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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hexagon Human | LSE:HHC | London | Ordinary Share | GB00B12G3G91 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMHHC
RNS Number : 6851E
Hexagon Human Capital PLC
24 December 2009
Hexagon Human Capital plc
24 December 2009
Interim Results for the six months to 30 September 2009
The Board of Hexagon Human Capital plc (AIM:HHC), one of the UK's leading
providers of senior interim management and executive search is pleased to
announce its unaudited interim results for the six months ended 30 September
2009.
Financial Overview
+----------------------------+----------+------------+--------------+
| | Six |Six months | Movement |
| | months | to Sept | |
| | to Sept | 2008 | |
| | 2009 | | |
+----------------------------+----------+------------+--------------+
| Net fee income (NFI) | GBP7.8m | GBP12.6m | (38)% |
| | | | |
+----------------------------+----------+------------+--------------+
| Earnings before interest, | GBP0.9m | GBP3.5m | (74)% |
| taxation, amortisation and | | | |
| other non recurring | | | |
| operating costs (EBITA) | | | |
| | | | |
+----------------------------+----------+------------+--------------+
| NFI to EBITA conversion | 12% | 28% | |
| | | | |
+----------------------------+----------+------------+--------------+
| Adjusted* EPS | 2.92p | 11.92p | |
| | | | |
+----------------------------+----------+------------+--------------+
* before the effect of impairment, amortisation of other intangible assets (net
of deferred tax), finance charges on contingent consideration and other non
recurring operating costs.
Key Cashflow Items and Banking Facilities
On 2 December 2009 the Company announced that it is in discussion with HMRC with
a view to agreeing a new payment schedule with respect to certain tax arrears.
The Company can confirm that it remains in discussion with HMRC and hopes to
agree a new schedule in January of next year.
As part of this announcement, the board of Hexagon confirmed that it was not in
a position to satisfy certain lump sum termination amounts payable to Mr
Jonathan Wright, former CEO, and Mr Carl Thompson, former CFO. The Company
announces that it has now reached agreement with Mr Wright and has an agreement
in principle with Mr Thompson which the board anticipates formalising
imminently.
The new payment schedule and agreements mentioned have been negotiated based
upon the results of the re-forecasting exercise which has been undertaken by the
Company since early October.
The Company is also pleased to announce that Barclays Bank continues to be
supportive of Hexagon and remains in discussion to agree facilities appropriate
for Hexagon's ongoing requirements.
Commenting on the results Chairman, Robert Walker, said:
'As outlined in the trading update released on 2 December, trading for the first
half of the financial year has been difficult and that on the balance of
probability the Company will be behind the current market expectations for the
year to 31 March 2010. However, I am pleased to report that trading has
stabilised in the three month period September to November 2009 and I am
optimistic that this will continue for the remainder of the financial year.'
Enquires to:
Hexagon Human Capital plc Tel: 020 7337 1133
Rob Walker, Executive Chairman
Brewin Dolphin Investment Banking (NOMAD) Tel: 0845 213 4730
Matt Davis/ Adam Rudd
Chairman's Statement
Introduction
As outlined in last year's Annual Report, trading for the first half of the
financial year has been difficult, however I am pleased to report that trading
has stabilised in the three month period September to November 2009 and I am
optimistic that this will continue for the remainder of the financial year.
Business Overview
Senior Interim Management
The interim businesses have seen increased activity towards the end of the
second quarter as companies continue to hire "seasoned" professionals to help
guide them through the current economic recession.
During the six months ended 30 September 2009, the division's NFI reduced to
GBP2.9 million (2008: GBP4.8 million) and EBITA fell to GBP0.7 million (2008:
GBP2.1 million).
Executive Search
The search businesses have enjoyed an increase in the number of retained
assignments and indications are that this is continuing into the second half.
Euromedica has been ranked by Executive Grapevine as "No.1 Executive Search Firm
in Healthcare and Life Sciences" for the third successive year.
During the six months ended 30 September 2009, the division's NFI reduced to
GBP4.9 million (2008: GBP7.8 million) and EBITA fell to GBP0.2 million (2008:
GBP1.4 million).
Financial Performance
Our reported results for the Group during the period are NFI of GBP7.8 million
(2008: GBP12.6 million) producing EBITA of GBP0.9 million (2008: GBP3.5
million).
