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Share Name Share Symbol Market Type Share ISIN Share Description
Steppe Cement Ltd LSE:STCM London Ordinary Share MYA004433001 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.00 2.3% 44.50 44.00 45.00 44.50 43.50 43.50 127,395 11:00:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 54.7 9.6 3.7 12.0 97

Steppe Cement Limited Final Results and Accounts 2020

07/06/2021 8:01am

UK Regulatory (RNS & others)


Steppe Cement (LSE:STCM)
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RNS Number : 8503A

Steppe Cement Limited

07 June 2021

7 June 2021

Steppe Cement Ltd

CEO STATEMENT

I would like to thank all of our staff in Kazakhstan that showed incredible resilience in spite of all public health challenges and limitations. Our factory continued to work almost normally and this is only thanks to our employees and their commitment to the future of the company.

In 2020, Steppe Cement posted a net profit of USD11.1 million. Steppe Cement's EBITDA increased to USD 24.2 million from USD23.9 million in 2019 as higher prices in KZT, lower cost of production and the implementation of IFRS 16 were balanced by a devaluation of 8%.

The overall domestic cement market increased by 6% to 9.4 million tonnes, while our sales volume decreased slightly. Our local sales decreased by 6% due to milling limitations during two months of the high season, while exports increased by 20% in line with the market.

In 2020, our cost of production per tonne in KZT decreased by 3%.

Steppe Cement operated both lines at 85% of their current combined capacity (which is 1.1 million tonnes for line 5 and 0.85 million tonnes for line 6).

Shareholders' funds decreased to USD57.9 million from USD62.9 million due to currency devaluation and after dividend distribution to shareholders. The replacement cost of the Company's assets remains many times higher than their current book value.

 
  Key Financials                           Year ended   Year ended   Inc/(Dec)% 
                                            31-Dec-20    31-Dec-19 
 Sales (tonnes of cement)                  1,645,744    1,715,761       (4%) 
                                          -----------  -----------  ----------- 
 Consolidated turnover (KZT million)         30,958       30,534         1% 
                                          -----------  -----------  ----------- 
 Consolidated turnover (USD million)          74.8         79.9         (6%) 
                                          -----------  -----------  ----------- 
 Consolidated profit before tax 
  (USD million)                               13.1         12.5          5% 
                                          -----------  -----------  ----------- 
 Consolidated profit after tax 
  (USD million)                               11.1         9.7          14% 
                                          -----------  -----------  ----------- 
 Profit per share (US cents)                  5.1          4.4          14% 
                                          -----------  -----------  ----------- 
 Shareholders' funds (USD million)            57.9         62.9         (8%) 
                                          -----------  -----------  ----------- 
 Average exchange rate (KZT/USD)              413          383          (8%) 
                                          -----------  -----------  ----------- 
 Exchange rate as at year end (KZT/USD)       421          381         (10%) 
                                          -----------  -----------  ----------- 
 

The Kazakh cement market increased by 6% in 2020 and we expect a modest increase in 2021

Despite the impact of Covid-19, the Kazakh cement market in 2020 increased to 9.4 million tonnes (6%) from 2019. Imports into Kazakshtan decreased by 13% to 0.6 million tonnes equivalent to 6% of the total market, mostly due to the ban on imports from Iran. E xports from local producers increased by 22% to 2 million tonnes mostly to Uzbekistan and Kyrgyzstan.

The market demand in 2021 seems strong despite the effects of COVID-19 temporary lock downs. We expect a potential increase of 2-4% as oil prices have recovered and the government stimulus packages continue.

Exports, mostly to Uzbekistan were increased as demand in the Tashkent area remained strong and the companies located in the south of Kazakhstan continued to benefit. Volumes exported to Uzbekistan by Kazakh operators will be reduced once the new factories built in Uzbekistan become operational, most likely in late 2021.

Steppe Cement's average cement selling prices increased by 6% in KZT, but decreased by 3% in USD, to USD 45.4 per tonne delivered.

Production and costs

Line 5 produced 938,074 tonnes of cement while Line 6 produced 707,670. Line 5 had two planned maintenance stops during the year and L6 performed as planned, but further improvements are expected in 2021 when we expect production is excess of 1.75 million tonnes.

