DXS International plc Annual Financial Report

 
TIDMDXSP 
 

DXS INTERNATIONAL PLC

ANNUAL RESULTS

for the year ended 30 April 2021

The Board of DXS International plc ("the Company"), the AQSE Growth Market quoted healthcare information and digital clinical decision support systems provider, is pleased to announce its audited Final Results for the year ended 30 April 2021.

Financial Highlights

   -- Turnover increased by 10% to GBP3,605,766 (2020: GBP3,279,787). In spite 
      of the unprecedented interruption to business during the financial year, 
      revenue increased by GBP325,979. This is attributed to an increase in 
      both NHS and Pharmaceutical sales revenue supplemented by a one off 
      contribution of GBP100,323 for the EU Hypertension initiative. 
 
   -- Operating Profit GBP288,016 (2020: GBP304,025). 
 
   -- Profit after tax is GBP496,913, compared to GBP428,502 in the previous 
      year, an increase of 16%. 
 
   -- Cash at bank GBP792,318 (2020: GBP1,010,645). 
 
   -- Over GBP1.5m invested in R&D during the period. 

Operational Highlights

   -- We have completed 14 ExpertCare Hypertension pilots. Data from these 
      pilots has reinforced the need for a solution such as ExpertCare which 
      can significantly contribute towards a higher percentage of Hypertensive 
      patients being treated in compliance with NICE, best evidence treatment 
      guidelines, resulting in reduced incidents of heart attacks and strokes 
      and saving the NHS and healthcare providers money. 
 
   -- The Company received CE accreditation as a Class 1A device for the 
      Hypertension solution and also ISO accreditation for the Company. 
 
   -- Our CompleteCare Templates and Toolkits are generating positive interest 
      among GP practices as a solution to helping to manage the significant 
      backlog of "business as usual". 
 
   -- DXS is starting to look more internationally to other markets where our 
      products could have a positive impact. 

Post Period Highlights

   -- The ExpertCare Hypertension solution achieved accreditation for the new 
      NHS Digital Framework, GPIT Futures. This provides the ability for 
      potential ExpertCare customers to have the Hypertension solution funded 
      from a central NHS fund. 
 
   -- The CompleteCare team has reacted to the current enormous primary care 
      backlog for care reviews and treatment and created specialised tools to 
      help clinicians expedite the management of long term conditions such as 
      cancer and learning disability. 
 
   -- Trading for the first three months is on a par with the previous year but 
      is expected to show growth as the COVID situation normalises and we are 
      able to begin to realise revenue growth with our new solutions. 

David Immelman, Chief Executive of DXS commented:

"Although the COVID situation has continued to delay commercial operations for our suite of new solutions, ExpertCare, MyVytalCare and CompleteCare, the time has been used to redirect resources into ongoing R&D. These initiatives are expected to begin reaping rewards early in 2022. We have also started looking at more of an overseas approach to our products and explore different healthcare systems in various countries to see how DXS's solutions could be applied across the world.

We remain focused on our overall strategy of building significant revenue over the next 4-5 years through our Expert Long-Term Care solutions into which we have been heavily investing for the past 5 years. We remain confident and optimistic about the future growth of the business and this is supported by our own organic investment into increased development of GBP1,529,762 during the year."

The Directors of DXS International plc accept responsibility for this announcement.

Contacts :

   David Immelman        01252 719800 

DXS International plc

www.dxs-systems.com

AQSE Corporate Broker

   Hybridan LLP        020 3764 2341 

Claire Louise Noyce

Corporate Advisor

   City & Merchant        020 7101 7676 

David Papworth

Notes to Editors

About DXS:

DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively and which should significantly contribute towards the NHS achieving its projected efficiency savings.

The following information is extracted from the DXS International plc audited accounts for the year ended 30 April 2021.

Report of the Directors

The directors present their annual report and the audited financial statements for the year ended 30 April 2021. The Chairman's statement which is included in this report includes a review of the achievements of the Company, the trading performance, financial position and trading prospects.

DIRECTORS

The directors for the year were:

   -- Bob Sutcliffe -- Chairman 
   -- David Immelman -- CEO 
 
   -- Steven Bauer -- COO 

PRINCIPAL ACTIVITIES

The group's principal activities during the period were the development and distribution of clinical decision support to General Practitioners, Nurses and Retail Pharmacies in the United Kingdom. The commercial side included the licensing of DXS to various Clinical Commissioning Groups (CCGs) and the sale of e-detailing opportunities to the Pharmaceutical Industry.

