Interim Results for the six months to 30 June - 29 September 2017

29 September 2017

 

fastjet, the low-cost African airline, announces its unaudited Interim Results for the six months to 30 June 2017, together with strategic and operational developments to date in 2017.

The table below shows the financial performance of the fastjet Group for the period to 30 June 2017.

 

 

H1 2017

H1 2016

 

US$

US$

Revenue

21.2m

33.1m

Operating loss from continuing activities

(13.2)m

(31.0)m

Loss per share from continuing activities (HEPS)

(0.046)

(0.47)


 

Highlights

  • New executive team; Board reconstituted
  • Stabilisation Plan substantially completed; fastjet now well-positioned for targeted geographic expansion
  • Losses down 57% year on year
  • Negative cash flow from operating activities reduced to US$(21.4m) (2016: US$(25.6m))
  • On track to achieve target of cash flow break-even by Q4 17
  • On 29 June 2017, fastjet purchased its brand from easyGroup Holdings Ltd for $2.5m


 

Operational headlines

  • Fleet adjustments delivering clear benefits
  • Revenue per seat up 30% year on year
  • Load factors up 18% year on year
  • Move of fastjet’s headquarters from UK to Africa completed
  • Growing passenger flows from the Emirates Interline agreement
  • Named Africa’s Leading Low-Cost Airline 2016 at the World Travel Awards and Best LCC in Africa at 2017 Skytrax World Airline Awards  


 

Commenting on the results, fastjet Chief Executive Officer Nico Bezuidenhout, said: “The first six months of 2017 was both a rewarding and challenging period for fastjet.

 

“I am pleased with the considerable progress made during the period, with significant cost reductions across the business, the successful migration of fastjet’s headquarters from Gatwick to South Africa and a renewed commercial impetus that, as expected, is delivering real benefits.  We have focused on successfully implementing the Stabilisation Plan announced a year ago, while simultaneously examining potential commercial opportunities.

 

“As the Stabilisation Plan was delivered, improvements in distribution, reach and marketing efficiency drove yield and volume, and efficiencies in average fares, distribution channels and currency mix were achieved. This resulted in cost efficiencies and revenue improvement with a 30% increase in revenue per available seat. Average load factors for the period were 65.4%, up from 47.8% in the first half of 2016.  

 

“Our re-fleeting plan is on track and by the end of the year fastjet will have replaced its fleet of A319s with three Embraer E145 and two Embraer E190 aircraft and have launched in at least one new market in the region.  fastjet has taken full brand ownership of its trademarks and identity from easyGroup, empowering the business to further mould itself into an Africa-appropriate, relevant and operationally-suited business.

 

“I am proud of our achievements, which have occurred in a relatively short timeframe. While there remains a lot of work to be done, our initiatives are delivering clear, positive results and we are on track to achieve our target of cash flow break-even by the fourth quarter of this year. Having stabilised the business, we are looking forward with confidence to the next stage of fastjet’s development and geographic expansion.”

 

For more information, contact:

 

fastjet Plc

Tel: +27 (0) 10 070 5151

Nico Bezuidenhout, Chief Executive Officer

Michael Muller, Chief Financial Officer

 

 

 

UK media - Citigate Dewe Rogerson

Tel: +44 (0) 20 7638 9571

Angharad Couch

Eleni Menikou

 

Toby Moore

Nick Hayns

 

 

 

GM Marketing Communication – Hein Kaiser

Tel: +27 (0) 10 007 5151

 

 

 

 

For investor enquiries please contact:

 

 

 

Liberum Capital Limited – Nominated Adviser and Broker

Tel: +44 (0) 20 3100 2222

Clayton Bush

 

Jill Li

Neil Elliot

 

 

NOTES TO EDITORS

 

About fastjet:

