REG - Proton Power Systems - Final Results <Origin Href="QuoteRef">P6K.L</Origin> - Part 2
15/07/2015 16:25
- Part 2: For the preceding part double click ID:nRSG3972Ma
for the reporting
periods presented:
2014 2013
Number Weighted average exercise price Number Weighted average exercise price
£ £
Opening balance 58,015,000 0.041 51,015,000 0.043
Granted 7,350,000 0.061 7,000,000 0.020
Exercised (400,000) (0.030) - -
Forfeited (1,680,000) (0.036) - -
Closing balance 63,285,000 0.043 58,015,000 0.041
The fair values of options granted were determined using the Black-Scholes
valuation model. Significant inputs into the calculation include a weighted
average share price and exercise prices. Furthermore, the calculation takes
into account future dividends of nil and volatility rates of between 50% and
94%, based on expected share price. Risk-free interest rate was determined
between 2.130% and 5.125% for the various grants of options. It is assumed
that options granted under the SOS have an average remaining life of 2 months
(2013: 7 months).
The underlying expected volatility was determined by reference to the
historical data, of the Company. No special features inherent to the options
granted were incorporated into measurement of fair value.
Directors' remuneration
The remuneration of key management of the Group was as follows:
Group
2014 2013
£'000 £'000
Short-term employee benefit 219 244
Share-based payment charge 105 116
324 360
The Group has no key management other than Directors.
8. Taxation
Due to losses within the Group, no expenses for tax on income were required in
either the current or prior periods.
The tax on the Group's loss before tax differs from the theoretical amounts
that would arise using the weighted average tax rate applicable to losses of
the Companies as follows:
2014 2013
£'000 £'000
Tax reconciliation
Loss before tax (10,138) (9,267)
Expected tax credit at 21.5 % (2013: 23.25%) (2,180) (2,154)
Effects of different tax rates on foreign subsidiaries (310) (223)
Expenses not deductible / income not chargeable for tax purposes 1,941 1,128
Tax losses carried forward 549 1,249
Tax charge - -
9. Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity
holders of the Company by the weighted average number of ordinary shares in
issue during the year.
Diluted loss per share is calculated by adjusting the weighted average number
of ordinary shares outstanding to assume conversion of all dilutive potential
ordinary shares. The Company has two categories of dilutive potential ordinary
shares, share options and convertible debt; however, these have not been
included in the calculation of loss per share because they are anti dilutive
for these periods.
2014 2013
Basic Diluted Basic Diluted
£'000 £'000 £'000 £'000
Loss attributable to equity holders of the Company (10,138) (10,138) (9,267) (9,267)
Weighted average number of ordinary shares in issue (thousands) 640,865 640,865 639,919 639,919
Effect of dilutive potential ordinary shares from share options and convertible debt (thousands) - - - -
Adjusted weighted average number of ordinary shares 640,865 640,865 639,919 639,919
Pence per share Pence per share Pence per share Pence per share
Loss per share (pence per share) (1.6) (1.6) (1.5) (1.5)
10. Intangible assets - Group
Goodwill Copyrights, trademarks and other intellectual property rights Development costs Total
£'000 £'000 £'000 £'000
Cost
At 1 January 2013 - 161 1,328 1,489
Exchange differences - 1 29 30
Additions 2,126 65 - 2,191
Acquisitions - 44 - 44
At 31 December 2013 2,126 271 1,357 3,754
At 1 January 2014 2,126 271 1,357 3,754
Exchange differences - (18) (86) (104)
Additions - 24 4 28
Disposals - (12) - (12)
At 31 December 2014 2,126 265 1,275 3,666
Accumulated Amortisation
At 1 January 2013 - 111 1,328 1,439
Exchange differences - 1 29 30
Charged in year - 39 - 39
Acquisitions - 27 - 27
At 31 December 2013 - 178 1,357 1,535
At 1 January 2014 - 178 1,357 1,535
Exchange differences - (13) (86) (99)
Charged in year 2,126 43 - 2,169
Disposals - (3) - (3)
At 31 December 2014 2,126 205 1,271 3,602
Net book value
At 31 December 2014 - 60 4 64
At 31 December 2013 2,126 93 - 2,219
At 1 January 2013 - 50 - 50
Self-developed intangible assets in the amount of £28,000 (2013: £65,000) are
recognized in the reporting year, because the prerequisites of IAS 38 have
been fulfilled.