The group continues to invest in research and development both locally and internationally and during this financial year has invested GBP1,529,762 into R&D for the introduction, continuation and completion of a number of new DXS solutions. These are mainly targeted at providing clinicians and patients with solutions to long term conditions. These products are aligned with the NHS strategy of "Connected Care" and the hypertension solution, ExpertCare, and the specialised template and toolkit solution, CompleteCare, while delayed due to COVID-19, are market ready.

During the period we repaid GBP117,164 on bank and personal loans.

FINANCIAL INSTRUMENTS

The Directors believe that there is no material risk arising in respect of interest rates on loans, credit and liquidity.

DIVID

The Directors do not recommend a dividend.

DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the financial statements for each financial year. The directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

   -- Select suitable accounting policies and apply them consistently. 
 
   -- Make judgments and accounting estimates that are reasonable and prudent. 
 
   -- State whether UK accounting principles have been followed subject to any 
      material departures disclosed and explained in the financial statements 
      and, 
 
   -- Prepare the financial statements on the going concern basis unless it is 
      inappropriate to presume that the Company will continue in the business. 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DIRECTORS' RESPONSIBILITIES TO AUDITORS

The directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company's auditors are aware of that information.

So far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware.

Approved by the board and signed on its behalf by:

DA Immelman

Director

4 August 2021

Strategic Report

SECTION 172 REPORT

Section 172 of the Companies Act requires that a director of the Company is managing in the best interests of all stakeholders -- Customers, Employees and Shareholders.

In the spirit of above, the Directors of DXS International plc, strive to maintain a reputation for high but fair standards in the best interest of its stakeholders.

Our primary focus is on our customers and here we regard our relationships and channels of communications of paramount importance. We operate in a sensitive environment, healthcare, and as such ensure that we meet all the standards required by our customers, such as Information Governance and Clinical Safety. In addition, we comply with ISO standards which assures an overarching good governance approach to all operations.

The Board is focused on delivering value for Shareholders underpinned by motivated Employees delivering above average delivery of solutions and service to Customers. In achieving the foregoing, the Company focuses on continued innovation via a policy of research and development funded through organic investment plus capital raises, as agreed at shareholder meetings, noting it has not as a Company raised any external equity financing in the year to April 2021, and supported by clearly communicated vision and direction.

In our communication to Shareholders the Board is clear in terms of its short, medium and long-term strategy and maintains an open-door approach to Shareholders seeking additional clarity on any issue. The Board release notices on a regular basis informing Shareholders of developments in areas of business progress, non-confidential strategic decisions and any change to company policy. Risks and opportunities are set out in this strategic review.

The Group is small and while clear management structures are in place all Employees, if required, have direct access to the Executive Directors on a daily basis and, if necessary, to the Chairman. The group retains HR services to ensure the fair and equitable treatment of Employees. The Company promotes a policy of promoting from within supported by training and mentorship. We encourage diverse thinking and recognise strengths and contribution to the business.

REVIEW OF THE GROUP'S BUSINESS

The Group Profit after Tax is GBP496,913 (2020 - GBP428,502). The Operating Profit amounts to GBP288,016 (2020 - GBP304,025). This decrease was largely due to an increase in depreciation of GBP409,121. The Group has a credit of GBP243,240 for UK Corporation Tax (2020 credit- GBP189,195) for the year.

The profit after tax for the year increased by GBP68,411 after a significant investment into R&D of GBP1,529,762. Considering the overall impact of COVID-19, revenue remained robust with an increase of 16% in revenue.

Being an accredited NHS solutions provider, DXS has well-established business continuity and disaster recovery protocols in place. These were triggered during the early stages of the COVID-19 outbreak and at this point, all our staff with the exception of one, both in the United Kingdom and South Africa are successfully working from home and the Company remains fully operational.

The expected revenue increase due to increased pricing as a result of GPITF accreditation has not materialised as expected due to operational NHS delays. These may be expected to become effective in April 2022.

On the upside, one of our new solutions, ExpertCare Hypertension has received GPIT Futures accreditation.

We have utilised the delays in commercialisation caused by COVID to add certain enhancements to our Expert solutions namely ExpertCare and CompleteCare which we believe will increase the attractiveness of our offering and pricing in our favour once the market reopens for business as usual.

Our strategy remains aligned with both the new NHS Long Term Plan and opportunities abroad.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk to the Company in the UK is that the NHS dramatically changes its plans or cuts its budgets. This seems unlikely, particularly with the current pandemic highlighting the need for clinicians to operate using digital technologies. We are also confident that our new Hypertension solution can play a significant role in assisting already overloaded clinicians to manage patient backlogs as the situation begins to normalise.

