TIDMUTV
UTV Media plc
("UTV" or "the Group")
Interim Results
for the six months ended 30 June 2015
Financial highlights *
* Group revenue of GBP58.3m (2014: GBP57.8m)
* Pre-tax profit of GBP1.0m (2014: GBP10.0m)
* Group operating profit of GBP2.7m (2014: GBP11.2m)
* Net debt of GBP46.9m (2014: GBP43.5m)
* Diluted adjusted earnings per share of (0.55)p (2014: 8.28p)
* Proposed interim dividend of 1.82p (2014: 1.82p)
Operational highlights
* Radio GB - 2014 World Cup impact softened by strong core trading
performance
* Continued strong audience performance across established radio and
television businesses
* Board has approved programming and marketing action plan for UTV Ireland
* As appropriate, references to profit include income from joint ventures and
associates
Richard Huntingford, Chairman, UTV Media plc, said:
"The challenges of establishing a new television channel are evident in these
results which reflect the significant losses incurred by UTV Ireland in its
first six months on air. Less evident, but not to be lost sight of, is the
inherent value created by the establishment of a mainstream television channel
in Europe's fastest growing economy, with long term licensing, programme supply
and infrastructure in place."
For further information contact:
Enquiries
Orla McKibbin, Director of +44 (0) 28 9026 2188 / +44 (0)
Communications 7879 666 427
www.utvmedia.com/investors
Maitland +44 (0) 20 7379 5151
James Devas
Chairman's Statement
Introduction
The challenges of establishing a new television channel are evident in these
results which reflect the significant losses incurred by UTV Ireland in its
first six months on air. Less evident, but not to be lost sight of, is the
inherent value created by the establishment of a mainstream television channel
in Europe's fastest growing economy, with long term licensing, programme supply
and infrastructure in place.
Results and Dividend *
Group operating profit was GBP2.7m (2014: GBP11.2m) on group revenue of GBP58.3m
(2014: GBP57.8m). A reduction in the net interest charge to GBP1.0m (2014: GBP
1.3m) was more than offset by a foreign exchange loss of GBP0.7m (2014: GBPNil)
resulting in a group pre-tax profit of GBP1.0m (2014: GBP10.0m). Diluted adjusted
earnings per share were (0.55)p (2014: 8.28p). The investment in UTV Ireland
was well supported by the strong cash generation characteristics of the rest of
the group. As a result, net debt increased by just GBP3.4m to GBP46.9m
representing Net debt/EBITDA at 30 June 2015 of 3.40 times (30 June 2014: 1.72
times). The group agreed a relaxation with its bankers of its Net debt/EBITDA
covenant from 3.50: 1 to 4.50: 1 for one year to 30 June 2016.
The Board is proposing a dividend of 1.82p (2014: 1.82p).
* As appropriate, references to profit include income from associates and joint
venture.
Television
Turnover in our Northern Ireland television business was down by 2% in the
first six months of the year, reflecting an 11% decrease in advertising revenue
from Belfast. This decrease resulted from a significant cut in expenditure by
government departments in the Northern Ireland Assembly. Incorporating the
results of Tibus and Simply Zesty, operating profit in our Northern Ireland
television business was GBP4.2m (2014: GBP4.9m).
Turnover in our new television channel, UTV Ireland, fell below expectations as
a result of a slower build in audience numbers. In the first six months, UTV
Ireland's share of commercial impacts was 11.4%, compared to our original
forecast of approximately 15%. Early teething issues, such as the re-tuning of
domestic digital receivers, further compounded the problem of audience
under-delivery, resulting in turnover for the first half being recorded at GBP
4.9m (2014: GBPNil). With costs of GBP12.4m (2014: GBP0.5m), in the first half,
operating losses at UTV Ireland were GBP7.5m (2014: GBP0.5m), creating an overall
operating loss in the television division of GBP3.3m (2014: operating profit of GBP
4.4m).