Cost per tonne decreased by 3% in KZT due to saving on electricity and coal, partly offset by increases repairs and maintenance.

The average cash production cost of cement was reduced to USD 19/tonne due to cost savings and currency depreciation.

We expect the coal price to be maintained in 2021.

Selling expenses, reflecting mostly cement delivery costs, were maintained at USD8/tonne, due to higher export volumes (+20%) and transportation inflation.

Foreign exchange losses increased as we maintained some loans in USD until full repayment in August 2020 and the currency experienced an 8% devaluation having remained stable in 2019.

Other income increased significantly due to the write-back of a payable of USD 1 million previously written down, as well as the write-back of deferred income from the government subsidied loans.

General and administrative expenses

General and administrative expenses increased to USD6.2 million from USD5.6 million in 2019. The increase is due to higher provision for doubtful debts and withholding tax of USD0.4 million on transfers from Karcement to the holding company, Steppe Cement.

Labour and Covid-19

On 31 March 2021, the labour count stood at 7 81 from 751 in 2020. The difference is mostly due to the increased proportion of bagged cement on our product mix with subcontractors replaced by our own staff.

To prevent the spread of Covid-19 we took standard measures: temperature checking at the entry gates of the factory, masks and distribution of information and advice to all workers. We also made testing available to all workers who wished to be tested and in 2021 we have facilitated vaccination to those willing to take it, with this option still being offered.

During 2020, the government provided different statistics about the number of deceased due to Covid-19 or pneumonia without a clear distinction between the two. We had three employees that died in 2020 of which two had comorbidities although only one was recognised officially as a victim of Covid-19. In 2021, we had an additional casualty but he was not based in the factory as he had a sales position in Almaty.

Capital investment slowed down but will increase in 2021 and 2022

Capital investment in 2020 was directed to the improvement of packing and to reduce power consumption. We managed to invest less than USD1 million in investment capex due to the Covid-19 restrictions mostly during the summer of 2020 as we didn't have a full team of engineers in place, but we executed our planned maintenance capex of USD2 million. We managed to complete the following projects:

   -     Pan conveyor replacement; 
   -     Cooler EP fan system replacement; 
   -     Cooler static head fan system; and 
   -     Automatic bag feeder (commissioned in March 2021) 

In the fourth quarter of 2020, we purchased through a 6% subsidized loan a new fleet of 70 boxed wagons for transportation of bagged cement. We borrowed KZT0.8 billion before the end of the year and an additioal KZT0.4 billion in February 2021 when the wagons arrived in the factory. We will use this small fleet year-round and we will rent between 200-250 additional box wagons during the high season. This operation is similar to the 330 bulk wagons that we bought in 2014. The return on these wagons is higher than the cost of funds.

In addition, in 2021 we plan to increase investment capex to at least USD3 million to compensate for the lower capex in 2020 while we expect maintenance capex to be smaller. The projects will include:

   -     a new XRF (X-ray analyser) for the laboratory to improve clinker quality and stability; 
   -     slag drier filter and automation for ecological reasons; 
   -     an automatic bag feeder to reduce labour cost and increase bagged cement; 
   -     a new Schenck coal dosing system, to better control the feed to the preheater in line 6; 
   -     coal mill ducting modifications to increase coal milling capacity; 
   -     railway line extension purchase to save transportation fees; and 

- cement mill separators that will allow us to increase the amount of additives as well as control the cement finess. This project will be carried over 2022.

Effects of application of IFRS 16 in the accounts

The application of IFRS 16 in our accounts continues to affect the accounting of the rental of wagons that Steppe Cement does not actually own. Some wagons are rented for more than two years and the accounting standard that we started to implement in 2019 requires us to account for a new non-current asset called 'right-of-use' assets evaluated in 2020 at USD 3.5 million vs USD 6.1 million in 2019 (the lease contracts have already been accounted for one year). The amount will be reduced yearly until these contracts are renewed and it may increase again depending on the renewal terms. The corresponding entries in the liabilities are called lease liabilities seggregated between non-current at USD2.1 million in 2020 vs USD4.3 million in 2019 and current of USD1.8 million vs USD2.2 million in 2019.