Divisional performance was as follows:
+-----------------+---------------+---------------+--------------+
| GBPm | 6 months to | 6 months to | Movement |
| | Sept 2009 | Sept 2008 | |
| | | | |
+-----------------+---------------+---------------+--------------+
| NFI | | | |
| | | | |
+-----------------+---------------+---------------+--------------+
| Interim | 2.9 | 4.8 | (40)% |
| Management | | | |
| | | | |
+-----------------+---------------+---------------+--------------+
| Executive | 4.9 | 7.8 | (37)% |
| Search | | | |
| | | | |
+-----------------+---------------+---------------+--------------+
| Total | 7.8 | 12.6 | (38)% |
| | | | |
+-----------------+---------------+---------------+--------------+
| EBITA | | | |
| | | | |
+-----------------+---------------+---------------+--------------+
| Interim | 0.7 | 2.1 | (67)% |
| Management | | | |
| | | | |
+-----------------+---------------+---------------+--------------+
| Executive | 0.2 | 1.4 | (86)% |
| Search | | | |
| | | | |
+-----------------+---------------+---------------+--------------+
| Total | 0.9 | 3.5 | (74)% |
| | | | |
+-----------------+---------------+---------------+--------------+
The reported earnings before interest and tax (EBIT) was a loss of GBP1.33
million (2008: GBP2.36 million profit) after
amortisation costs of
GBP0.37 million (2008: GBP0.56 million) and re-organisation costs of GBP0.99
million (2008: write off of advisors' fees in respect of aborted acquisitions of
GBP0.53 million).
Net finance costs were GBP0.62 million (2008: GBP0.76 million) including net
interest payable of GBP0.46 million (2008: GBP0.38 million), the finance charges
on contingent consideration and the convertible loan of GBP0.16 million (2008:
GBP0.38 million).
Loss before tax was GBP1.95 million (2008: profit GBP1.60 million) which we
estimate will benefit from a corporation tax credit of GBP0.22 million (2008:
tax charge GBP0.73 million).
Operating cash flow before interest and tax of GBP0.3 million (2008: GBP2.0
million), non-operating cash absorbed of GBP1.3 million (2008: GBP6.1 million)
was primarily due to a payment of contingent consideration of GBP1.0 million
(2008: GBP4.3 million) and net financing costs. Net debt at the half year end
was GBP10.4 million (2008: GBP8.9 million).
Contingent consideration outstanding has reduced to GBP1.5 million (2008: GBP7.5
million) of which the present value GBP1.4 million (2008: GBP6.9 million) is
accrued in the balance sheet. The contingent consideration liability is
potentially payable in the following periods:
+--------------------+------------------+---------------+----------------+
| Gross Payable | 2010 | 2011 | Total |
| to 31 March | | | |
| | | | |
+--------------------+------------------+---------------+----------------+
| GBPm | | | |
| | | | |
+--------------------+------------------+---------------+----------------+
| Cash | 0.7 | 0.1 | 0.8 |
| | | | |
+--------------------+------------------+---------------+----------------+
| Hexagon Shares | 0.6 | 0.1 | 0.7 |
| | | | |
+--------------------+------------------+---------------+----------------+
| Total | 1.3 | 0.2 | 1.5 |
| | | | |
+--------------------+------------------+---------------+----------------+
It should be noted that contingent consideration is wholly dependent on EBITA
performance of the individual businesses. It is the Group's policy to ensure
that where EBITA performance triggers a contingent consideration payment the
significant majority of such payments are self funding, e.g. are funded by the
EBITA generated. Under the terms of the relevant share purchase agreements, the
contingent consideration can be satisfied in a mixture of Hexagon shares and
cash, the latter being satisfied from operating cash flow.
Business Development Strategy
Hexagon's strategy is to capitalise on the strength of the Group's brands. The
board believes that through the continued implementation of this strategy the
Group will be well positioned to benefit from an upturn in trading when it
occurs.
The Group's organic growth initiatives have adapted to the current market
conditions focusing on driving margin growth and limiting the expansion of
consultant numbers. However, there remains surplus fee earning capacity within
the existing team, which will be supplemented by a limited number of high
quality hires in the coming months.
Through the establishment of a Group Operating Board we have increased
integrated selling between our divisions resulting in improved levels of
business development.