Radio *
Operating profit in our radio division was GBP0.9m lower at GBP7.9m on turnover of
GBP34.6m (2014: GBP38.8m). Revenues in our GB radio division were down by GBP2.6m to
GBP25.8m, with lower revenues at talkSPORT accounting for all of this. In a post
World Cup year, and in the context of a national advertising market which was
flat in the six month period, talkSPORT's 15% revenue decline was a creditable
performance, while its cost base reduced by GBP2.1m. Our local radio stations
experienced modest growth and held costs at the previous year's level. GB
Radio operating profit, therefore, was down by only GBP0.5m to GBP5.8m. As
previously reported, a strategic review of our local radio stations is being
carried out with disposal terms in respect of one station, Juice FM in
Liverpool, having been agreed. Subject to CMA approval the GBP10.0m cash
proceeds of this disposal are expected to be received in Q4.
The Irish radio advertising market failed to respond to the increasingly
positive macroeconomic data and, in the first six months, was estimated by the
advertising agencies to be down by about 4%. Significant currency headwinds
compounded this leading to an overall reduction in our Irish radio advertising
revenues of GBP1.5m to GBP8.8m. With compensating currency tailwinds in our
operating cost base, Irish radio operating profit for the first half was GBP0.4m
lower at GBP2.1m.
* As appropriate, references to profit include income from associates and joint
venture.
Prospects
We are experiencing good growth from both our London and Dublin offices and
this is expected to generate growth in Northern Ireland television advertising
revenue of 4% in the current quarter. However the budget impasse in the local
assembly continues and this is expected to create a drag on our Northern
Ireland television advertising revenue from Belfast in the third quarter.
UTV Ireland's progress is closely linked to the performance of ITV network's
programming, which is the mainstay of its output, and there are new series
scheduled for the autumn which have been favourably commented upon. Alongside
this, we are implementing an action plan which includes stronger domestic
programming, more effective marketing and a better defined branding strategy.
As we move through Q3, the tough World Cup comparator for talkSPORT falls away,
with good growth forecast for both August and September. For the current
quarter as a whole, talkSPORT's advertising revenue is expected to be up by 1%,
with similar growth from our local radio stations.
The poor performance of the Irish radio market relative to the economy
continued on into July and August, with the strength of sterling exerting
further downward pressure on our reported Irish radio revenues. However,
advertising agencies are generally positive about the last four months of the
year and we are forecasting growth of 3% in local currency for September which
would result in a 5% reduction on the same basis for the third quarter as a
whole.
Richard Huntingford
Chairman
28 August 2015
Group Income Statement
for the six months ended 30 June 2015
Notes 30 June 30 June
2015 2014
GBP000 GBP000
Continuing operations
Revenue 3 58,262 57,781
Operating costs (55,765) (46,731)
------- -------
Operating profit from
continuing operations 2,497 11,050
before tax and finance
costs
Share of results of
JVs and associates 185 142
accounted for using
the equity method
------- -------
Profit from continuing
operations before tax 3 2,682 11,192
and finance costs
Finance revenue 22 26
Finance costs (1,021) (1,283)
Foreign exchange (703) 27
(loss)/gain
------- -------
Profit from continuing 3 980 9,962
operations before tax
Taxation (1,460) (1,970)
------- -------
(Loss)/profit from
continuing operations (480) 7,992
after tax
Discontinued
operations
Loss from discontinued - (61)
operations
------- -------
(Loss)/profit for the (480) 7,931
period
------- ------
Attributable to:
Equity holders of the (556) 7,855
parent
Non-controlling 76 76
interest
------- -------
(480) 7,931
------- ------
(Loss)/Earnings per 2015 2014
share
Continuing operations
Basic 6 (0.58)p 8.26p
Diluted 6 (0.58)p 8.19p
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Adjusted 6 (0.55)p 8.35p
Diluted adjusted 6 (0.55)p 8.28p
Continuing and
discontinued
operations
Basic 6 (0.58)p 8.20p
Diluted 6 (0.58)p 8.13p
Adjusted 6 (0.55)p 8.29p
Diluted adjusted 6 (0.55)p 8.22p
Group Statement of Comprehensive Income
for the six months ended 30 June 2015