 

fastjet is a multi-award winning (including Skytrax World Airline Awards Best Low-Cost Airline in Africa 2017) low-cost African airline for everyone.  It began flight operations in Tanzania in November 2012, flying passengers from Dar es Salaam to just two domestic destinations - Kilimanjaro and Mwanza. Today, fastjet’s route network includes Tanzanian domestic routes from its Dar es Salaam base to Kilimanjaro, Mbeya, and Mwanza, and international routes from Tanzania to Lusaka in Zambia and Harare in Zimbabwe. fastjet also began flight operations from its Zimbabwe base in October 2015, and now flies domestically from Harare to Victoria Falls, Harare to Dar es Salaam and internationally from both Harare and Victoria Falls to Johannesburg in South Africa. The airline has flown over 2.5 million passengers with an impressive aggregate 94% on-time performance, establishing itself as a punctual, reliable, and affordable low-cost carrier.

 

This announcement contains inside information for the purposes of the Market Abuse Regulation. fastjet Plc is quoted on the London Stock Exchange's AIM Market.

For more information see www.fastjet.com

 

 

Business Review

The first half of 2017 saw fastjet implement the Stabilisation Plan, a five-point plan designed to stabilise the business while simultaneously delivering revenue growth and a significant reduction in the Group’s cost base. Under the Plan, the company is targeting a cash flow break-even position by Q4 2017.

 

During the first six months of 2017, the implementation of the Stabilisation Plan saw fastjet build a stable platform to achieve its strategic objectives. Delivery against the key objectives and metrics of the plan to date has been very encouraging, despite significant challenges.

 

Rationalisation of Routes

 

The rationalisation of fastjet’s route schedule and network was initiated in order to match capacity with demand. Frequencies on underperforming routes have been reduced, while some direct services have been replaced or incorporated as an extension to other existing services. Plans for further expansion of the network were postponed, pending the satisfactory performance of all existing routes.

 

Fleet

 

The Group’s fleet was reduced as a result of aircraft being returned as their leases expired, or earlier return where appropriate. The majority of the A319 fleet were returned following lease expiration / early return with a single unit remaining in Tanzania, scheduled for release from service by the middle of Q4 2017.

 

At the beginning of the Stabilisation Plan implementation process, it was concluded that the capacity requirements of the business required an alternative aircraft type, with materially lower operating costs, which would be more appropriate for fastjet’s markets. Accordingly, the Group decided to replace its fleet with mixed capacity and market-relevant aircraft.

 

The Embraer E145 50 seat and Embraer E190 104 seat aircraft were identified as appropriate aircraft types for fastjet’s services. These are expected to yield an approximate 15% cost reduction for fuel, maintenance, handling and navigation charges. The transition from the existing A319 aircraft to the replacement fleet was initially arranged through short term wet leases (aircraft, crew, maintenance and insurance). The first aircraft under a wet lease agreement came into service in Tanzania at the end of September 2016 and in Q1 2017 in Zimbabwe, and fastjet-branded E145 aircraft were successfully deployed in Zimbabwe in Q2 2017. The introduction of Embraer E190 aircraft is scheduled for Q4 2017 in Tanzania.

 

Organisation

 

The restructuring and reorganisation of the Group’s operating entities started in late 2016 with the first six months of 2017 seeing full implementation against the requirements of the Stabilisation Plan. Unnecessary duplication and excess resources were eliminated and a more streamlined, cost efficient and appropriate organisation structure set in place. Throughout, fastjet has maintained its high standards of quality, safety and regulatory compliance.

 

The relocation of the Group head office from Gatwick, UK, to Johannesburg, South Africa, has been completed and key staff appointed, including a new Chief Commercial Officer, Chief Financial Officer, and General Managers of Marketing and Communication, Revenue Management and Pricing, Channels and Distribution, and Sales and Finance.

 

The Board was reconstituted with Rashid Wally, a highly experienced commercial and aviation professional, joining as Chairman. Chief Financial Officer Michael Muller also joined the Board, with Nico Bezuidenhout as Chief Executive Officer. Peter Hyde also joined as an independent non-executive director.



 

Revenue generating initiatives

 

fastjet continues to take a flexible approach to the traditional low-cost carrier model that is more appropriate for the business at its current stage of development and the markets in which it operates. As a result, greater flexibility was introduced into fastjet’s pricing models.