The selling expenses have been reduced to USD13 million while the corresponding lease finance cost has been calculated at USD0.6 million increasing the financial expenses but less than in 2019 when they were increased by USD0.9 million.

Without IFRS 16 accounting, the finance expenses would have been USD0.6 million and the selling expenses USD 13.5 million. Consequently, the gross profit has been reduced by USD 0.1 million.

The EBITDA has been increased due to the recognition of the depreciation of right-of-use assets. Without this depreciation, the EBITDA for 2020 would have been USD22.1 million.

Financial position: Debt has all been repaid apart from the subsidised lines.

During the year, our total loans outstanding were reduced from USD10.3 million to USD6.8 million, the majority of these loans have very favourable subsidized rates in KZT. The company ended the year with a net cash position of USD1.4 million, excluding IFRS 16 leases.

Long-term loans were reduced from USD3.9 million to USD2.4 million. Of this reduction USD1.5 million were due to repayment of loans and the balance due to the lower value in USD of long-term KZT denominated loans. The effective blended interest rate in the long term loans in USD and KZT was reduced to 5% per annum.

Our short term loans and current part of the long term loans decreased from USD6.4 million in 2019 to USD4.4 million in 2020, while the cash position at the end of the year was slightly decreased from USD9 million to USD8.2 million.

In 2020, finance costs decreased to USD1.2 million from USD2.1 million in 2019. Without operating lease interest of USD0.6 million under IFRS 16, the finance cost was USD0.6 million of which USD0.4 million was interest on loans.

The KZT had a very bumpy ride against the USD, devaluing from 380 to 430 KZT/USD during the beginning of the Covid crisis and following the drop of oil prices. It then strengthened back to 400 by the beginning of the summer and devalued to 430 by the winter. The average rate for the year was 413.

We maintain short term credit lines available as stand by:

   -     KZT 1 billion in a government subsidized program in KZT at 6% p.a. 
   -     KZT 2 billion from Halyk Bank at 6% p.a. in USD or 13% in KZT. 
   -     KZT 0.9 billion from Altyn Bank at 12% p.a. in KZT. 

All covenants under the various credit lines have been met comfortably.

Depreciation of property, plant and equipment remained the same at USD6.9 million for 2020 and 2019.

Steppe Cement's effective income tax rate has decreased to 15%. The statutory corporate income tax rate remains at 20% in Kazakhstan.

Javier del Ser Perez

Chief Executive Officer

Annual Report 2020 and Annual General Meeting

Steppe Cement will release its Annual Report 2020 on its web site at www.steppecement.com during the week commencing 7 June 2021.

The Company's virtual Annual General Meeting is expected to take place at its Malaysian Office at Suite 10.1, 10th Floor, West Wing, Rohas Perkasa, 8 Jalan Perak, Kuala Lumpur Malaysia on Wednesday, 7 July 2021 at 4 p.m., due to travelling restrictions.

Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.

   Nominated Adviser   contact: Stephen Allen or Andrew Thomson on +61 8 9480 2500. 

Broker contact: Charlie Cryer at +44 20 3440 6800

STEPPE CEMENT LTD

(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)

STATEMENTS OF PROFIT OR LOSS

FOR THE YEARED 31 DECEMBER 2020

 
                                       The Group                The Company 
                                       2020          2019        2020       2019 
                                        USD           USD         USD        USD 
 
 
Revenue                          74,774,297    79,929,953  10,796,326  9,915,657 
 
Cost of sales                  (42,439,633)  (46,244,126)           -          - 
                               ------------  ------------  ----------  --------- 
 
Gross profit                     32,334,664    33,685,827  10,796,326  9,915,657 
 
 
Selling expenses               (12,966,168)  (13,371,624)           -          - 
General and administrative 
expenses                        (6,225,928)   (5,921,545)   (311,871)  (318,980) 
Interest income                     199,332       128,735         934      6,023 
Finance costs                   (1,249,051)   (2,061,008)           -          - 
Net foreign exchange 
 loss                             (808,977)      (84,400)     (3,981)   (35,941) 
Other income, 
 net                              1,817,314       166,115      82,507          - 
 
Profit before 
 income tax                      13,101,186    12,542,100  10,563,915  9,566,759 
 
Income tax expense              (1,983,727)   (2,835,709)           -          - 
                               ------------  ------------  ----------  --------- 
 