The amortisation charge above is recognized in the administrative expenses in
the income statement.
As self-developed intangible assets are not material to the Group financial
statements no impairment test has been performed.
There are no individually significant intangible assets.
10. Intangible assets - Group
Goodwill relates to SPower Group and is tested annually for impairment or more
frequently if there are indications that goodwill might be impaired. Goodwill
is tested for impairment by estimating future cash flows from the cash
generating units to which goodwill has been allocated and discounting these
cash flows to their present value. Each unit to which goodwill is allocated
represents the lowest level within the entity at which the goodwill is
monitored for internal management purposes. The key assumptions in this
calculation are in respect of discount rates used and the change in cash
flows. Management estimates discount rates using pre-tax rates that reflect
the current market assessments of the time value of money and the risks
specific to the cash generating unit.
Cash flows are estimated using the most recent budget information for the year
to December 2015 and the latest forecasts up to December 2019, which has been
approved by the Board and extrapolates perpetuity cash flows based on an
estimated growth rate of 2%. The pre-tax discount rate used to discount the
forecast cash flows is 15%.
The Directors consider the assumptions adopted in calculating the cash flows
to be reasonable given current market conditions and expectations for the
future performance of the business.
Based on the latest forecasts the goodwill has been impaired in full.
Amortisation and impairment charges are recognised within administrative
expenses.
11. Property, plant and equipment - Group
Leasehold property improvements Technical equipment & machinery Office & other equipment Self-constructed plant & machinery Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2013 379 1,096 628 16 2,119
Exchange differences 8 34 11 - 53
Additions 30 97 37 54 218
Acquisitions - - 84 - 84
Transfers - 17 - (17) -
Disposals - (1) (27) - (28)
At 31 December 2013 417 1,243 733 53 2,446
At 1 January 2014 417 1,243 733 53 2,446
Exchange differences (30) (67) (47) (7) (151)
Additions 123 31 40 119 313
Transfers - (20) - 20 -
Disposals - - (36) - (36)
At 31 December 2014 510 1,187 690 185 2,572
Accumulated Depreciation
At 1 January 2013 116 832 562 - 1,510
Exchange differences 2 28 10 - 40
Charge for year 37 129 47 - 213
Acquisitions - - 60 - 60
Disposals - (1) (26) - (27)
At 31 December 2013 155 988 653 - 1,796
At 1 January 2014 155 988 653 - 1,796
Exchange differences (12) (54) (42) - (108)
Charge for year 87 117 42 - 246
Disposals - - (34) - (34)
At 31 December 2014 230 1,051 619 - 1,900
Net book value
At 31 December 2014 280 136 71 185 672
At 31 December 2013 262 255 80 53 650
At 1 January 2013 263 264 66 16 609
12. Investment in subsidiary undertaking
2014 2013
Company £'000 £'000
Shares in Group undertaking
Cost
At beginning of year 46,821 40,278
Additions 4,936 6,543
At end of year 51,757 46,821
Impairment
At beginning of year 44,884 29,091
Charge for the year 6,873 15,793
At end of year 51,757 44,884
Net book value
At end of year - 1,937
On 31 October 2006 the Company acquired the entire share capital of Proton
Motor Fuel Cell GmbH, a company incorporated in Germany. The cost of
investment comprises shares issued to acquire the Company valued at the
listing price of 80p per share, together with costs relating to the
acquisition and subsequent capital contributions made to the subsidiary.
Following a review of the Company's assets the Board has concluded that there
are sufficient grounds for its investment in the subsidiary undertakings to be
subject to an impairment review under IAS 36. In arriving at the charge (2013:
charge) in the year of £6,873,000 (2013: £15,793,000) the Board has determined
the recoverable amount on a value in use basis using a discounted cash flow
model.
13. Trade and other receivables
Group Company
2014 2013 2014 2013
£'000 £'000 £'000 £'000
Trade receivables 308 206 - -
Other receivables 17 13 3 1
Amounts due from group companies - - 35 55
Prepayments and accrued income 16 11 9 11
341 230 47 67
The Directors consider that the carrying amount of trade and other receivables
approximates to their fair values.