 

A more coordinated approach to fastjet’s marketing and public relations campaigns, which saw the introduction of new marketing and PR initiatives designed to improve fastjet’s market presence and generate additional revenues, delivered solid results. fastjet’s established social media presence has proved to be a powerful brand-building mechanism and will continue to form a key part of the Group’s improved marketing and communication programme as it offers a cost-effective, promotional channel for generating ticket sales.

 

For fastjet to improve its direct channels of distribution, the upgrading of its Central Reservations System began at the end of the Q1 2017 with completion scheduled for Q4 2017. It is important that fastjet maintains technology systems that facilitate innovation and responsiveness to the varied needs of its customers in the respective markets it serves.

 

A key focus of the Stabilisation Plan and future commercial activity is to improve the distribution of fastjet’s offering through both trade and direct channels to stimulate revenue growth. Last year, fastjet introduced distribution through Amadeus, one of the leading Global Distribution Systems (GDS), with the foundations of further GDS distribution partnerships with other major market players entering planning and implementation during the second quarter of 2017. Sales through GDS greatly improve fastjet’s reach as an estimated 80% of African air travel continues to be sold through travel agents. The Marketing and Sales function also continues to collaborate on various initiatives that further engage and embed fastjet and its offering to the industry.

 

Milestones

 

The wide-ranging five pillars of the Stabilisation Plan include key metrics by which the Board continually measures the implementation and impact of initiatives developed by management.

 

  1. Reconstituted management team and organisational structure.

 

  1. Reduce costs through network and fleet adjustments, overhead reduction and supplier management.
  1. Network rationalisation saw fastjet align frequency to demand levels and cull deeply loss-making routes.
  2. Fleet realignment by matching fleet size and aircraft to market characteristics with standardised fleet per base and improved asset utilisation.

 

  1. Improve revenue through distribution reach, brand leverage and service delivery.
  1. Improvement of distribution reach and marketing efficiency to drive yield and volume.
  2. Efficiencies in average fares, distribution channels and currency mix implemented.
  3. Revenue per seat up 30% on last year.
  4. Load factors now at 65.4% (H1 2017) vs 47.8% (H1 2016).

 

  1. Reduce and eliminate cash losses and achieve cashflow break-even by Q4 2017.
  1. Fundamentally restructured overheads and fixed costs along with key supplier agreements.
  2. An estimated US$5.4m reduction in overhead costs.
  3. Cost per passenger kilometre down by over 21% with overall cost reduced by 46% year on year.
  4. Headcount down from 286 full time employees to 216.
  5. Headquarters successfully relocated to South Africa.
  6. Net loss down >50% on last year (to $13.2m).
  7. Cash resources stand at US$4m.

 

  1. Grow from a stable base.

 

Tanzania

  1. Tanzania presently accounts for circa 80% of Group Revenue
  2. fastjet is the largest airline in Tanzania and is now profitable pre inter-company cost.
  3. The exit of the A319 and entry of two E190s will increase capacity and drive cost efficiency.
  4. Full brand ownership, following the purchase rights from easyGroup, will allow turbo-prop aircraft to be deployed, enabling expansion in Tanzania on certain routes.

 

Zimbabwe

  1. Currently circa 20% of Group Revenue.
  2. Gauge reduction saw a rapid load factor increase with current market share on Johannesburg-Harare static at 37% following recent capacity increases
  3. Monthly cash flow break-even in Zimbabwe has been maintained since August 2017 with measures taken to reduce in-country cash accumulation.

 

Operational Review

fastjet has continued to maintain its high operational standards in relation to safety, quality, security and reliability. This has resulted in the airline being highly regarded in the marketplace, as evidenced by being named “Africa’s Leading Low-Cost Airline” at the 23rd World Travel Awards in April 2016, followed by Best African Low-Cost Carrier at the 2017 Skytrax World Airline Awards. fastjet has maintained elevated levels of brand awareness and remains the second most followed African airline brand on Facebook. The Group intends to build on these successes to improve sales and customer service using social media channels. The airline also relaunched its in-flight magazine “Smart Travel” and renamed it “Places” under a new publishing, editorial and advertising team.