Restructuring Programme
The board has continued to manage costs prudently and has taken the following
action:
* Elimination of funding exposure in overseas offices
* Continuing programme of reduction in central and divisional costs
* Rationalisation of the property portfolio
* More rigorous management of under performing staff
Current Trading and Outlook
Trading has recently stabilised and the three months unaudited management
accounts for the period September to November 2009 show an average EBITA in
excess of GBP200,000 per month. Whilst continuing to focus on delivering growth
in NFI and EBITA the Group, as indicated in this report, has taken a conscious
decision to focus on margin improvement and selectively hiring additional fee
earners.
Robert Walker
Chairman
24 December 2009
Consolidated Income Statement for the six months ended 30 September 2009 -
unaudited
+------------------------+--+---------------+--------------+-------------------+
| | | Unaudited | Unaudited | Audited |
| | | Six months | Six months | Year ended |
| | | ended 30 | ended 30 | 31 March 2009 |
| | | September | September | GBP'000 |
| | | 2009 GBP'000 | 2008 GBP'000 | |
+------------------------+--+---------------+--------------+-------------------+
| Revenue | | 12,816 | 19,923 | 35,073 |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Cost of sales | | (5,042) | (7,341) | (12,540) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Net Fee Income | | 7,774 | 12,582 | 22,533 |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Administrative | | (8,115) | (9,690) | (25,925) |
| expenses | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Other non recurring | | (989) | (528) | (544) |
| operating costs | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Earnings before | | (1,330) | 2,364 | (3,936) |
| interest and tax | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Analysed as: | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Earnings before | | 875 | 3,506 | 5,860 |
| interest, | | | | |
| tax and | | | | |
| amortisation | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Impairment | | (785) | - | (8,050) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Amortisation | | (368) | (562) | (1,089) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Other non recurring | | (989) | (528) | (544) |
| operating costs | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Equity-settled | | (63) | (52) | (113) |
| share-based | | | | |
| payments | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| | | (1,330) | 2,364 | (3,936) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Finance costs | | (624) | (764) | (1,707) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Finance income | | - | 3 | 8 |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| (Loss)/profit | | (1,954) | 1,603 | (5,635) |
| before tax | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Income tax | | 222 | (731) | (932) |
| credit/(expense) | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| (Loss)/profit after | | (1,732) | 872 | (6,567) |
| taxation | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Attributable to: | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Equity holders of | | (1,732) | 872 | (6,559) |
| the parent | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Minority interests | | - | - | (8) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| | | (1,732) | 872 | (6,567) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Earnings per share | | | | |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Basic (pence) | | (7.94) | 4.75 | (34.50) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
| Diluted (pence) | | (7.94) | 4.55 | (34.50) |
| | | | | |
+------------------------+--+---------------+--------------+-------------------+
Consolidated Balance Sheet as at 30 September 2009 - unaudited
+------------------------+----------------+---------------+---------------+
| | Unaudited | Unaudited | Audited |
| | 30 September | 30 September | 31 March 2009 |
| | 2009 GBP'000 | 2008 GBP'000 | GBP'000 |
+------------------------+----------------+---------------+---------------+
| ASSETS | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Non-current assets | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Goodwill | 20,826 | 29,862 | 21,953 |
| | | | |
+------------------------+----------------+---------------+---------------+
| Other intangible | 7,077 | 8,685 | 7,708 |
| assets | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Property, plant and | 415 | 427 | 467 |
| equipment | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Held-to-maturity | 3 | 3 | 3 |
| investments | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Deferred tax asset | 34 | 547 | 34 |
| | | | |
+------------------------+----------------+---------------+---------------+
| | 28,355 | 39,524 | 30,165 |
| | | | |
+------------------------+----------------+---------------+---------------+
| Current assets | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Trade and other | 3,502 | 4,706 | 3,998 |
| receivables | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Prepayments and | 2,531 | 2,375 | 2,116 |
| accrued income | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Cash and cash | - | 37 | - |
