Half Yearly Report

 

TIDMETC 
 
RNS Number : 1464Y 
Et-china.com International Holdings 
28 August 2009 
 

+-----------------------------------------+-----------------------------------------+ 
| For immediate release                   |                          28 August 2009 | 
+-----------------------------------------+-----------------------------------------+ 
 
 
 
 
ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED 
("Et-china", "the Group" or "the Company") 
 
 
Interim results for the six months ended 30 June 2009 
 
 
Et-china, a leading travel services group in the fast growing region of South 
China, announces its unaudited interim results for the six months ended 30 June 
2009. 
 
 
Highlights: 
 
 
+---------------+---------+---------+------+----------------------+ 
|               |    6 months to 30 |    % |  6 months to 30 June | 
|               |         June 2009 |      |                 2008 | 
+---------------+-------------------+------+----------------------+ 
|               |     RMB |    GBP* |      |          RMB million | 
|               | million |         |      |                      | 
+---------------+---------+---------+------+----------------------+ 
| Revenue       |   840.3 |    74.1 |  8.2 |                776.7 | 
+---------------+---------+---------+------+----------------------+ 
| Gross Profit  |    97.2 |     8.6 | 14.1 |                 85.2 | 
+---------------+---------+---------+------+----------------------+ 
| Operating     |   (9.1) |   (0.8) |   56 |               (20.7) | 
| Profit/(Loss) |         |         |      |                      | 
+---------------+---------+---------+------+----------------------+ 
| Profit /      |   (4.9) |   (0.4) | 78.6 |               (22.7) | 
| (Loss)        |         |         |      |                      | 
| After tax     |         |         |      |                      | 
| and MI        |         |         |      |                      | 
+---------------+---------+---------+------+----------------------+ 
 
*figures in Sterling are for illustrative purposes only, all translated using 
the RMB exchange rate of 11.3 RMB = GBP1 
 
 
+---+--------------------------------------------------------------------+ 
|?  | Net revenues up 8.2% to RMB 840 million (2008: RMB 776.7 million)  | 
+---+--------------------------------------------------------------------+ 
|?  | Gross profit up 14.1% to RMB 97.2 million (2008: 85.2 million)     | 
+---+--------------------------------------------------------------------+ 
|?  | Gross margin 11.6% (2008: 10.9%)                                   | 
+---+--------------------------------------------------------------------+ 
|?  | Loss after tax reduced by 79% to RMB 4.9 million (2008 Loss: RMB   | 
|   | 22.7)                                                              | 
+---+--------------------------------------------------------------------+ 
 
 
Matthew Ng, President and Chief Executive Officer, commented: 
"The Board is optimistic that the Group will see an improved performance in the 
second half and has great confidence that the outlook for the Chinese travel 
sector remains highly attractive. Looking to 2010 we expect to benefit from 
increased volumes of travel surrounding the Shanghai World Expo, which runs from 
May to October and the Guangzhou Asian Games in November 2010. 
 
 
The relative stability of the domestic economy is helping to rebuild consumer 
confidence in China which will benefit the travel market significantly.  The 
Group is committed to growing the business and driving improved revenue growth 
and profitability. 
 
 
We are also very pleased to welcome Maria Ng to the Board. Maria has a wealth of 
experience in the Asia Pacific travel industry through her time with Kouni and 
we look forward to cultivating closer links with Kuoni in the coming period." 
 
 
 
 
Contact details for enquiries 
 
 
+--------------------------------------------+---------------------------+ 
| Et-china.com International Holdings        |             020 7067 0700 | 
| Limited                                    |                           | 
+--------------------------------------------+---------------------------+ 
| Matthew Ng, Chief Executive Officer        |                           | 
+--------------------------------------------+---------------------------+ 
|                                            |                           | 
+--------------------------------------------+---------------------------+ 
| Seymour Pierce, Nomad and Broker           |             020 7107 8000 | 
+--------------------------------------------+---------------------------+ 
| Mark Percy                                 |                           | 
+--------------------------------------------+---------------------------+ 
| Catherine Leftley                          |                           | 
+--------------------------------------------+---------------------------+ 
|                                            |                           | 
+--------------------------------------------+---------------------------+ 
| Weber Shandwick Financial                  |             020 7067 0700 | 
+--------------------------------------------+---------------------------+ 
| Terry Garrett                              |                           | 
+--------------------------------------------+---------------------------+ 
| Stephanie Badjonat                         |                           | 
+--------------------------------------------+---------------------------+ 
| John Moriarty                              |                           | 
+--------------------------------------------+---------------------------+ 
 