 

fastjet’s multi-lingual call centre continues to serve our customers and, with significant cost reductions achieved during the first half of 2017, its operation and service yield has further supported the Stabilisation Plan. The call centre covers the Tanzania, Zambia, Zimbabwe and South African markets and has improved service levels and sales conversions in each.

 

fastjet Tanzania

fastjet is the leading airline in Tanzania and, as a direct result of the Stabilisation Plan, saw the Revenue per Available Seat Kilometre increase by 26% year on year. fastjet Tanzania carried over 220,000 passengers and grew load factors from an average of 49% in H1 2016 to 67% in H1 2017.

 

fastjet Tanzania has maintained its ‘On Time Arrival’ performance of 92%, while aircraft utilisation averaged 10.7 block hours per day per aircraft (H1 2016: 11.07).

 

Route revenue performance increased significantly because of the suspension of certain loss-making routes, reduction in capacity and revenue generation focus from the commercial team.

 

fastjet Zimbabwe

In the first half of 2017 fastjet Zimbabwe carried over 50,000 passengers, representing an average load factor of 60%, up from a prior year average of 36%. In April 2017, fastjet Zimbabwe returned its A319 aircraft, and began operating with an E145. The introduction of E145 aircraft in Zimbabwe had a material impact on load factors, which rose to 96% in its first month of operations.

 

Revenue per Available Seat Kilometre improved by almost 90% as a result of reduced capacity and revenue generating initiatives.

 

In line with the Stabilisation Plan, fastjet suspended flights between Victoria Falls and Johannesburg in February 2017. These flights were reintroduced with a changed aircraft gauge (A319 to E145) at the end of June 2017 with operations commencing in July, enabling a successful commercial realignment, as per the Stabilisation Plan. Peak day frequency additions between Harare and Victoria Falls were also successfully introduced during the period under review.

 

Punctuality in the first six months of operation has been encouraging, with 91% of flights arriving on time.

 

fastjet Zimbabwe further developed its distribution channels and significantly grew its travel agent network during the first six months of 2017. The airline now engages electronically with the trade and its customers, along with high engagement campaigns and physical outreach initiatives.

 

Financial Review

fastjet Group

 

 

 

H1 2017

H1 2016

 

 

US$m

US$m

Revenue:

fastjet Tanzania

16.6

30.5

 

fastjet Zimbabwe

_    4.6

_    2.6

Total

 

21.2

33.1

Operating loss:

fastjet Tanzania

(10.1)

(23.9)

 

fastjet Zimbabwe

(3.5)

(5.1)

 

Central

0.6

_    (2.0)

Total operating loss from continuing activities

(13.0)

(31.0)

Profit from discontinued activities net of tax

-

16.3

(Loss) for the period after tax

(13.2)

(15.0)

           



 

Key performance indicators

The Directors consider the following to be the key performance indicators when measuring underlying operational performance:


 

Measure

H1 2017

H1 2016

Movement

Passenger numbers

270 836

397 258

-32%

Revenue per Passenger (US$)

           78,14

            82,83

-6%

Seats Flown

414 439

831 793

-50%

Available Seat Kilometres (ASK)

315 907 707

653 054 843

-52%

Load Factor

65%

48%

18%

Revenue per ASK (US cents)

             6,70

              5,04

33%

Cost per ASK (US cents)

           10,87

              9,77

-11%

Cost per ASK ex. Fuel (US cents)

             9,08

              8,07

-13%

Aircraft Utilisation (Hours)

9,7

10,1

-4%

Aircraft Utilisation at June end (Hours)

11,8

10,6

11%

Aircraft Utilisation in Peak Month (Hours)

11,8

10,6

11%

 

Continuing Activities

 

The Group recorded a loss after tax for the period of US$13.2m (H1 2016: loss US$31.0m).