| equivalents | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| | 6,033 | 7,118 | 6,114 |
| | | | |
+------------------------+----------------+---------------+---------------+
| Total assets | 34,388 | 46,642 | 36,279 |
| | | | |
+------------------------+----------------+---------------+---------------+
| | | | |
+------------------------+----------------+---------------+---------------+
| LIABILITIES | | | |
+------------------------+----------------+---------------+---------------+
| Non-current | | | |
| liabilities | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Borrowings | (6,723) | (6,717) | (6,051) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Contingent | (1,399) | (3,064) | (1,628) |
| consideration on | | | |
| acquisitions | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Other payables | - | (901) | - |
| | | | |
+------------------------+----------------+---------------+---------------+
| Derivative | (186) | (35) | (141) |
| financial | | | |
| instruments | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Deferred tax | (1,976) | (2,427) | (2,153) |
| liabilities | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| | (10,284) | (13,144) | (9,973) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Current liabilities | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Bank overdraft | (1,782) | - | (760) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Trade and other | (6,699) | (6,773) | (6,438) |
| payables | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Contingent | (25) | (3,825) | (1,490) |
| consideration on | | | |
| acquisitions | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Borrowings | (1,943) | (2,189) | (2,644) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Current tax payable | (2,615) | (2,602) | (2,675) |
| | | | |
+------------------------+----------------+---------------+---------------+
| | (13,064) | (15,389) | (14,007) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Total liabilities | (23,348) | (28,533) | (23,980) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Net Assets | 11,040 | 18,109 | 12,299 |
| | | | |
+------------------------+----------------+---------------+---------------+
| | | | |
+------------------------+----------------+---------------+---------------+
| EQUITY | | | |
+------------------------+----------------+---------------+---------------+
| Issued capital | 285 | 252 | 279 |
| | | | |
+------------------------+----------------+---------------+---------------+
| Share premium | 11,877 | 10,167 | 11,729 |
| | | | |
+------------------------+----------------+---------------+---------------+
| Merger reserve | 5,171 | 5,171 | 5,171 |
| | | | |
+------------------------+----------------+---------------+---------------+
| Share incentive | (39) | - | (28) |
| plan | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Equity reserve | 317 | 79 | 34 |
| | | | |
+------------------------+----------------+---------------+---------------+
| Foreign exchange | 34 | 6 | 58 |
| reserve | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Retained earnings | (6,605) | 2,434 | (4,936) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Capital and | 11,040 | 18,109 | 12,307 |
| reserves | | | |
| attributable | | | |
| to equity holders | | | |
| of the parent | | | |
| | | | |
+------------------------+----------------+---------------+---------------+
| Minority interests | - | - | (8) |
| | | | |
+------------------------+----------------+---------------+---------------+
| Total equity | 11,040 | 18,109 | 12,299 |
| | | | |
+------------------------+----------------+---------------+---------------+
Consolidated Statement of Changes in Equity as at 30 September 2009 - unaudited
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| | Called | Share | Merger | | Share | Equity | Foreign |Retained |Attributable | Minority | Total |
| | up |premium |Reserve | |incentive |Reserve |exchange |earnings | to equity |interests | equity |
| | share |GBP'000 |GBP'000 | | plan |GBP'000 | reserve | GBP'000 | holders | GBP'000 |GBP'000 |
| |capital | | | | GBP'000 | | GBP'000 | | of the | | |
| |GBP'000 | | | | | | | | parent | | |
| | | | | | | | | | GBP'000 | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Balance at 1 | 248 | 9,690 | 5,171 | | - | 102 | 5 | 1,510 | 16,726 | 128 | 16,854 |
| April 2008 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Shares issued in | 4 | 477 | - | | - | - | - | - | 481 | - | 481 |
| the period | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Purchase of | - | - | - | | - | - | - | - | - | (128) | (128) |
| minority | | | | | | | | | | | |
| interest | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Share | - | - | - | | - | - | - | 52 | 52 | - | 52 |
| incentive | | | | | | | | | | | |
| plans | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Income tax on | - | - | - | | - | (23) | - | - | (23) | - | (23) |
| items taken | | | | | | | | | | | |
| directly to | | | | | | | | | | | |
| equity | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Transactions | 4 | 477 | - | | - | (23) | - | 52 | 510 | (128) | 382 |
| with owners | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Profit for | - | - | - | | - | - | - | 872 | 872 | - | 872 |
| the six-month | | | | | | | | | | | |