In addition some of the unimpaired trade receivables are past due as at the
reporting date. The age of financial assets past due but not impaired is as
follows:
Group
2014 2013
£'000 £'000
Not more than three months (all denominated in Euros) 134 42
14. Cash and cash equivalents
Group Company
2014 2013 2014 2013
£'000 £'000 £'000 £'000
Cash at bank and in hand 180 392 - -
The Directors consider that the carrying amount of cash and cash equivalents
approximates to their fair values.
15. Trade and other payables
Group Company
2014 2013 2014 2013
£'000 £'000 £'000 £'000
Trade payables 202 443 23 6
Other payables 92 264 - 2
Accruals and deferred income 488 445 148 75
782 1,152 171 83
The Directors consider that the carrying amount of trade and other payables
approximates to their fair values.
16. Borrowings
Group Company
2014 2013 2014 2013
£'000 £'000 £'000 £'000
Loan
Current 262 280 - -
Non-current 16,782 11,711 16,782 11,711
Current and total borrowings 17,044 11,991 16,782 11,711
During the year the Group and Company entered into a new loan agreement with
Roundstone Properties Limited which combined all existing Roundstone
Properties Limited's loans and provided total facilities of E16,500,000. The
loans under this facility are repayable on 6 May 2017 and carry interest at
10% per annum. Roundstone Properties Limited has the option to convert accrued
interest and outstanding interest at any time into ordinary shares in the
Company at 2p per share. This facility was fully utilised during 2014.
On 14 December 2014 the Group and Company entered into a loan agreement with
Mr Falih Nahab which provides facilities of E10,000,000. The loan is repayable
on 13 December 2017 and carries interest at 10% per annum. Mr Falih Nahab has
the option to convert accrued interest and outstanding interest at any time
into ordinary shares in the Company at 2p per share. At 31 December 2014 total
advances under this facility were E500,000. Mr Falih Nahab is the brother of
Mr Faiz Nahab, a director of the Company and both are treated as related.
These instruments were classified as a debt host instrument with an embedded
derivative being the conversion feature. The embedded derivative has been fair
valued and the residual value of the instrument had been recognised as debt.
The debt has subsequently been measured at amortised cost.
On 24 July 2013 the Group and Company entered into a new loan agreement with
Roundstone Properties Limited providing E2,383,841. The loan is unsecured,
repayable on 23 July 2016 and carries interest at LIBOR plus 2% per annum.
Interest is to be rolled up and repaid at the termination of the agreement.
The Company has the option to repay interest annually.
During 2013 Roundstone Properties Limited provided short-terms loans directly
to SPower of E335,000. The loans are interest free and repayable on demand.
The directors consider that the carrying amount of borrowings approximates to
their fair value.
17. Embedded derivatives on convertible interest
Group Company
2014 2013 2014 2013
£'000 £'000 £'000 £'000
Embedded derivatives on convertible interest 6,622 3,771 6,622 3,771
The embedded derivatives relate to the conversion features attached to
convertible interest as disclosed under note 16. The derivatives are initially
recognised at fair value and fair valued at each subsequent accounting
reference date.
18. Deferred income tax - Group
Deferred tax assets are recognised for tax loss carry-forwards to the extent
that the realisation of the related benefit through future taxable profits is
probable. The Group has not recognised deferred income tax assets of
£9,731,000 (2013: £9,182,000) in respect of losses amounting to £3,661,000
(2013: £4,232,000) and E43,112,000 (2013: E37,380,000).
19. Share capital
The share capital of Proton Power Systems plc consists of fully paid Ordinary
shares with a par value of £0.01 (2013: £0.01) and Deferred Ordinary shares
with a par value of £0.01. All Ordinary shares are equally eligible to receive
dividends and the repayment of capital and represent one vote at the
shareholders' meeting of Proton Power Systems plc. Deferred Ordinary shares
have no rights other than the repayment of capital in the event of a winding
up. None of the parent's shares are held by any company in the Group.
On 5 February 2014 330,682 ordinary shares of 1p each were issued each at a
price of 6p per share in settlement of a supplier's invoice.
On 13 February 2014 291,462 ordinary shares of 1p each were issued each at a
price of 6p per share in settlement of a supplier's invoice.
