from investing activities
Interest received - - -
Acquisition of property, plant and equipment - - -
Exploration and licence expenditure - (2) -
Consideration for purchase of minority interest in subsidiary - - (286)
Net cash used in investing activities - (2) (286)
Cash flows from financing activities
Net proceeds from issue of share capital - 1,973 1,641
Loans received - - 100
Repayment of loans - - (375)
Payment of lease obligations (61) - (93)
Net cash flows from financing activities (61) 1,973 1,273
Net (decrease)/increase in cash and cash equivalents (197) 274 66
Cash and cash equivalents at beginning of period 207 166 166
Effect of foreign exchange rate changes 29 - (25)
Cash and cash equivalents at end of period 39 440 207
The notes are an integral part of this condensed consolidated interim
financial report.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
1. Reporting entity
Keras Resources plc (the "Company") is a company domiciled in England and
Wales. The unaudited condensed consolidated interim financial statements of
the Company as at and for the six months ended 30 June 2023 comprise the
Company and its subsidiaries (together referred to as the "Group") and the
Group's interests in associates and jointly controlled entities. The Group
currently operates as an explorer and developer.
2. Basis of preparation
(a) Statement of compliance
This condensed consolidated interim financial report has been prepared in
accordance with IAS 34 Interim Financial Reporting. Selected explanatory notes
are included to explain events and transactions that are significant to an
understanding of the changes in financial performance and position of the
Group since the last consolidated financial statements as at and for the
period ended 31 December 2022. This condensed consolidated interim financial
report does not include all the information required for full annual financial
statements prepared in accordance with International Financial Reporting
Standards.
This condensed consolidated interim financial report was approved by the Board
of Directors on 27 September 2023, subject to certain amendments that were
delegated to and approved by a Director on 29 September 2023.
(b) Judgements and estimates
Preparing the interim financial report 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 this condensed consolidated interim financial report, significant
judgements made by Management in applying the Group's accounting policies and
key sources of estimation uncertainty were the same as those that applied to
the audited consolidated financial statements as at and for the period ended
31 December 2022.
3. Significant accounting policies
The accounting policies applied by the Group in this condensed consolidated
interim financial report are the same as those applied by the Group in its
audited consolidated financial statements as at and for the period ended 31
December 2022.
4. Financial instruments
Financial risk management
The Group's financial risk management objectives and policies are consistent
with those disclosed in the audited consolidated financial statements as at
and for the period ended 31 December 2022.
5. Segment information
The Group considers that it operates in two distinct business areas, manganese
mining in West Africa and phosphate mining in Utah, USA. These business
areas form the basis of the Group's operating segments. For each segment,
the Group's CEO (the chief operating decision maker) reviews internal
management reports on at least a quarterly basis.
Operations ceased in the manganese segment of the Group during the period.
This was a result of the sale of the intellectual property relating to this
geographic region. As a result, an amount of £1,412,077 is recognised within
other receivables reflecting the amounts due on the sale and an amount of
£184,653 recognised as a gain on disposal within operating profit.
Other operations relate to the group's administrative functions conducted at
its head office and by its intermediate holding company together with
consolidation adjustments.
Information regarding the results of each reportable segment is included
below. Performance is measured based on segment profit before tax, as
included in the internal management reports that are reviewed by the Group's
CEO. Segment results are used to measure performance as Management believes
such information is the most relevant in evaluating the performance of certain
segments relative to other entities that operate within the exploration
industry.