| period ended | | | | | | | | | | | |
| 30 September | | | | | | | | | | | |
| 2008 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Other | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | |
| income | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Exchange | - | - | - | | - | - | 1 | - | 1 | - | 1 |
| differences | | | | | | | | | | | |
| on | | | | | | | | | | | |
| translation | | | | | | | | | | | |
| of foreign | | | | | | | | | | | |
| operations | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Total | _ | _ | _ | | _ | _ | 1 | 872 | 873 | _ | 873 |
| comprehensive | | | | | | | | | | | |
| income for | | | | | | | | | | | |
| the period | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Balance at 30 | 252 | 10,167 | 5,171 | | - | 79 | 6 | 2,434 | 18,109 | - | 18,109 |
| September | | | | | | | | | | | |
| 2008 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Balance at 1 | 248 | 9,690 | 5,171 | | - | 102 | 5 | 1,510 | 16,726 | 128 | 16,854 |
| April 2008 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Shares issued in | 31 | 2,039 | - | | - | - | - | - | 2,070 | - | 2,070 |
| the period | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Purchase of | - | - | - | | - | - | - | - | - | (128) | (128) |
| minority | | | | | | | | | | | |
| interest | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Share | - | - | - | | (28) | - | - | 113 | 85 | - | 85 |
| incentive | | | | | | | | | | | |
| plans | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Income tax on | - | - | - | | - | (68) | - | - | (68) | - | (68) |
| items taken | | | | | | | | | | | |
| directly to | | | | | | | | | | | |
| equity | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Transactions | 31 | 2,039 | - | | (28) | (68) | - | 113 | 2,087 | (128) | 1,959 |
| with owners | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Loss for the | - | - | - | | - | - | - | (6,559) | (6,559) | (8) |(6,567) |
| year ended 31 | | | | | | | | | | | |
| March 2009 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Other | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | |
| income | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Exchange | - | - | - | | - | - | 53 | - | 53 | - | 6 |
| differences | | | | | | | | | | | |
| on | | | | | | | | | | | |
| translation | | | | | | | | | | | |
| of foreign | | | | | | | | | | | |
| operations | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Total | - | - | - | | - | - | 53 | (6,559) | (6,506) | (8) |(6,514) |
| comprehensive | | | | | | | | | | | |
| income for | | | | | | | | | | | |
| the period | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Balance at 31 | 279 | 11,729 | 5,171 | | (28) | 34 | 58 | (4,936) | 12,307 | (8) | 12,299 |
| March 2009 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Shares issued | 6 | 148 | - | | - | - | - | - | 154 | - | 154 |
| in the period | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Provision | - | - | - | | - | - | - | - | - | 8 | 8 |
| against | | | | | | | | | | | |
| minority | | | | | | | | | | | |
| interest | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Equity | - | - | - | | - | 283 | - | - | 283 | - | 283 |
| element of | | | | | | | | | | | |
| Convertible | | | | | | | | | | | |
| Loan | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Share | - | - | - | | (11) | - | - | 63 | 52 | - | 52 |
| incentive | | | | | | | | | | | |
| plans | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Transactions | 6 | 148 | - | | (11) | 283 | - | 63 | 489 | - | 497 |
| with owners | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Loss for the | - | - | - | | - | - | - | (1,732) | (1,732) | - |(1,732) |
| six-month | | | | | | | | | | | |
| period ended | | | | | | | | | | | |
| 30 September | | | | | | | | | | | |
| 2009 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Other | | | | | | | | | | | |
| comprehensive | | | | | | | | | | | |
| income | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Exchange | - | - | - | | - | - | (24) | - | (24) | - | (24) |
| differences | | | | | | | | | | | |
| on | | | | | | | | | | | |
| translation | | | | | | | | | | | |
| of foreign | | | | | | | | | | | |
| operations | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Total | - | - | - | | - | - | (24) | (1,732) | (1,756) | - |(1,756) |
| comprehensive | | | | | | | | | | | |
| income for | | | | | | | | | | | |
| the period | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
| Balance at 30 | 285 | 11,877 | 5,171 | | (39) | 317 | 34 | (6,605) | 11,040 | - | 11,040 |
| September | | | | | | | | | | | |
| 2009 | | | | | | | | | | | |
| | | | | | | | | | | | |
+------------------+---------+---------+---------+----------+-----------+---------+----------+----------+--------------+-----------+---------+
Nature and purpose of reserves:
Merger reserve
The merger reserve arose as a consequence of a Group reconstruction that
resulted in Hexagon Human Capital plc acquiring Hexagon Human Capital (Services)
Ltd and Hexagon Management Services Ltd by way of a share-for-share exchange,
together with the difference between the value of shares and the nominal value
where shares have been issued as part of the consideration for acquisitions in
accordance with the requirements of Merger Relief under the Companies Act 2006.