On 4 April 2014 166,222 ordinary shares of 1p each were issued each at a price
of 7.4p per share in settlement of a supplier's invoice.
On 16 June 2014 100,000 ordinary shares of 1p each were issued each at a price
of 3p per share for cash in settlement of share options exercised.
On 9 July 2014 169,972 ordinary shares of 1p each were issued each at a price
of 7.01p per share in settlement of a supplier's invoice.
On 1 October 2014 240,490 ordinary shares of 1p each were issued each at a
price of 6.75p per share in settlement of a supplier's invoice.
On 8 October 2014 300,000 ordinary shares of 1p each were issued each at a
price of 3p per share for cash in settlement of share options exercised.
Details of share options in issue are given in Note 7.
The number of shares in issue at the balance sheet date is 641,517,561 (2013:
639,918,733) Ordinary shares of 1p each (2013: 1p each) and 327,963,452 (2013:
327,963,452) Deferred Ordinary shares of 1p each.
Proceeds received in addition to the nominal value of the shares issued during
the year have been included in share premium, less registration and other
regulatory fees and net of related tax benefits.
2014 2013
Ordinary shares Deferred ordinary shares Ordinary shares Deferred ordinary shares
No.'000 £'000 No.'000 £'000 No.'000 £'000 No.'000 £'000
Shares authorised, issued and fully paid
At the beginning of the year 639,919 6,399 327,963 3,280 639,239 6,392 327,963 3,280
Share issue 1,599 16 - - 680 7 - -
641,518 6,415 327,963 3,280 639,919 6,399 327,963 3,280
20. Commitments
Neither the Group nor the Company had any capital commitments at the end of
the financial year, for which no provision has been made. Total future lease
payments under non-cancellable operating leases are as follows:
2014 2013
Land and buildings Other Land and buildings Other
Group £'000 £'000 £'000 £'000
Operating leases which expire:
Within one year 343 - 169 -
In the second to fifth years inclusive 415 - 628 -
After more than five years - - - -
758 - 797 -
21. Related party transactions
During the year ended 31 December 2014 the Group and Company entered into the
following related party transactions:
Group Company
Year ended 31 December Year ended 31 December
2014 2013 2014 2013
£'000 £'000 £'000 £'000
(Expenses) / Income
Roundstone Properties Limited effective loan interest (1,215) (786) (1,215) (786)
Roundstone Properties Limited other loan interest (41) (32) (41) (32)
Thomas Melzcer 2 1 - -
Helmut Gierse (20) (20) (20) (20)
Team B Partners LLP (14) - (14) -
At 31 December 2014 the Group and Company had the following balances with
related parties:
Group Company
Year ended 31 December Year ended 31 December
2014 2013 2014 2013
£'000 £'000 £'000 £'000
Amounts due (to) / from
Roundstone Properties Limited borrowings and embedded derivatives (see Notes 16 and 17) (23,007) (15,482) (23,007) (15,482)
Roundstone Properties Limited interest accrual (73) (32) (73) (32)
Roundstone Properties Limited loans to SPower (262) (280) - -
Falih Nahab (397) - (397) -
Thomas Melzcer 62 26 - -
Team B Partners LLP (3) - (3) -
Further borrowings were drawn down during the year which contained embedded
derivatives. In accordance with IAS 39 these have been fair valued.
During the year the Company made capital contributions to Proton Motor Fuel
Cells GmbH of £4,936,000 (2013: £4,606,000) and to SPower of £nil (2013:
£1,937,000).
The amount due from Thomas Melzcer relates to a director loan balance which
was extended during the year.
22. Risk management objectives and policies
The Group's activities expose it to a variety of financial risks:
§ foreign exchange risk (note 23);
§ credit risk (note 24); and
§ liquidity risk (note 25).
The Group's overall risk management programme focuses on the unpredictability
of cash flows from customers and seeks to minimise potential adverse effects
on the Group's financial performance. The Board has established an overall
treasury policy and has approved procedures and authority levels within which
the treasury function must operate. The Directors conduct a treasury review at
least monthly and the Board receives regular reports covering treasury
activities. Treasury policy is to manage risks within an agreed framework
whilst not taking speculative positions.
The Group's risk management is co-ordinated at Proton Motor Fuel Cell GmbH in
close co-operation with the Board of Directors, and focuses on actively
securing the Group's short to medium term cash flows by minimising the
exposure to financial markets.