Failure to achieve predicted quantities of DXS contracts, and slower development of additional revenue streams may result in revenues growing more slowly than anticipated. These may be mitigated due to the launch of market ready new products once the current situation normalises.

While the country is moving to the easing of restrictions, the impact of COVID-19 on business going forward remains uncertain and can impact the GPIT Futures accreditation of our new solutions as well as a slower than anticipated access to market of our new Hypertension solution.

In addition, our plans for expansion outside of the UK mitigate this risk. Here we continue with our research and development plans to take our new Expert Hypertension solution into international markets where improved management of Hypertension and other long term conditions are a top priority.

ANALYSIS OF BUSINESS DURING YEARING APRIL 2021

Revenue was above expectations increasing by GBP325,979 while Operating Profit decreased marginally by GBP16,009. Increased revenue was attributable to increases in business-as-usual revenue supplemented by GBP110,323 from an EU hypertension sale.

FINANCIAL KPI

   -- Group Revenue of GBP3,605,766 has increased by 10%. Definition: Total 
      Group sales including distribution of clinical decision support to 
      General Practitioners and the licensing of DXS to CCGs and healthcare 
      publishers. Group Revenue includes the sale of medicine education slots 
      to the pharmaceutical industry. 
 
   -- Underlying Group Profit after Tax was GBP496,913, a 16% increase. This 
      was mainly due to an increased Tax credit realised by increased 
      investment in R&D for the period. Definition: Underlying profit provides 
      information on the underlying performance of the business. 
 
   -- Depreciation and amortisation of deferred Research and Development 
      expenditure in 2021 was GBP980,683 and in 2020 was GBP571,562. 
 
   -- Earnings Per Share 2021 1.0p, 2020 1.1p. Definition: Earnings per share 
      is the underlying profit divided by the weighted average number of 
      ordinary shares in issue. 
 
   -- ROE 2021 12 %, 2020 12%. Definition: Return on Equity (ROE) is the ratio 
      of net profit of a company to its shareholders funds. It measures the 
      profitability of a company by expressing its net profit as a percentage 
      of its shareholders funds which include share capital, share premium, 
      provision for costs of share option awards and retained earnings 

CORPORATE GOVERNANCE

We are committed to establish, maintain, and continually improve an Integrated Management System (IMS) that conforms to ISO 22301:2012, ISO 20000-1:2018 and ISO 27001:2013 requirements.

To achieve this objective, we commit to:

   -- continual improvement in our performance and services to our 
      stakeholders. 
 
   -- Identify, assess, reduce, and eliminate hazards and risks pertaining to 
      our business. 
 
   -- Setting risk-based objectives and targets to meet applicable statutory, 
      business, information security and service level obligations. 
 
   -- Comply with mutually agreed quality and service level requirements of our 
      customers 
 
   -- Develop our people and provide sufficient resources to meet our 
      objectives and targets. 

We communicate the IMS Policy to all personnel working for or on behalf of DXS to ensure that they are made aware of their individual IMS obligations.

Approved by the board and signed on its behalf by:

D Immelman

Director

4 August 2021

FINANCIAL STATEMENTS

INCOME STATEMENT

Year ended 30 April 2021

 
                                          2021                    2020 
                                  Continuing Operations   Continuing Operations 
 
                                          GBP                     GBP 
Turnover                                      3,605,766               3,279,787 
Cost of Sales                                 (419,757)               (318,424) 
                                              _________               _________ 
Gross Profit                                  3,186,009               2,961,363 
Administration Costs                        (1,917,310)             (2,085,776) 
Depreciation and Amortisation                 (980,683)               (571,562) 
                                              _________               _________ 
Operating profit                                288,016                 304,025 
Interest received and similar 
 income                                               -                   4,398 
Sundry income                                     9,539                       - 
                                              _________               _________ 
                                                297,555                 308,423 
Interest payable and similar 
 expenses                                      (43,882)                (69,116) 
                                              _________               _________ 
Profit on ordinary activities 
 before taxation                                253,673                 239,307 
Tax on profit on ordinary 
 activities                                     243,240                 189,195 
                                              _________               _________ 
Profit for the year                             496,913                 428,502 
                                 =========               ========= 
Profit per share 
                                 1.0p                    1.1p 
 --    basic 
                                 1.0p                    1.1p 
 --    fully diluted 
                                 =========               ========= 
 