 
Chairman's Statement 
 
 
Results 
 
 
I am pleased to report that the Group has continued to make good progress in 
developing its business during the six months to 30 June 2009. We have 
consolidated our position as the travel services market leader in Southern China 
in terms of revenue and we have made great strides in increasing our national 
presence.  Recent government figures from CNTA (China National Tourism 
Administration) confirm this with the Group's tour operator business, 
GZL, ranked as the 5th largest travel operator in the whole of China, 4th for 
outbound and 6th for domestic travel. 
 
 
The first half of 2009 began strongly with a substantial increase in trading 
over the 'Chinese New Year' 7 day holiday period. Both GZL, the Group's package 
tour provider and ETC, the FIT (Frequent Independent Traveler) business, saw 
steady progress in sales. The second quarter of the period saw a considerable 
reduction in the number of outbound trips sold, mainly due concerns over H1N1 
(swine flu) and uncertainty over the pace of the recovery of the Chinese 
economy. 
 
 
The acquisition of Yoee.com during the period has transformed Et-china's FIT 
business into a national operator and propelled the Group into the top 3 online 
travel providers in China. Yoee.com has now become an integral part of Et-china 
and the combined business has increased FIT revenues while margins have improved 
due to the ongoing integration. Management aims to improve margins as it 
implements further reductions to the cost base in the second half. 
 
 
Most significantly the Group achieved continuing revenue growth of around 8% and 
 substantially reduced its reporting loss during the period.  This 
reflected continued profits from both GZL and the e-JV with China Southern 
Airlines, as well as a 31% reduction in the losses attributable to the Group's 
Frequent Independent Traveler business. 
 
 
Stated revenue for the six months to 30 June 2009 rose over 8% to RMB 840.3 
million (GBP74.1 million) from RMB 776.7 million in the same period of 2008. 
Gross operating profit was RMB 97.2 million (GBP8.6 million) (2008: RMB 85.2 
million), up by 14.1%. The Group reduced losses by 78.6%, recording a loss after 
tax and minority interest of RMB 4.8m (GBP0.4 million) (2008: Loss RMB 22.7 
million). 
 
 
Within GZL, the strongest growth in revenue came from e-commerce activities 
which achieved a 25% rise in revenue to RMB 51.6 million (2008: RMB 41.5 
million). Domestic travel sales increased by 10% to RMB 271.2 million (2008: RMB 
246.9 million) and Outbound travel saw growth of just over 8% to RMB 447.5 
million (2008: 414.3 million). These figures reflect the continuing appetite for 
travel amongst Chinese nationals as the economy stabilizes. A further example of 
this is the enormous increase in the volume of travelers to Taiwan where numbers 
of mainland tourists for the first half of 2009 are nearly triple that of the 
whole of 2008. 
 
 
Turning to our FIT division, Et-china saw a 31% reduction in revenues to RMB 
15.1 million, which was mainly due to the discontinuation of group tours within 
ETC FIT.  However, the division showed continued margin improvement to around 
45% as management closely controlled costs over the period. 
 
 
The Group's e-ticketing joint-venture grew revenues to RMB 21.3 million (2008: 
RMB 14.9 million) an increase of 43% as the division saw a 55% rise in B2B 
customers. 
 
 
In June we announced that Kuoni Travel Holding Limited ('Kuoni'), one of the 
largest global leisure travel companies had acquired a 31.8% stake in the Group. 
Consequently we have appointed Yuk-Yin Maria Ng (Maria) as a Non-Executive 
Director. Maria is currently Managing Director of Kuoni Travel (China) Limited 
and brings with her a wealth of experience in the Asia Pacific travel industry 
which will help Et-china develop and grow.  Management intends to cultivate 
closer links with Kuoni and has arranged for senior management to visit Kuoni's 
headquarters in Zurich to establish a collaborative marketing strategy for the 
region. 
 
 
Outlook 
 
 
We have seen an improved performance from our Domestic travel operations with 
revenues growing by 29% in July of 2009 and we look forward to 'Golden Week' (1 
- 8 October) which is expected to continue to show an increase in the number of 
people travelling. We also expect to see a recovery in Outbound travel, 
following a perceived reduction in the threat from H1NI, in the fourth quarter 
and anticipate a resumption in growth from Et-china FIT as marketing spend is 
increased and the benefits of a significant system integration and upgrade bear 
fruit. 
 