Profit for the 
 year                            11,117,459     9,706,391  10,563,915  9,566,759 
                               ============  ============  ==========  ========= 
 
Attributable to: 
Shareholders of 
 the Company                     11,117,459     9,706,391  10,563,915  9,566,759 
                               ============  ============  ==========  ========= 
 
Earnings per share: 
Basic and diluted 
 (cents)                           5.1           4.4 
                               ============  ============ 
 

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEARED 31 DECEMBER 2020

 
                                      The Group              The Company 
                                      2020        2019        2020       2019 
                                       USD         USD         USD        USD 
 
 
Profit for the year             11,117,459   9,706,391  10,563,915  9,566,759 
 
Other comprehensive 
 (loss)/income: 
 
Items that will 
 not be reclassified 
 subsequently to profit 
 or loss : 
--------------------------- 
 
Revaluation gain 
 on property, plant 
 and equipment, net 
 of tax                            760,291           -           -          - 
Increase in provision 
 for site restoration             (74,671)           -           -          - 
 
Items that may be 
 reclassified subsequently 
 to profit or loss 
 : 
--------------------------- 
 
Exchange differences 
 arising from translation 
 of foreign operations         (5,228,388)     572,722           -          - 
 
Total other comprehensive 
 (loss)/income                 (4,542,768)     572,722           -          - 
                               -----------  ----------  ----------  --------- 
 
Total comprehensive 
 income for the year             6,574,691  10,279,113  10,563,915  9,566,759 
 
Attributable to: 
Shareholders of the 
 Company                         6,574,691  10,279,113  10,563,915  9,566,759 
                               ===========  ==========  ==========  ========= 
 

STATEMENTS OF FINANCIAL POSITION

AS OF 31 DECEMBER 2020

 
                                    The Group              The Company 
                                    2020        2019        2020        2019 
                                     USD         USD         USD         USD 
 
 
Assets 
Non-Current Assets: 
Property, plant 
 and equipment                48,856,410  55,807,917           -           - 
Right-of-use assets            3,483,259   6,140,152           -           - 
Investment in subsidiary 
 companies                             -           -  36,294,519  36,197,767 
Loan to subsidiary 
 company                               -           -  30,110,000  30,140,000 
Advances                               -       5,992           -           - 
Other assets                   1,900,656   2,426,938           -           - 
 
Total Non-Current 
 Assets                       54,240,325  64,380,999  66,404,519  66,337,767 
                              ----------  ----------  ----------  ---------- 
 
Current Assets 
Inventories                   11,097,613  10,811,542           -           - 
Trade and other 
 receivables                   2,332,410   5,790,278   6,775,995   8,847,922 
Other assets                     304,946           -           -           - 
Income tax recoverable         1,435,100     405,147           -           - 
Loans and advances 
 to subsidiary companies               -           -      39,712      30,079 
Advances and prepaid 
 expenses                      3,644,038   3,682,896       5,848      15,944 
Cash and cash equivalents      8,213,680   9,014,360   1,352,950     261,798 
                              ----------  ----------  ----------  ---------- 
 
Total Current Assets          27,027,787  29,704,223   8,174,505   9,155,743 
                              ----------  ----------  ----------  ---------- 
 
Total Assets                  81,268,112  94,085,222  74,579,024  75,493,510 
                              ==========  ==========  ==========  ========== 
 
 
                                       The Group                 The Company 
                                       2020           2019        2020        2019 
                                        USD            USD         USD         USD 
 
 
Equity and Liabilities 
 
Capital and Reserves 
Share capital                    73,760,924     73,760,924  73,760,924  73,760,924 
Revaluation reserve               2,370,706      2,015,943           -           - 
Translation reserve           (118,514,344)  (113,285,956)           -           - 
Retained earnings               100,325,002    100,386,012     631,352   1,576,763 
                              -------------  -------------  ----------  ---------- 
 
Total Equity                     57,942,288     62,876,923  74,392,276  75,337,687 
                              -------------  -------------  ----------  ---------- 
 
Non-Current Liabilities 
Borrowings                        2,368,296      3,892,851           -           - 
Lease liabilities                 2,076,668      4,306,929           -           - 
Deferred taxes                    4,559,927      4,651,541           -           - 
Deferred income                   1,492,432      1,421,368           -           - 
Provision for site 
 restoration                        150,878         74,435           -           - 
 