 

Group revenue decreased year on year to US$21.2m (H1 2016: US$33.1m) as a direct result of the effects of the Stabilisation Plan. Whilst overall passenger numbers and capacity decreased year on year, the revenue per available seat kilometer increased by 33%, showing significantly improved revenue management.

 

Costs for continuing activities in the first six months of 2017 reduced by 46% as a result of the reduction in capacity, and overall cost reduction initiatives. Significant progress was made with the high level of overhead costs which was reduced by 37% year on year. Included in this was the closure of the Gatwick head office and subsequent relocation to Johannesburg, South Africa, which was substantially completed by June 2017.

 

Discontinued Activities

 

During 2016, the Company was notified that the subsidiary and legacy entity fastjet Aviation Limited (formerly Lonrho Aviation (BVI) Limited) had been served with an order for a creditor instructed liquidator to be appointed over fastjet Aviation Limited in accordance with the Insolvency Act 2003 (BVI). fastjet Aviation Limited is the intermediate parent company of the sub-group which included Fly 540 Angola and, formerly Fly 540 Ghana. The deemed disposal of fastjet Aviation Limited has resulted in a profit from discontinued operations of US$18.0m for the prior year (see note 4).

 

Cash management

 

In the last quarter of 2016 the Board initiated a Stabilisation Plan which is ongoing and is now embedded within the business. Careful management of the Company’s cash resources paired with a more flexible approach to the traditional low-cost carrier model are already yielding benefits in terms of efficiency and cash conservation. Proceeds from the proposed placing announced today will further strengthen the Company’s cash flow position.

 

Exchange rates

 

During the first half of 2017, the Tanzanian Shilling exchange rate against the US Dollar has been relatively stable. The company continues to monitor exchange rates.

 

Post balance sheet event

 

On 29 September 2017, the Company issued a proposed placing to raise gross proceeds of not less than US$28m with agreements reached to facilitate fastjet’s Brand entry into the South African and Mozambique markets; to acquire beneficial use of three aircraft; and to create an employee benefit trust.

 

Going Concern

There are risks associated with operating in Africa including but not limited to political, judicial, administrative, taxation or other regulatory matters. Many countries in Africa, including those in which the Group currently operates, may in the future experience severe socio-economic hardship and political instability, including political unrest and government change.

 

The commitment of local business people, government officials and agencies and the judicial system to abide by legal requirements and negotiated agreements may be more uncertain, creating particular concerns with respect to licenses and agreements for business which may be susceptible to delay, revision or cancellation, as a result of which legal redress may be uncertain or delayed.

 

The Stabilisation Plan implemented in 2016 has had the desired effect of reducing capacity and increasing revenue, cutting loss making routes and leading to an overall reduction in overheads. The revenue for H1 2017 is 36% less than the corresponding prior year period, mainly due to reduction in capacity.

 

Overall losses decreased by 57% year on year, and the Company is on track for a cash-flow break-even in Q4 2017.

 

As described above and in Note 4, fastjet Aviation Limited and its sub group no longer forms part of the Group’s consolidated accounts. The Directors do not believe that there is recourse to fastjet Plc for any of the liabilities of FAL and do not expect the settlement of any intercompany balances as the entities concerned are unlikely to have sufficient funds to settle them. Accordingly, the forecasts do not include any cash outflows in respect of the liabilities of FAL. However, loan notes of cUS$10.3m issued by fastjet Airlines Limited to FAL, which were previously eliminated on consolidation, now form an external liability of fastjet Airlines Limited and accordingly are included in the Group’s Balance Sheet as a Non-Current Liability.

 

The Directors have also considered a number of risks in preparing these forecasts including inter alia:

  • Achieving forecast passenger numbers and yield
  • Aviation fuel prices, which are currently not hedged
  • Adverse currency exchange rate movements
  • Achieving successful Brand entry into the South African and Mozambican markets

 

The Directors believe, based on current financial projections, inclusive of the proposed placing and funds available, that the Group will have sufficient resources to meet its operational needs over the relevant period, being until September 2018. Accordingly, the Directors continue to adopt the going concern basis in preparing these Interim Results.