 
The Board is optimistic that the Group will see an improved performance in the 
second half and has great confidence that the outlook for the Chinese travel 
sector remains highly attractive.  Looking to 2010 we expect to benefit from 
increased volumes of travel surrounding the Shanghai World Expo, which runs from 
May to October and the Guangzhou Asian Games in November 2010. 
 
 
The relative stability of the domestic economy is helping to rebuild consumer 
confidence in China which will benefit the travel market significantly The Group 
is committed to growing the business and driving improved revenue growth and 
reducing losses. 
 
 
Matthew Ng 
Chairman 
28 August 2009 
 
 
Consolidated income statement 
for the half year ended 30 June 2009 
 
 
 
 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |    Six months |  |      Six months | 
|                                    |   | ended 30 June |  |   ended 30 June | 
|                                    |   |          2009 |  |            2008 | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |       RMB'000 |  |         RMB'000 | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Revenue                            |   |      840,253  |  |        776,703  | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Direct operating costs             |   |     (743,076) |  |       (691,509) | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Gross profit                       |   |       97,177  |  |         85,194  | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Other operating income             |   |         (948) |  |          2,681  | 
+------------------------------------+---+---------------+--+-----------------+ 
| Selling, general and               |   |     (105,374) |  |     (108,585)   | 
| administrative expenses            |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Net change in fair value of        |   |               |  |                 | 
| redemption                         |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
|   option of convertible loan notes |   |            -  |  |               - | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Result from operating activities   |   |      (9,144)  |  |        (20,710) | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Finance income                     |   |       23,850  |  |          1,948  | 
+------------------------------------+---+---------------+--+-----------------+ 
| Finance expense                    |   |       (3,771) |  |         (1,124) | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Net finance income/ (expense)      |   |       20,079  |  |            824  | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Share of profit of associates,     |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
|   net of income tax expense        |   |            -  |  |               - | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Profit/(loss) before income tax    |   |       10,935  |  |        (19,886) | 
| expense                            |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Income tax expense                 |   |       (6,005) |  |           (369) | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Profit/(loss) for the year         |   |         4,929 |  |        (20,255) | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Minority interests                 |   |        9,788  |  |          2,436  | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| Net loss for the year              |   |       (4,859) |  |        (22,691) | 
+------------------------------------+---+---------------+--+-----------------+ 
|                                    |   |               |  |                 | 
+------------------------------------+---+---------------+--+-----------------+ 
| (Loss) per share (RMB)             |   |        (0.14) |  |          (0.69) | 
+------------------------------------+---+---------------+--+-----------------+ 
 
 
Consolidated balance sheet 
As at 30 June 2009 
 
 
 