Share incentive plan reserve
Share incentive plan reserve represents shares in the Company held by the Group.
Equity reserve
Equity reserve represents the reserve for deferred tax on share options not
charged to the
income statement.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences
arising from
the translation of the financial statements of foreign
subsidiaries.
Consolidated Cash Flow Statement for the six months ended 30 September 2009 -
unaudited
+--------------------------+---------------+---------------+--------------+
| | Unaudited | Unaudited | Audited |
| | Six months | Six months | Year ended |
| | ended | ended | 31 March |
| | 30 September | 30 September | 2009 |
| | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | |
+--------------------------+---------------+---------------+--------------+
| Cash flows from | | | |
| operating activities | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| (Loss)/profit before | (1,954) | 1,603 | (5,635) |
| taxation | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Adjustments for: | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Depreciation and | 480 | 642 | 1,260 |
| amortisation | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Impairment | 785 | - | 8,050 |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Equity-settled | 63 | 52 | 113 |
| share-based payments | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Finance income | - | (3) | (8) |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Finance costs | 624 | 764 | 1,707 |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Operating profit | (2) | 3,058 | 5,487 |
| before working | | | |
| capital and provision | | | |
| changes | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| (Increase)/decrease | 105 | 1,939 | 3,123 |
| in trade and other | | | |
| receivables | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Increase/(decrease) | 246 | (2,954) | (5,283) |
| in trade and other | | | |
| payables | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Cash generated from | 349 | 2,043 | 3,327 |
| operating activities | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Income taxes | (10) | (175) | (210) |
| (paid)/refund | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Net cash flows from | 339 | 1,868 | 3,117 |
| operating activities | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Cash flows from | | | |
| investing activities | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Purchase of property, | (60) | (114) | (224) |
| plant and equipment | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Purchase of | (43) | 45 | (715) |
| subsidiary | | | |
| undertakings (net of | | | |
| cash) | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Payments to share | (11) | - | - |
| incentive plan | | | |
+--------------------------+---------------+---------------+--------------+
| Payment of contingent | (1, 005) | (4,213) | (4,687) |
| consideration | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Interest received | - | 3 | 8 |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Net cash flows used | (1,119) | (4,279) | (5,746) |
| in investing | | | |
| activities | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Cash flows from | | | |
| financing activities | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Interest paid | (420) | (681) | (1,049) |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Repayment of | (99) | (1,094) | (2,281) |
| borrowings | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Proceeds from | 300 | - | 976 |
| borrowings | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Net cash flows used | (219) | (1,775) | (2,354) |
| in financing | | | |
| activities | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Net decrease in cash | (999) | (4,186) | (4,983) |
| and cash equivalents | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Net foreign exchange | (23) | - | - |
| difference | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Cash and cash | (760) | 4,223 | 4,223 |
| equivalents | | | |
| at the beginning of | | | |
| the period | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
| Cash and cash | (1,782) | 37 | (760) |
| equivalents at the | | | |
| end of the period | | | |
| | | | |
+--------------------------+---------------+---------------+--------------+
Notes to the Interim Financial Statements as at 30 September 2009 - unaudited
1. Basis of preparation
Hexagon Human Capital plc is a public limited company listed on the AIM market.
Its principal activities comprise the provision of senior interim managers and
executive search consultancy.
The consolidated interim financial statements are for the six months ended 30
September 2009. These financial statements have been prepared in accordance with
the accounting policies expected to be followed for the year ending 31 March
2010.
The interim financial statements were approved for issue by the board of
directors on 24 December 2009.
The interim consolidated financial statements have been prepared on a historical
cost basis except
for derivative financial instruments that have been
measured at fair value.
The interim consolidated financial statements are presented in pounds sterling
and all values are rounded to the nearest thousand except when otherwise
indicated. The principal accounting policies adopted are consistent with those
of the annual financial statements for the year ended 31 March 2009, except for
the adoption of IAS 1 Presentation of Financial Statements (Revised 2007) and
IFRS 8 Operating Segments.