Total Non-Current 
 Liabilities                     10,648,201     14,347,124           -           - 
                              -------------  -------------  ----------  ---------- 
 
Current liabilities 
Trade and other 
 payables                         4,075,078      6,203,453           -           - 
Accrued and other 
 liabilities                      1,531,039      1,405,123     186,748     155,853 
Borrowings                        4,429,053      6,420,573           -           - 
Lease liabilities                 1,830,755      2,190,586           -           - 
Deferred income                     106,420         81,387           -           - 
Taxes payable                       705,278        560,053           -           - 
 
Total Current Liabilities        12,677,623     16,861,175     186,748     155,853 
                              -------------  ------------- 
 
Total Liabilities                23,325,824     31,208,299     186,748     155,853 
                              -------------  ------------- 
 
Total Equity and 
 Liabilities                     81,268,112     94,085,222  74,579,024  75,493,510 
                              =============  =============  ==========  ========== 
 

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARED 31 DECEMBER 2020

 
                                                                                  Distributable 
 The Group                          Share capital   Revaluation     Translation        Retained            Net 
                                                        reserve         reserve        earnings 
                                              USD           USD             USD             USD            USD 
 
 As of 1 January 2020                  73,760,924     2,015,943   (113,285,956)     100,386,012     62,876,923 
                                   --------------  ------------  --------------  --------------  ------------- 
 Profit for the year                            -             -               -      11,117,459     11,117,459 
 Other comprehensive loss                       -       685,620     (5,228,388)               -    (4,542,768) 
                                   --------------  ------------  --------------  --------------  ------------- 
 Total comprehensive 
  income/(loss) 
  for the year                                  -       685,620     (5,228,388)      11,117,459      6,574,691 
 
 Other transactions impacting 
  equity : 
 Dividends paid                                 -             -               -    (11,509,326)   (11,509,326) 
 Transfer on revaluation 
  reserve relating to property, 
  plant and equipment through 
  use                                           -     (330,857)               -         330,857              - 
                                   --------------  ------------  --------------  --------------  ------------- 
 
 As of 31 December 2020                73,760,924     2,370,706   (118,514,344)     100,325,002     57,942,288 
                                   ==============  ============  ==============  ==============  ============= 
 
 
                                                                                 Distributable 
 The Group                         Share capital   Revaluation     Translation        Retained           Net 
                                                       reserve         reserve        earnings 
                                             USD           USD             USD             USD           USD 
 
 As of 1 January 2019                 73,760,924     2,349,282   (113,858,678)      98,735,515    60,987,043 
                                  --------------  ------------  --------------  --------------  ------------ 
 Profit for the year                           -             -               -       9,706,391     9,706,391 
 Other comprehensive income                    -             -         572,722               -       572,722 
                                  --------------  ------------  --------------  --------------  ------------ 
 Total comprehensive income 
  for the year                                 -             -         572,722       9,706,391    10,279,113 
 
 Other transactions impacting 
  equity : 
 Dividends paid                                -             -               -     (8,389,233)   (8,389,233) 
 Transfer on revaluation 
  reserve relating to property, 
  plant and equipment through 
  use                                          -     (333,339)               -         333,339             - 
                                  --------------  ------------  --------------  --------------  ------------ 
 
 As of 31 December 2019               73,760,924     2,015,943   (113,285,956)     100,386,012    62,876,923 
                                  ==============  ============  ==============  ==============  ============ 
 

STATEMENTS OF CASH FLOWS

FOR THE YEARED 31 DECEMBER 2020

 
                                         The Group                   The Company 
                                         2020          2019          2020            2019 
                                          USD           USD           USD             USD 
 
 
CASH FLOWS FROM/(USED 
 IN) OPERATING ACTIVITIES 
Profit before income 
 tax                               13,101,186    12,542,100    10,563,915       9,566,759 
 
Adjustments for: 
 