Statement of Other Comprehensive Income

Year ended 30 April 2021

 
                                              2021       2020 
                                               GBP        GBP 
 
Profit for the year                           496,913    428,502 
Other comprehensive income                          -          - 
Tax on components of other comprehensive 
 income                                             -          - 
                                            _________  _________ 
Total comprehensive income for 
 the year                                     496,913    428,502 
                                            =========  ========= 
 

Statement of Financial Position

Year ended 30 April 2021

 
                                                           Company    Company 
                                 Group 2021  Group 2020      2021       2020 
                                                 GBP         GBP        GBP 
Fixed Assets 
Intangible Assets                 4,557,969    4,007,411          -          - 
Tangible Assets                       1,333        1,105          -          - 
Investments                               -            -  2,348,899  2,010,500 
                                  _________    _________  _________  _________ 
                                  4,559,302    4,008,516  2,348,899  2,010,500 
                                  _________    _________  _________  _________ 
Current assets 
Debtors: amounts falling due 
 within one year                    850,258      759,405     43,471     91,051 
Cash at bank and in hand            792,318    1,010,645    642,377    911,854 
                                  _________    _________  _________  _________ 
                                  1,642,576    1,770,050    685,848  1,002,905 
Creditors: amounts falling due 
 within one year                  (951,673)  (1,180,704)   (38,227)   (37,360) 
                                  _________    _________  _________  _________ 
Net current assets                  690,903      589,346    647,621    965,545 
                                  _________    _________  _________  _________ 
 
Total assets less current 
 liabilities                      5,250,205    4,597,862  2,996,520  2,976,045 
 
Creditors: 
Amounts falling due after more 
 than one year                    (449,125)    (376,289)          -          - 
Deferred income                   (653,688)    (571,094)          -          - 
                                  _________    _________  _________  _________ 
                                  4,147,392    3,650,479  2,996,520  2,976,045 
                                  =========    =========  =========  ========= 
Capital and reserves 
Called up share capital             159,246      159,246    159,246    159,246 
Share Premium                     2,676,321    2,676,321  2,676,321  2,676,321 
Share option reserve                173,808      173,808    173,808    173,808 
Retained earnings                 1,138,017      641,104   (12,855)   (33,330) 
                                  _________    _________  _________  _________ 
Shareholders' funds               4,147,392    3,650,479  2,996,520  2,976,045 
                                 =========   =========    =========  ========= 
 
 

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The Company made a profit of GBP20,475 (2020 - GBP80,099) for the year.

The financial statements were approved and authorized for issue by the Board on 4 August 2021.

 
D Immelman  R Sutcliffe 
 Director    Director 
 
   Company Registration number :        06311313 

STATEMENT OF CASH FLOWS

Year ended 30 April 2021

 
                                          Group       Group 
                                           2021        2020 
                                           GBP         GBP 
Cash flow from operating activities      1,088,409     777,709 
Interest paid                             (43,882)    (69,116) 
Interest received                                -       4,398 
Sundry Income                                9,539           - 
R&D tax credit received                    186,240     257,195 
                                         _________   _________ 
Net cash flow from operating 
 activities                              1,240,306     970,186 
                                         _________   _________ 
 
Cash flow from investing activities 
Payments to acquire intangible 
 fixed assets                          (1,529,762)   (904,503) 
Payments to acquire tangible 
 fixed assets                              (1,707)           - 
Disposal of fixed tangible assets                -         626 
                                         _________   _________ 
                                       (1,531,469)   (903,877) 
                                         _________   _________ 
Financing Activities                             - 
Net Proceeds on issue of shares                  -     978,397 
Repayment of long term loans             (117,164)    (89,303) 
Advance of long term loans                 190,000           - 
                                         _________   _________ 
                                            72,836     889,094 
                                         _________   _________ 
 
Net (decrease)/ increase in cash 
 and cash equivalents                    (218,327)     955,403 
Cash and Cash equivalents at 
 1 May 2020                              1,010,645      55,242 
                                         _________   _________ 
Cash and Cash equivalents at 
 30 April 2021                             792,318   1,010,645 
                                         =========   ========= 
Cash and Cash equivalents consists 
 of: 
 Cash at bank and in hand                  792,318   1,010,645 
                                       =========    ========= 
 
 
                                Current   Non Current 
Net Debt Reconciliation           Debt        Debt       Cash        Total 
                                  GBP         GBP         GBP         GBP 
At 30 April 2019               (665,212)    (464,951)     55,242  (1,074,921) 
Cash Flow                        244,440       89,303    955,403    1,289,146 
Transfer from Current to Non 
 Current Debt                        641        (641)          -            - 
                               _________    _________   ________    _________ 
At 30 April 2020               (207,139)    (449.125)    792,318      136,054 
                               =========  =========    =========  ========= 
 

Notes to the Financial Statements

Year ended 30 April 2021

1 Summary of significant accounting policies

   (a)    General information and basis of preparation. 