30 June 30
June
2015 2014
GBP000 GBP000
(Loss)/profit for the period (480) 7,931
------- -------
Other comprehensive (loss)/income
Items that will not be reclassified
subsequently to profit or loss:
Actuarial loss on defined benefit (2,223) (2,081)
pension schemes
Income tax relating to items that 445 416
will not be reclassified subsequently
------- -------
(1,778) (1,665)
------- -------
Items that may be reclassified
subsequently to profit or loss:
Cash flow hedges
Gain arising during the period 293 -
Less transfers to the income (17) -
statement
Exchange difference on translation of (3,874) (1,881)
foreign operations
Income tax relating to items that may (22) -
be reclassified
------- -------
(3,620) (1,881)
------- -------
Other comprehensive loss for the (5,398) (3,546)
period, net of tax
------- -------
Total comprehensive (loss)/income for (5,878) 4,385
the period, net of tax
------- -------
Attributable to:
Equity holders of the parent (5,954) 4,309
Non-controlling interest 76 76
------- -------
(5,878) 4,385
------- -------
Group Balance Sheet
for the six months ended 30 June 2015
30 30 31
June June December
Notes 2015 2014 2014
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 7 17,546 12,487 17,360
Intangible assets 166,047 174,374 172,163
Investments accounted for using 864 890 900
the equity method
Deferred tax asset 1,691 1,818 1,531
------- ------- -------
186,148 189,569 191,594
------- ------- -------
Current assets
Inventories 1,591 785 2,390
Trade and other receivables 21,567 22,298 23,502
Financial assets 8 376 375 275
Cash and short term deposits 12,832 13,906 12,886
------- ------- -------
36,366 37,364 39,053
------- ------- -------
TOTAL ASSETS 222,514 226,933 231,007
------- ------- -------
EQUITY AND LIABILITIES
Equity attributable to equity
holders of the parent
Equity share capital 55,557 55,557 55,557
Capital redemption reserve 50 50 50
Treasury shares (104) - (104)
Foreign currency reserve (303) 5,069 3,571
Cash flow hedge reserve 276 - -
Retained earnings 38,038 39,336 45,428
------- ------- -------
93,514 100,012 104,502
Non-controlling interest 129 85 53
------- ------- -------
TOTAL EQUITY 93,643 100,097 104,555
------- ------- -------
Non-current liabilities
Financial liabilities 8 56,437 53,594 55,399
Pension liability 9 3,229 4,241 1,971
Provisions 622 413 372
Deferred tax liabilities 32,979 34,518 34,266
------- ------- -------
93,267 92,766 92,008
------- ------- -------
Current liabilities
Trade and other payables 29,766 27,291 28,058
Financial liabilities 8 3,335 3,790 3,668
Tax payable 1,829 2,313 1,909
Provisions 674 676 809
------- ------- -------
35,604 34,070 34,444
------- ------- -------
TOTAL LIABILITIES 128,871 126,836 126,452
------- ------- -------
TOTAL EQUITY AND LIABILITIES 222,514 226,933 231,007
------- ------- -------
Group Cash Flow
for the six months ended 30 June 2015
30 June 30 June
2015 2014
GBP000 GBP000
Operating activities
Profit before tax (i) 980 9,851
Adjustments to reconcile profit
before tax to
net cash flows from
operating activities
Foreign exchange loss/(gain) 703 (27)
Net finance costs 999 1,257
Share of results of associates (185) (142)
and joint ventures
Depreciation of property, plant 1,514 971
and equipment
Gain from sale of property, (1) -
plant and equipment
Share based payments 171 175
Difference between pension
contributions paid and (1,038) (2,530)
amounts recognised in the income
statement
Decrease in inventories 799 973
Decrease in trade and other 1,286 228
receivables
Decrease in trade and other (2,830) (1,169)
payables
Increase/(decrease) in 115 (22)
provisions
------- -------
Cash generated from operations 2,513 9,565
Tax paid (1,241) (729)
------- -------
Net cash inflow from operating 1,272 8,836
activities
------- -------
Investing activities
Interest received 24 26
Proceeds on disposal of 1 1
property, plant and equipment
Purchase of property, plant and (2,167) (1,893)
equipment
Income received from associates 221 75
and joint ventures
Proceeds from the disposal of 175 300
discontinued operations
------- -------
Net cash flows from investing (1,746) (1,491)
activities
------- -------
Financing activities
Borrowing costs (1,084) (1,078)
Acquisition of treasury shares - (402)
Dividends paid to equity (4) (3)
shareholders
Dividends paid to - (97)
non-controlling interests
Repayment of borrowings (1,939) (2,000)
Proceeds from borrowings 3,582 -
------- -------
Net cash flows used in financing 555 (3,580)