Information about reportable segments
For the six months ended 30 June 2023 (unaudited)
Other operations£'000
Manganese£'000 Phosphate Total
£'000 £'000
External revenue - 397 - 397
Profit/(loss) before tax - 141 (396) (255)
Segment assets - 4,689 1,471 6,160
For the six months ended 30 June 2022 (unaudited)
Other operations£'000
Manganese£'000 Phosphate Total
£'000 £'000
External revenue - 212 - 212
Profit/(loss) before tax 22 9 (498) (467)
Segment assets 1,228 4,744 718 6,690
5. Segment information (continued)
For the twelve months ended 30 December 2022 (audited)
Other operations
Manganese Phosphate £'000 Total
£'000 £'000 £'000
External revenue - 994 - 994
Profit/(loss) before tax (131) 68 (934) (997)
Segment assets 1,558 5,027 99 6,684
Information about geographical segments:
For the six months ended 30 June 2023 (unaudited)
West US Other operations£'000 Total
Africa
£'000 £'000 £'000
External revenue - 397 - 397
Profit/(loss) before tax - 141 (396) (255)
Segment assets - 4,689 1,471 6,160
For the six months ended 30 June 2022 (unaudited)
West US Other operations£'000 Total
Africa
£'000 £'000 £'000
External revenue - 212 - 212
Profit/(loss) before tax 22 9 (498) (467)
Segment assets 1,228 4,744 718 6,690
5
Segment information (continued)
Information about geographical segments(continued)
For the 12 months ended 31 December 2022 (audited)
West US Other operations Total
Africa £'000
£'000 £'000 £'000
External revenue - 994 - 994
Profit/(loss) before tax (131) 68 (934) (997)
Segment assets 1,558 5,027 99 6,684
6. Seasonality of operations
Mining at Falcon Isle takes place between May and November due to winter snow
cover at the mine site and on the approach road. The fertiliser produced is
used primarily during the planting and growing seasons, but sales by Falcon
Isle take place throughout the year.
7. Intangible assets
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cost
Balance at beginning of period 3,613 4,643 4,643
Additions - 3 -
Effect of movement in exchange rates (145) 298 349
Transfers to assets held for sale - - (1,379)
Balance at end of period 3,468 4,944 3,613
Impairment losses
Balance at beginning of period 55 37 37
Impairment - 26 -
Amortisation - - 13
Disposals - - -
Effect of movement in exchange rates (5) 6 5
Balance at end of period 50 69 55
Carrying amounts
Balance at end of period 3,418 4,875 3,558
Balance at beginning of period 3,558 4,606 4,606
Intangible assets comprise the fair value of prospecting and exploration
rights.
8. Property, plant and equipment
Acquisitions and disposals
No assets were acquired or disposed of during the six months ended 30 June
2023 or the comparative period.
9. Right of use asset
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Balance at beginning of period 121 215 215
Additions - - -
Depreciation (59) (66) (118)
Effects of movements in exchange rates (3) 36 24
59 185 121
Lease liability
£'000 £'000 £'000
Balance at beginning of period 126 219 219
Principal reduction (61) (64) (93)
Finance cost 2 5 9
Effects of movements in exchange rates (6) 23 (9)
61 183 126
Current portion 61 120 126
Non current portion - 63 -
61 183 126
10. Inventories
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Phosphate 660 484 668
660 484 668
11. Trade and other receivables
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Trade receivables 89 - 69
Other receivables 1,496 95 85
Prepayments 27 20 37
1,612 115 191
Trade receivables and other receivables are stated at their nominal values
less allowances for non-recoverability.
12. Share capital and reserves
Dividends
No dividends were declared or paid in the six months ended 30 June 2023 (six
months ended 30 June 2022 : £nil, twelve months ended 31 December 2022:
£nil).
13. Trade and other payables
Current 30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Trade payables 510 401 262
Accruals 92 208 59
Other payables 247 814 209
Deferred consideration and loans to previous minority shareholders 629 - 628
1,478 1,423 1,158
Non-current 30-Jun-23 30-Jun-22 31-Dec-21
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Other payables - 1,293 83
Deferred consideration and loans to previous minority shareholders 1,066 - 1,065
1,066 1,293 1,148
There is no material difference between the fair value of trade and other
payables and their book value.
14. Acquisition of non-controlling interest ("NCI") in
Falcon Isle
In the comparative period, the Group agreed to acquire the outstanding 49%
equity interest in Falcon Isle, together with loans totalling US$1,816,527
made by the vendor to Falcon Isle for total consideration of $3.2 million
payable in four annual tranches of US$800,000 commencing on 1 July 2022. The
first payment was made on 30 June 2022., The second payment, due by 1 July
2023, has been treated as a current liability and is included in other
payables. The final two instalments have been treated as non-current
liabilities.
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