DXS International PLC is a public company limited by shares incorporated in England and Wales. The address of the registered office is given in the Company information on Page 1 of these financial statements.

The group's principal activities during the year were the development and distribution of clinical decision support to General Practitioners, Nurses and Retail Pharmacies in the United Kingdom and South Africa. The commercial side includes the licensing of DXS products to various CCG's (Central Commissioning Groups), the sale of e- detailing opportunities to the pharmaceutical industry, the UK Primary Care sector and the licencing of DXS technology to healthcare publishers.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the Company.

In the opinion of the Directors the group has sufficient funding to continue as a going concern for at least twelve months from the date of approval of the financial statements.

Should the group be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities that might arise. The financial statements do not reflect any such adjustments.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

   (b)         Intangible assets 

Intangible assets acquired separately from a business are capitalised at cost. Research and development expenditure, other than specific identifiable development expenditure, is written off against profits in the year in which it is incurred.

Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Developed products are for use within the NHS and other medical institutions within both the UK and internationally. The Group is already a supplier of services to the NHS.

Goodwill arising on business combinations is capitalised, classed as an asset on the balance sheet and amortised over its useful life. The period originally chosen for writing off the current goodwill was 20 years because the directors believed that this was the period of time for the benefit to be received. The Directors reviewed the anticipated future life of the goodwill during 2020. It was considered that the anticipated future life of the goodwill would not exceed 3 years from 1 May 2020.

Accordingly the Net Book Value of the goodwill at 30 April 2020 is being amortised over 3 years. Intangible assets are amortised over a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

 
Intangible type        Useful life                  Reasons 
Development            5 years form the date        Period of time for benefit 
expenditure             that the specific product    to be received 
                        is completed and available 
                        for distribution 
 

Provision is made for any impairment.

   (c)         Tangible fixed assets 

The Company capitalises items purchased as Tangible Fixed Assets which have a cost in excess of GBP500.

Tangible fixed assets are stated at cost less accumulated depreciation.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost , less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

   Plant and equipment        3-4 years straight line. 
   (d)         Debtors and creditors receivable/ payable within one year 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses.

   (e )         Loans and borrowings 

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using an effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

   (f)         Grants 

Government Grants, including non - monetary grants, shall not be recognised until there is reasonable assurance that :

(a) the entity will comply with the conditions attached to them; and

(b) the grants will be received.

An entity shall recognise grants either based on the performance model or the accrual model. This policy choice shall be applied on a class-by-class basis.

   (g)         Tax 

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

   (h)         Turnover and other income 

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows -

Sale of services

Turnover is from the sale of opportunities to the pharmaceutical industry and the UK Primary Care sector and is recognised over the term of service contract and is apportioned on a time basis representing the delivery of the service.

   (i)         Foreign currency 

Foreign currency transactions are initially recognised by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

   (j )         Employee benefits 

When employees have rendered service to the Company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

   (k)         Leases 

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

   (l)         Share option reserve policy 

The Company recognised as an expense, the fair value of share options granted over their vesting period. The fair value is calculated by applying an option pricing model.

Factors affecting the model are expected volatility, exercise price, weighted average share price, option life and risk free interest rate. In respect of options granted by the Company -

- use of the Black Scholes calculator as the option pricing model,

- calculated volatility using the Adam Greene Volatility method using an average share price over the previous 104 weeks,

- the directors base their calculations on an option life of 2 years

   (m)         Key judgements and Key accounting estimates 

There are no Key judgements or Key Accounting estimates with a material effect on the carrying value of assets and liabilities.

The Group has used a level of judgement around key assumptions on the technical feasibility of products under development, the consideration of the estimated useful lives of these products and a degree of estimate in respect of the capitalised attributable cost.

   (n)         Reduced disclosure 

DXS International PLC meets the definition of a qualifying under FRS 102 paragraph 1.12(b) and has therefore taken advantage of the disclosure exemption in relation to the parent cash flow statement.

(END) Dow Jones Newswires

August 16, 2021 02:00 ET (06:00 GMT)

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