activities
------- -------
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Net increase in cash and cash 81 3,765
equivalents
Net foreign exchange differences (135) (44)
Cash and cash equivalents at 1 12,886 10,185
January
------- -------
Cash and cash equivalents at 30 12,832 13,906
June
------- -------
(i) Includes both continuing and
discontinued operations
Group Statement of Changes in Equity
for the six months ended 30 June 2015
Equity Capital Treasury Foreign Cashflow Retained Share Non-
share redemption shares currency hedge earnings holder controlling Total
capital reserve reserve reserve equity interest
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 January 55,557 50 (123) 6,950 - 38,531 100,965 106 101,071
2014
------ ------- ------- ------- ------- ------- ------- ------- -------
Profit for - - - - - 7,855 7,855 76 7,931
the period
Other
comprehensive - - - (1,881) - (1,665) (3,546) - (3,546)
income in the
period
------ ------ ------- ------- ------- ------- ------- ------- -------
Total net
comprehensive - - - (1,881) - 6,190 4,309 76 4,385
income in the
period
Acquisition
of treasury - - (402) - - - (402) - (402)
shares
Treasury - - 525 - - (525) - - -
shares issued
Share based - - - - - 175 175 - 175
payment
Equity
dividends - - - - - (5,035) (5,035) (97) (5,132)
paid and
payable
------ ------- ------- ------- ------- ------- ------- ------- -------
At 30 June 55,557 50 - 5,069 - 39,336 100,012 85 100,097
2014
------ ------- ------- ------- ------- ------- ------- ------- -------
Profit for - - - - - 5,788 5,788 81 5,869
the period
Other
comprehensive - - - (1,498) - 1,921 423 - 423
income/(loss)
in the period
------ ------ ------- ------- ------- ------- ------- ------- -------
Total net
comprehensive - - - (1,498) - 7,709 6,211 81 6,292
income in the
period
Acquisition
of treasury (104) - - - (104) - (104)
shares
Share based - - - - - 128 128 - 128
payment
Equity
dividends - - - - - (1,745) (1,745) (113) (1,858)
paid
------ ------- ------- ------- ------- ------- ------- ------- -------
At 31 55,557 50 (104) 3,571 - 45,428 104,502 53 104,555
December 2014
------ ------- ------- ------- ------- ------- ------- ------- -------
(Loss)/profit
for the - - - - - (556) (556) 76 (480)
period
Other
comprehensive - - - (3,874) 276 (1,800) (5,398) - (5,398)
(loss)/income
in the period
------ ------- ------- ------- ------- ------- ------- ------- -------
Total net
comprehensive - - - (3,874) 276 (2,356) (5,954) 76 (5,878)
(loss)/income
in the period
Share based - - - - - 171 171 - 171
payment
Equity
dividends - - - - - (5,205) (5,205) - (5,205)
paid and
payable
------ ------- ------- ------- ------- ------- ------- ------- -------
At 30 June 55,557 50 (104) (303) 276 38,038 93,514 129 93,643
2015
------ ------- ------- ------- ------- ------- ------- ------- -------
Notes to the accounts
1. Basis of preparation
The condensed interim financial statements have been prepared in accordance
with IAS34 "Interim Financial Reporting" and the Disclosure and Transparency
Rules of the Financial Conduct Authority.
In addition, the interim condensed financial statements have been prepared on a
basis consistent with the accounting policies set out in the Group's Annual
Report and Accounts for the year ended 31 December 2014. A number of New
European Union endorsed amendments to existing standards are effective for
periods beginning on or after 1 January 2015. However, none of these have a
material, if any, impact on the annual or condensed interim financial
statements of the Group in 2015.
These interim statements have been prepared on a going concern basis as the
directors, having considered available relevant information, have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future.
The interim results are unaudited but have been formally reviewed by the
auditors and their report to the Company is set out at the end of this Interim
Report. The information shown for the year ended 31 December 2014 does not
constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006 and has been extracted from the Group's 2014 Annual Report,
which has been filed with the Registrar of Companies. The report of the
auditors on the accounts contained within the Group's 2014 Annual Report was
unqualified and did not contain a statement under either Section 498(2) or
Section 498(3) of the Companies Act 2006 regarding inadequate accounting
records or a failure to obtain necessary information and explanations.