23. Foreign currency sensitivity
The Group operates internationally and is exposed to foreign exchange risk
arising from various currency exposures, primarily with respect to the Euro
and Sterling.
The Group does not hedge either economic exposure or the translation exposure
arising from the profits, assets and liabilities of Euro business.
Euro denominated financial assets and liabilities, translated into Sterling at
the closing rate, are as follows:
Year ended 31 December 2014 Year ended 31 December 2013
E'000 £'000 E'000 £'000
Financial assets 420 329 260 217
Financial liabilities (30,971) (24,240) (20,133) (16,830)
Short-term exposure (30,551) (23,911) (19,873) (16,613)
The following table illustrates the sensitivity of the net result for the year
and equity with regard to the parent Company's financial assets and financial
liabilities and the Sterling/Euro exchange rate. It assumes a +/- 7.04% change
of the Sterling/Euro exchange rate for the year ended at 31 December 2014
(2013: 6.28%). This percentage has been determined based on the average market
volatility in exchange rates in the previous 12 months. The sensitivity
analysis is based on the parent Company's foreign currency financial
instruments held at each balance sheet date.
If the Euro had strengthened against Sterling by 7.04% (2013: 6.28%) then this
would have had the following impact:
Year ended 31 December 2014 Year ended 31 December 2013
£'000 £'000
Net result for the year (1,683) (1,043)
Equity (1,683) (1,043)
If the Euro had weakened against Sterling by 7.04% (2012: 6.28%) then this
would have had the following impact:
Year ended 31 December 2014 Year ended 31 December 2013
£'000 £'000
Net result for the year 1,683 1,043
Equity 1,683 1,043
Exposures to foreign exchange rates vary during the year depending on the
value of Euro denominated loans. Nonetheless, the analysis above is considered
to be representative of Group's exposure to currency risk.
24. Credit risk analysis
Credit risk is managed on a Group basis. Credit risk arises from cash and
deposits with banks, as well as credit exposures to customers, including
outstanding receivables and committed transactions. For banks and financial
institutions, only independently rated parties with a minimum rating of 'A'
are accepted. If customers are independently rated, these ratings are used.
Otherwise, if there is no independent rating, risk control assesses the credit
quality of the customer, taking into account its financial position, past
experience and other factors. Individual risk limits are set based on internal
or external ratings in accordance with limits set by the Board.
No credit limits were exceeded during the reporting period, and management
does not expect any losses from non-performance by these counterparties. The
Directors do not consider there to be any significant concentrations of credit
risk.
The Group's maximum exposure to credit risk is limited to the carrying amount
of financial assets recognised at the balance sheet date, as summarised
below:
Group Company
2014 2013 2014 2013
£'000 £'000 £'000 £'000
Cash and cash equivalents 180 392 - -
Trade and other receivables 325 219 - -
Short-term exposure 505 611 - -
The Group continuously monitors defaults of customers and other
counterparties, identified either individually or by group and incorporates
this information into its credit risk controls. Where available at reasonable
cost, external credit ratings and/or reports on customers and other
counterparties are obtained and used. The Group's policy is to deal only with
creditworthy counterparties.
The Group's management considers that all the above financial assets that are
not impaired for each of the reporting dates under review are of good credit
quality, including those that are past due.
None of the Group's financial assets are secured by collateral or other credit
enhancements.
In respect of trade and other receivables, the Group is not exposed to any
significant credit risk exposure to any single counterparty or any group of
counterparties having similar characteristics. The credit risk for liquid
funds and other short-term financial assets is considered negligible, since
the counterparties are reputable banks with high quality external credit
ratings.
25. Liquidity risk analysis
Prudent liquidity risk management includes maintaining sufficient cash and the
availability of funding from an adequate amount of committed credit
facilities. The Group maintains cash to meet its liquidity requirements.
The Group manages its liquidity needs by carefully monitoring scheduled debt
servicing payments for long-term financial liabilities as well as
cash-outflows due in day-to-day business. Liquidity needs are monitored in
various time bands, on a day-to-day and week-to-week basis, as well as on the
basis of a rolling 30-day projection. Long-term liquidity needs for a 180-day
and a 360-day lookout period are identified monthly.