 
+----+----------------------------------+--+---------------+--------+--+---------------+ 
|                                       |  |     As at 30 June 2009 |  | As at 30 June | 
|                                       |  |                        |  |          2008 | 
+---------------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |       RMB'000 |           |       RMB'000 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
| Assets                                |  |               |           |               | 
+---------------------------------------+--+---------------+-----------+---------------+ 
|    | Property, plant and equipment    |  |        50,513 |           |        58,768 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Intangible assets                |  |        46,966 |           |        46,472 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Investment properties            |  |         7,256 |           |         7,973 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Investment in associates         |  |         4,046 |           |        12,280 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Other investment                 |  |        70,029 |           |        59,712 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Lease prepayments                |  |        27,433 |           |        28,207 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    |                                  |  |               |           |               | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Total non-current assets         |  |       206,243 |           |       213,412 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    |                                  |  |               |           |               | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Inventories                      |  |        19,488 |           |        20,152 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Trade receivables                |  |        86,320 |           |        77,955 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Deposits, prepayments            |  |               |           |               | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    |   and other receivables          |  |        89,295 |           |        90,266 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Fair value of foreign            |  |               |           |               | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    |   exchange forward contracts     |  |             - |           |             - | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Tax recoverable                  |  |           187 |           |         1,711 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Amounts due from a director      |  |           294 |           |           840 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Pledged deposits                 |  |        21,882 |           |        57,010 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Cash and cash equivalents        |  |       305,717 |           |       233,869 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    |                                  |  |               |           |               | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    | Total current assets             |  |       523,183 |           |       481,803 | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
|    |                                  |  |               |           |               | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
| Total assets                          |  |       729,426 |           |       695,215 | 
+---------------------------------------+--+---------------+-----------+---------------+ 
|    |                                  |  |               |           |               | 
+----+----------------------------------+--+---------------+-----------+---------------+ 
| Equity                                |  |                        |  |               | 
+---------------------------------------+--+------------------------+--+---------------+ 
|    | Share capital                    |  |                     -  |  |            -  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Share premium                    |  |               192,508  |  |      192,508  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Other reserves                   |  |               139,533  |  |      104,945  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Accumulated losses               |  |              (247,055) |  |     (201,398) | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Total equity attributable        |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | to equity holders of the         |  |                84,985  |  |       96,056  | 
|    | Company                          |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Minority interests               |  |                74,831  |  |       75,421  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
| Total equity                          |  |               159,816  |  |      171,477  | 
+---------------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
| Liabilities                           |  |                        |  |               | 
+---------------------------------------+--+------------------------+--+---------------+ 
|    | Deferred income                  |  |                     -  |  |            -  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Deferred tax liabilities         |  |                27,755  |  |       26,980  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Total non-current liabilities    |  |                 27,755 |  |       26,980  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Trade payables                   |  |               110,682  |  |      102,256  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Accrued expenses and other       |  |               186,740  |  |      250,640  | 
|    | payables                         |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Fair value of foreign            |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |   exchange forward contracts     |  |                     -  |  |            -  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Amounts due to directors         |  |                      - |  |        2,776  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Loans and borrowings             |  |               244,433  |  |      141,086  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    | Total current liabilities        |  |               541,855  |  |      496,758  | 
+----+----------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
| Total liabilities                     |  |               569,610  |  |      523,738  | 
+---------------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+------------------------+--+---------------+ 
| Total equity and liabilities          |  |               729,426  |  |      695,215  | 
+---------------------------------------+--+------------------------+--+---------------+ 
|    |                                  |  |                        |  |               | 
+----+----------------------------------+--+---------------+--------+--+---------------+ 
 
 
Consolidated cash flow statement 
for the half year ended 30 June 2009 
 
 
+----+----------------------------------+--+---------------+--+---------------+ 
|                                       |  |    Six months |  |    Six months | 
|                                       |  | ended 30 June |  | ended 30 June | 
|                                       |  |          2009 |  |          2008 | 
+---------------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |       RMB'000 |  |       RMB'000 | 
+----+----------------------------------+--+---------------+--+---------------+ 
| Cash flows from operating activities  |  |               |  |               | 
+---------------------------------------+--+---------------+--+---------------+ 
|    | Net loss for the year            |  |       (4,859) |  |      (22,691) | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Depreciation                     |  |        3,518  |  |        4,753  | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Amortisation of Intangible       |  |          101  |  |       (3,648) | 
|    | assets                           |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Increase / (decrease) in net     |  |       75,072  |  |      (11,697) | 
|    | working capital                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Net cash generated from/(used    |  |               |  |               | 
|    | in)                              |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |   operating activities           |  |       73,832  |  |      (33,283) | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
| Cash flows from investing activities  |  |               |  |               | 
+---------------------------------------+--+---------------+--+---------------+ 
|    | Acqusition of fixed assets and   |  |        2,863  |  |         (754) | 
|    | intangible assets                |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Investment                       |  |      (27,781) |  |       19,667  | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Cash flows from investing        |  |      (24,918) |  |       18,913  | 
|    | activities                       |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
| Cash flows from financing activities  |  |               |  |               | 
+---------------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Short term loan                  |  |       12,692  |  |        7,201  | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Long-term loan                   |  |       67,389  |  |       70,121  | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Capital Contribution             |  |       (8,631) |  |      (16,725) | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    | Total current liabilities        |  |       71,450  |  |       60,597  | 
+----+----------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
| Net Increase in cash                  |  |      120,364  |  |       46,227  | 
+---------------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
| Cash at start of period               |  |      185,353  |  |      187,642  | 
+---------------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
| Cash at end of the period             |  |      305,717  |  |      233,869  | 
+---------------------------------------+--+---------------+--+---------------+ 
|    |                                  |  |               |  |               | 
+----+----------------------------------+--+---------------+--+---------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IR BUGDIXUDGGCR