2. Seasonality and cyclicality
The established businesses historically have had no significant seasonality or
cyclicality affecting the interim results of the operations. However, the
launch of UTV Ireland in January 2015 has had a significant impact on the
seasonality and cyclicality of the Group. The Board have agreed upon and
implemented an action plan to improve the performance of UTV Ireland in order
to reduce this impact and as such remains confident that UTV Ireland will
create long-term strategic value for shareholders.
3. Segmental information
The Group operates in three principal areas of activity - radio in GB, radio in
Ireland and commercial television. These three principal areas of activity
also form the basis on which the Group is managed and reports are provided to
the Chief Executive and the Board.
Revenue
Six months ended 30 June 2015
Radio GB Radio Ireland Television Total
GBP000 GBP000 GBP000 GBP000
Sales to third parties 25,839 8,814 23,609 58,262
Intersegmental sales 344 678 932 1,954
------- ------- ------- -------
26,183 9,492 24,541 60,216
------- ------- ------- -------
Six months ended 30 June 2014
Radio GB Radio Ireland Television Total
GBP000 GBP000 GBP000 GBP000
Sales to third parties 28,485 10,287 19,009 57,781
Intersegmental sales 289 586 1,493 2,368
------- ------- ------- -------
28,774 10,873 20,502 60,149
------- ------- ------- -------
Results
Six months ended 30 June 2015
Radio Radio Television Total
GB Ireland
GBP000 GBP000 GBP000 GBP000
Segment operating profit/(loss) 5,573 2,128 (3,295) 4,406
------- ------- -------
Central costs (1,909)
Income from Joint Ventures and 185
Associates
-------
Profit before tax and finance 2,682
costs
Net finance cost (999)
Foreign exchange loss (703)
-------
Profit before taxation 980
-------
Six months ended 30 June 2014
Radio Radio Television Total
GB Ireland
GBP000 GBP000 GBP000 GBP000
Segment operating profit 6,112 2,533 4,376 13,021
------- ------- -------
Central costs (1,971)
Income from Joint Ventures and 142
Associates
-------
Profit before tax and finance 11,192
costs
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Net finance cost (1,257)
Foreign exchange gain 27
-------
Profit before taxation 9,962
-------
4. Taxation
In the budget in July 2015, it was proposed that corporation tax rates in the
UK would be reduced to 19% in 2017 and 18% in 2020. As these have not yet been
substantively enacted, deferred tax has been calculated at 20% within this
Interim Report. If the proposed corporation tax rate changes were to be fully
approved, the relevant deferred tax assets and liabilities would be restated
accordingly resulting in a net exceptional credit of approximately GBP1,780,000.
5. Dividends
30 June 30 June
2015 2014
GBP000 GBP000
Equity dividends on ordinary shares
Declared at the AGM during the period
Final for 2014: 5.43p (2013: 5.25p) 5,205 5,035
------- -------
Proposed but not recognised as a liability at
30 June
Interim for 2015: 1.82p (2014: 1.82p) 1,744 1,745
------- -------
The final dividend for 2014 was paid on 15 July 2015 (2013: 15 July 2014).
6. Earnings per share
Basic earnings per share are calculated based on the profit for the financial
period attributable to equity holders of the parent and on the weighted average
number of shares in issue during the period.
Adjusted earnings per share are calculated based on the profit for the
financial period attributable to equity holders of the parent adjusted for the
impact of net finance costs under IAS 19 "Employee Benefits (Revised)". This
calculation uses the weighted average number of shares in issue during the
year.
Diluted earnings per share are calculated based on profit for the financial
period attributable to equity holders of the parent. Diluted adjusted earnings
per share are calculated based on profit for the financial period attributable
to equity holders of the parent before the impact of net finance costs under
IAS 19 "Employee Benefits (Revised)". In each case the weighted average number
of shares is adjusted to reflect the dilutive potential of the awards expected
to be vested on the Long Term Incentive Schemes.