Depreciation of property, 
 plant and equipment                6,873,876     6,880,944             -               - 
Depreciation of right-of-use 
 assets                             2,116,952     2,285,530             -               - 
Amortisation of site 
 restoration costs                          -         1,410             -               - 
Dividend income                             -             -   (9,441,251)     (8,678,970) 
Reversal of dividend                        -             -             -               - 
 accrued 
Loss on disposal of property, 
 plant and equipment                   26,546       140,656             -               - 
Interest income                     (199,332)     (128,375)   (1,356,009)     (1,242,710) 
Finance costs                       1,249,051     2,061,008             -               - 
Net foreign exchange 
 loss                                 702,427        84,400             -           1,339 
Provision for obsolete 
 inventories                          100,475        36,146             -               - 
Credit loss allowance 
 for doubtful receivables             813,812       433,412             -               - 
Allowance for advances 
 paid to third parties                 69,152       142,400             -               - 
Reversal of provision 
 for obsolete inventories           (170,345)     (118,792)             -               - 
Deferred income                     (108,310)     (246,290)             -               - 
 
Operating profit/(loss) 
 before working capital 
 changes                           24,575,490    24,114,189     (233,345)       (353,582) 
 
Movement in working capital: 
(Increase)/Decrease in: 
Inventories                       (2,528,062)     2,704,172             -            - 
Trade and other receivables         2,167,282   (2,687,961)             -            - 
Loans and advances to 
 subsidiary companies                       -             -      (76,385)     (63,520) 
Advances and prepaid 
 expenses                           (390,332)   (1,514,504)        10,096      (9,240) 
 
(Decrease)/Increase in: 
Trade and other payables          (1,538,598)     (354,224)             -            - 
Accrued and other liabilities         449,819   (2,002,941)        30,925    (903,911) 
                                 ------------  ------------  ------------  ----------- 
 
Cash Generated From/(Used 
 In) Operations                    22,735,599    20,258,731     (268,709)  (1,330,253) 
Income tax paid                   (2,925,488)     (493,734)             -            - 
 
Net Cash From/(Used In) 
 Operating Activities              19,810,111    19,764,997     (268,709)  (1,330,253) 
                                 ------------  ------------  ------------  ----------- 
 
CASH FLOWS FROM/(USED 
 IN) INVESTING ACTIVITIES 
Purchase of property, 
 plant and equipment              (3,108,678)   (2,837,509)             -            - 
Contribution to site 
 restoration fund                    (33,825)      (14,982)             -            - 
Proceeds from disposal 
 of property, plant and 
 equipment                            134,630       149,482             -            - 
Dividends received from 
 subsidiary                                 -             -    11,509,326    8,389,233 
Interest received                     199,332       128,735     1,359,861    1,568,481 
                                 ------------  ------------  ------------  ----------- 
 
Net Cash (Used In)/From 
 Investing Activities             (2,808,541)   (2,574,274)    12,869,187    9,957,714 
                                 ------------  ------------  ------------  ----------- 
 
 
CASH FLOWS FROM/(USED 
 IN) FINANCING ACTIVITIES 
Proceeds from bank borrowings       7,414,558     7,834,646             -            - 
Repayment of bank borrowings      (9,657,053)   (9,432,630)             -            - 
Repayment of lease liabilities    (2,014,790)   (1,929,741)             -            - 
Dividends paid                   (11,509,326)   (8,389,233)  (11,509,326)  (8,389,233) 
Interest paid                     (1,240,129)   (2,036,609)             -            - 
                                 ------------  ------------  ------------  ----------- 
 
Net Cash Used In Financing 
 Activities                      (17,006,740)  (13,953,567)  (11,509,326)  (8,389,233) 
                                 ------------  ------------  ------------  ----------- 
 
NET (DECREASE)/INCREASE 
 IN CASH AND CASH EQUIVALENTS         (5,170)     3,237,156     1,091,152      238,228 
 
EEFFECTS OF FOREIGN EXCHANGE 
 RATE CHANGES                       (795,510)        57,713             -            - 
 
CASH AND CASH EQUIVALENTS 
 AT BEGINNING OF YEAR               9,014,360     5,719,491       261,798       23,570 
                                 ------------  ------------  ------------  ----------- 
 
CASH AND CASH EQUIVALENTS 
 AT END OF YEAR                     8,213,680     9,014,360     1,352,950      261,798 
                                 ============  ============  ============  =========== 
 
 

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