The adoption of IAS 1 Presentation of Financial Statements (Revised 2007) does
not affect the financial position or profits of the Group, but gives rise to
additional disclosures. The measurement and recognition of the Group's assets,
liabilities, income and expenses is unchanged, however some items that were
recognised directly in equity are now recognised in other comprehensive income,
for example, foreign exchange differences that arise on the retranslation of
foreign operations. IAS 1 Presentation of Financial Statements (Revised 2007)
requires the presentation of owner changes in equity and statement of total
comprehensive income.
The Group has only two operating segments and there is no additional disclosure
under IFRS 8 Operating Segments in the interim financial statements.
The interim report does not constitute statutory accounts. The financial
information for the year ended 31 March 2009 is based upon the audited statutory
accounts for that period.
The Group's statutory financial statements for the year ended 31 March 2009
prepared under IFRS have been filed with the Registrar of Companies. The
Auditors' report on those financial statements was unqualified and did not
contain a statement under section 237(2) of the Companies Act 1985.
These interim financial statements have been drawn up on a going concern basis,
which assumes that the Group will continue in operational existence for the
foreseeable future. The Group has primarily financed its acquisition strategy by
debt but current market conditions have slowed, adversely impacting the cashflow
of the business. The Group has significant scheduled debt repayments and
outstanding liabilities. The board have taken action to address this downturn in
activity, including reducing headcount and costs throughout the Group and
securing arrangements to defer capital repayments under its debt obligations and
schedule payment of other outstanding liabilities.
The board have continued to review the trading position of the Group, including
a close dialogue with the Group's bankers and based on a rescheduling of debt
obligations and payment of liabilities the board has a reasonable expectation
that the Group has adequate facilities to continue in operational existence. For
these reasons they continue to adopt the going concern basis in preparing the
interim financial statements.
2. Segment analysis
The Group is managed according to two operating divisions; senior interim
management and executive search.
These divisions are the basis on which the Group reports segmental information.
+-------------------+-----------+---+--------+----+-+---+-+-----------+-----------+-----+---+-----------+-----------+----------+
| | Senior | | Executive Search | Group |
| | Interim | | | |
| | Management | | | |
| | | | | |
+-----------------------------------+-------------+-+-----------------------------------+--------------------------------------+
| | Six | Six | Year | | Six | Six | Year | Six | Six | Year |
| | months | months | ended | | months | months | ended | months | months | ended |
| | ended | ended | 31 | | ended | ended | 31 | ended | ended | 31 |
| | 30 | 30 | March | | 30 | 30 | March | 30 | 30 | March |
| | September | September | 2009 | | September | September | 2009 | September | September | 2009 |
| | 2009 | 2008 | GBP'000 | | 2009 | 2008 | GBP'000 | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | | | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Revenue | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Ongoing | 7,920 | 12,087 | 21,078 | | 4,896 | 6,042 | 10,822 | 12,816 | 18,129 | 31,900 |
| operations | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Acquisitions | - | - | - | | - | 1,794 | 3,173 | - | 1,794 | 3,173 |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Total | 7,920 | 12,087 | 21,078 | | 4,896 | 7,836 | 13,995 | 12,816 | 19,923 | 35,073 |
| revenue | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Net fee | 2,878 | 4,746 | 8,538 | | 4,896 | 7,836 | 13,995 | 7,774 | 12,582 | 22,533 |
| income | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Result | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Segment | 645 | 2,128 | 4,000 | | 230 | 1,378 | 1,860 | 875 | 3,506 | 5,860 |
| result | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Impairment | - | - | (5,200) | | (785) | - | (2,850) | (785) | - | (8,050) |
| of | | | | | | | | | | |
| intangible | | | | | | | | | | |
| assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Amortisation | (245) | (331) | (614) | | (123) | (231) | (475) | (368) | (562) | (1,089) |
| of | | | | | | | | | | |
| intangible | | | | | | | | | | |
| assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Equity-settled | (28) | (22) | (50) | | (35) | (30) | (63) | (63) | (52) | (113) |
| share-based | | | | | | | | | | |
| payments | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Unallocated | - | - | - | | - | - | - | (989) | (528) | (544) |