The following reflects the income and share data used in the basic, adjusted,
diluted and diluted adjusted earnings per share calculations:
Net profit attributable to equity holders
30 June 2015 30 June 2014
Continuing Discontinued Total Continuing Discontinued Total
Operations Operations Operations Operations
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Net (loss)/
profit (556) - (556) 7,916 (61) 7,855
attributable to
equity holders
Adjustments to
net financing 28 - 28 93 - 93
costs
------ ------ ------ ------ ------ ------
Total adjusted
and diluted
(loss)/profit (528) - (528) 8,009 (61) 7,948
attributable to
equity holders
------- ------- ------- ------- ------- -------
Weighted average number of shares
2015 2014
thousands thousands
Shares in 95,903 95,903
issue
Weighted
average
number of (53) (29)
treasury
shares
------- -------
Weighted
average
number of
shares for
basic and
95,850 95,874
adjusted
earnings
per share
(excluding
treasury
shares)
Effect of
dilution
of the 238 824
Long Term
Incentive
Plan
------- -------
96,088 96,698
------- -------
Earnings per share
2015 2014
From continuing
operations
Basic (0.58)p 8.26p
------- -------
Diluted (0.58)p 8.19p
------- -------
Adjusted (0.55)p 8.35p
------- -------
Diluted adjusted (0.55)p 8.28p
------- -------
From
continuing
and
discontinued
operations
Basic (0.58)p 8.20p
------- -------
Diluted (0.58)p 8.13p
------- -------
Adjusted (0.55)p 8.29p
------- -------
Diluted (0.55)p 8.22p
adjusted
------- -------
From
discontinued
operations
Basic - (0.06)p
------- -------
Diluted - (0.06)p
------- -------
Adjusted - (0.06)p
------- -------
Diluted - (0.06)p
adjusted
------- -------
7. Property, plant and equipment
During the period the Group incurred GBP2,020,000 (2014: GBP1,627,000) of capital
additions.
At 30 June 2015 the Group had entered into contractual commitments for the
acquisition of property, plant and equipment amounting to GBP390,000 (2014: GBP
Nil).
8. Financial instruments
The Group's principal financial instruments comprise bank loans and cash and
short-term deposits. The main purpose of these financial instruments is to
raise finance for the Group's operations. The Group has various other
financial assets and liabilities, such as trade receivables and trade payables,
which arise directly from its operations. Contingent consideration arises in
respect of the disposal of businesses.
Set out below is a comparison by category of carrying amounts and fair values
of the Group's financial assets and liabilities, excluding trade receivables
and payables, that are carried in the financial statements.
30 June 2015 30 June 2014 31 December 2014
Carrying Fair Carrying Fair Carrying Fair
amount value amount value amount value
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Financial assets
Contingent 100 100 375 375 275 275
consideration
Derivative 276 276 - - - -
financial assets
------ ------ ------ ------ ------ ------
376 376 375 375 275 275
------- ------- ------- ------- ------- -------
Financial
liabilities
Interest-bearing
loans and 59,772 59,772 57,384 57,384 59,067 59,067
borrowings
------- ------- ------- ------- ------- -------
The Group uses the following hierarchy as set out in IFRS 7 "Financial
Instruments: Disclosures" and IFRS 13 "Fair Value measurement" for determining
and disclosing the fair value of financial instruments by valuation technique:
* Level 1: quoted (unadjusted) prices in active markets for identical assets
or liabilities;
* Level 2: other techniques for which all inputs which have a significant
effect on the recorded fair value are observable, either directly or
indirectly; and,
* Level 3: techniques which use inputs which have a significant effect on the
recorded fair value that are not based on observable market data.
With the exception of the contingent consideration receivable, which is
considered as falling within level 3, the Group's other financial assets and
liabilities are considered as falling within level 2 of this hierarchy. For
assets and liabilities that are recognised in the financial statements on a
recurring basis, the Group determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation at the end of each
reporting period. There have been no transfers between level 1, 2 or 3 of the
hierarchy or changes in valuation techniques during the current period or in
the previous years.
Management have assessed that the fair value of cash and cash equivalents,
trade and other receivables and trade and other payables approximate to their
carrying amounts largely due to the short-term maturities of these
instruments. The fair value of interest bearing loans and borrowings are also
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