As at 31 December 2014, the Group's liabilities have contractual maturities
which are summarised below:
Within 6 months 6 to 12 months 1 to 5 years
£'000 £'000 £'000
Trade payables 202 - -
Other short term financial liabilities 92 - -
Borrowings and embedded derivatives on convertible loans - 262 16,782
This compares to the maturity of the Group's financial liabilities in the
previous reporting period as follows:
Within 6 months 6 to 12 months 1 to 5 years
£'000 £'000 £'000
Trade payables 443 - -
Other short term financial liabilities 264 - -
Borrowings and embedded derivatives on convertible loans - 280 11,711
The above contractual maturities reflect the gross cash flows, which may
differ to the carrying values of the liabilities at the balance sheet date.
Borrowings and embedded derivatives on convertible loans have been combined as
they relate to the same instruments. Contractual maturities have been assumed
based on the assumption that the lender does not convert the loans into equity
before the repayment date.
26. Financial instruments
The assets of the Group and Company are categorised as follows:
As at 31 December 2014 Group Company
Loans and receivables Non-financial assets / financial assets not in scope of IAS 39 Total Loans and receivables Non-financial assets / financial assets not in scope of IAS 39 Total
£'000 £'000 £'000 £'000 £'000 £'000
Intangible assets - 64 64 - - -
Property, plant and equipment - 672 672 - - -
Investment in subsidiary - - - - - -
Inventories - 312 312 - - -
Trade and other receivables 325 16 341 37 10 47
Cash and cash equivalents 180 - 180 - - -
505 1,064 1,569 37 10 47
As at 31 December 2013 Group Company
Loans and receivables Non-financial assets / financial assets not in scope of IAS 39 Total Loans and receivables Non-financial assets / financial assets not in scope of IAS 39 Total
£'000 £'000 £'000 £'000 £'000 £'000
Intangible assets - 2,219 2,219 - - -
Property, plant and equipment - 650 650 - - -
Investment in subsidiary - - - - 1,937 1,937
Inventories - 426 426 - - -
Trade and other receivables 219 11 230 56 11 67
Cash and cash equivalents 392 - 392 - - -
611 3,306 3,917 56 1,948 2,004
The liabilities of the Group and Company are categorised as follows:
As at 31 December 2014 Group Company
Financial liabilities at amortised cost Financial liabilities valued at fair value through the income statement Liabilities not within the scope of IAS 39 Total Financial liabilities at amortised cost Financial liabilities valued at fair value through the income statement Liabilities not within the scope of IAS 39 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Trade and other payables 744 - 38 782 171 - - 171
Borrowings 17,044 - - 17,044 16,782 - - 16,782
Embedded derivatives on convertible loans - 6,622 - 6,622 - 6,622 - 6,622
17,788 6,622 38 24,448 16,953 6,622 - 23,575
As at 31 December 2013 Group Company
Financial liabilities at amortised cost Financial liabilities valued at fair value through the income statement Liabilities not within the scope of IAS 39 Total Financial liabilities at amortised cost Financial liabilities valued at fair value through the income statement Liabilities not within the scope of IAS 39 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Trade and other payables 1,152 - - 1,152 83 - - 83
Borrowings 11,991 - - 11,991 11,711 - - 11,711
Embedded derivatives on convertible loans - 3,771 - 3,771 - 3,771 - 3,771
13,143 3,771 - 16,914 11,794 3,771 - 15,565
Fair values
IFRS 13 sets out a three-tier hierarchy for financial assets and liabilities
valued at fair value. These are as follows:
§ Level 1 - quoted prices (unadjusted) in active markets for identical assets
and liabilities;
§ Level 2 - inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly or indirectly; and
§ Level 3 - unobservable inputs for the asset or liability.
The embedded derivatives fall within the fair value hierarchy level 2.
27. Capital management
The Group's objectives when managing capital are to safeguard the Group's
ability to continue as a going concern, provide returns for shareholders and
benefits to other stakeholders and to maintain a structure to optimise the
cost of capital. The Group defines capital as debt and equity. In order to
maintain or adjust the capital structure, the Group may consider: the issue or
sale of shares or the sale of assets to reduce debt.
The Group routinely monitors its capital and liquidity requirements through
leverage ratios consistent with industry-wide
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