| expenses | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Earnings | 372 | 1,775 | (1,864) | | (713) | 1,117 | (1,528) | (1,330) | 2,364 | (3,936) |
| before | | | | | | | | | | |
| interest | | | | | | | | | | |
| and tax | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Net | | | | | | | | (624) | (761) | (1,699) |
| finance | | | | | | | | | | |
| costs | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Profit | | | | | | | | (1,954) | 1,603 | (5,635) |
| before | | | | | | | | | | |
| tax | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Assets | | | | | | | | | | |
| and | | | | | | | | | | |
| liabilities | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Segment | 22,897 | 30,988 | 23,889 | | 8,665 | 12,480 | 10,021 | 31,562 | 43,468 | 33,910 |
| assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Unallocated | - | - | - | | - | - | - | 2,826 | 3,174 | 2,369 |
| assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Total | 22,897 | 30,988 | 23,889 | | 8,665 | 12,480 | 10,021 | 34,388 | 46,642 | 36,279 |
| assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Segment | (2,320) | (2,306) | (2,516) | | (4,206) | (3,212) | (3,606) | (6,526) | (5,518) | (6,122) |
| liabilities | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Unallocated | - | - | - | | - | - | - | (16,822) | (23,015) | (17,858) |
| liabilities | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Total | (2,320) | (2,306) | (2,516) | | (4,206) | (3,212) | (3,606) | (23,348) | (28,533) | (23,980) |
| liabilities | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Segment | 20,577 | 28,682 | 21,373 | | 4,459 | 9,268 | 6,415 | 25,036 | 37,950 | 27,788 |
| net | | | | | | | | | | |
| assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Unallocated | - | - | - | | - | - | - | (13,996) | (19,841) | (15,489) |
| net assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+------------+----------+-+-----------+-----------+---------+-----------+-----------+----------+
| Total | 20,577 | 28,682 | 21,373 | | 4,459 | 9,268 | 6,415 | 11,040 | 18,109 | 12,299 |
| net | | | | | | | | | | |
| assets | | | | | | | | | | |
| | | | | | | | | | | |
+-------------------+-----------+---+--------+----+-+---+-+-----------+-----------+-----+---+-----------+-----------+----------+
3. Earnings per share
+--------------------------+--------------+---------------+---------------+
| | Six months | Six months | Year ended |
| | ended | ended | 31 March 2009 |
| | 30 | 30 September | |
| | September | 2008 | GBP'000 |
| | 2009 | GBP'000 | |
| | GBP'000 | | |
+--------------------------+--------------+---------------+---------------+
| (Loss)/ profit for | (1,732) | 872 | (6,559) |
| the period | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Add back: | | | |
+--------------------------+--------------+---------------+---------------+
| Impairment net of | 711 | - | 7,841 |
| deferred tax | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Amortisation of other | 563 | 405 | 784 |
| intangible | | | |
| assets net of | | | |
| deferred tax | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Finance charges on | 106 | 381 | 681 |
| contingent | | | |
| consideration | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Other operating | 989 | 528 | 544 |
| expenses | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Minority interest | - | - | (8) |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Adjusted profit for | 637 | 2,186 | 3,283 |
| the period | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| | Number | Number | Number |
+--------------------------+--------------+---------------+---------------+
| Weighted average | 21,816,276 | 18,343,591 | 19,013,953 |
| number of shares | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Dilutive effect of | 600,093 | 796,538 | 775,209 |
| share plans | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Diluted weighted | 22,416,370 | 19,140,129 | 19,789,161 |
| average number of | | | |
| shares | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| | Pence | Pence | Pence |
+--------------------------+--------------+---------------+---------------+
| Basic earnings per | (7.94) | 4.75 | (34.50) |
| share | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Diluted earnings per | (7.94) | 4.55 | (34.50) |
| share | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Adjusted earnings per | 2.92 | 11.92 | 17.27 |
| share* | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
| Adjusted diluted | 2.84 | 11.42 | 16.59 |
| earnings per share* | | | |
| | | | |
+--------------------------+--------------+---------------+---------------+
*Adjusted earnings per share are before the effect of impairment, amortisation
of other intangible assets (net of deferred tax), finance charges on contingent
consideration and other non recurring operating costs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DXLFLKLBXFBV
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