 

The matters described above represent material uncertainties that may cast significant doubt upon the Group’s and the parent Company’s ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result if the basis of preparation proved inappropriate.

 

Current Trading and Outlook

Although the trading environment remains challenging, the benefits of the Stabilisation Plan are now being realized with the initiatives yielding positive results. The proposed placing and measured expansion signal a new phase of the fastjet’s development, and the Company is confident about the future.



 

Nico Bezuidenhout

Michael Muller

Chief Executive Officer

Chief Financial Officer

 

 

Condensed consolidated income statement


 

 

 

6 months

ended 30 June

2017

6 months

ended 30 June

2016

12 months

ended 31 December

2016

 

 

US$’000

US$’000

US$’000

 

Note

(Unaudited)

(Unaudited)

(Audited)

 

 

 

 

 

Revenue

 

21,162

33,072

68,538

Cost of sales

 

(26,060)

(51,781)

(95,422)

Administrative costs

 

(8,095)

(12,275)

(37,026)

Group operating loss

 

(12,993)

(30,984)

(63,910)

Operating loss

 

(12,993)

(30,984)

(63,910)

Finance Income

 

22

20

30

Finance charges

 

(212)

(299)

(1,943)

Loss from continuing activities before tax

 

(13,183)

(31,263)

(65,823)

Taxation

 

-

(90)

(175)

Loss from continuing activities after tax

 

(13,183)

(31,353)

(65,998)

Profit from discontinued activities net of tax

4

-

16,339

17,953

(Loss) for the period

 

(13,183)

(15,014)

(48,045)

 

Attributable to:

 

 

 

 

Shareholders of the parent company

 

(13,183)

(35,452)

(68,483)

Non-controlling interests

 

-

20,438

20,438

Total

 

(13,183)

(15,014)

(48,045)

Earnings/(loss) per share (basic and diluted) (US dollars)

2

 

 

 

 

From continuing activities

 

 

(0.04)

 

(0.47)

 

(0.84)

From discontinued activities

 

-

(0.06)

(0.03)

 

Total

 

 

(0.04)

 

(0.53)

 

(0.87)

 

 

Condensed consolidated statement of comprehensive income


 

 

6 months

ended 30 June

2017

6 months

ended 30 June

2016

12 months

ended 31 December

2016

 

US$’000

US$’000

US$’000

 

(Unaudited)

(Unaudited)

(Audited)

(Loss)/ Profit for the period

(13,183)

(15,014)

(48,045)

Foreign exchange translation differences

(1,900)

435

(194)

Translation reserve taken to income statement on disposal

of subsidiary

 

-

 

15

 

15

Total other comprehensive income/(expense) for the

  period    

(1,900)

450

(179)

Total comprehensive expense

(15,083)

(14,564)

(48,224)

 

Attributable to:

 

 

 

Shareholders of the parent company

(15,083)

(35,002)

(68,662)

Non-controlling interests

-

20,438

20,438

Total comprehensive expense

(15,083)

(14,564)

(48,224)

 

All items in other comprehensive income will be re-classified to the Income Statement

 

 

 

 

 

Condensed consolidated balance sheet

 

 

 

 

 

 

30 June

30 June

31 December

 

 

2017

2016

2016

 

 

US$’000

US$’000

US$’000

 

 

(Unaudited)

(Unaudited)

(Audited)

Non-current assets

 

 

 

 

Other intangible assets

5

2,888

510

312

Property, plant and equipment

 

369

12,763

465

Other non-current trade and other receivables

 

780

2,054

780

 

 

4,037

15,327

1,557

Current assets

 

 

 

 

Cash and cash equivalents

 

8,107

3,870

3,607

Trade and other receivables

 

6,664

8,587

10,835

 

 

17,772

12,457

14,442

Total assets

 

18,809

27,784

15,999

 

Equity

 

 

 

 

Called up equity share capital

3

147,064

144,923

145,324

Share premium account

 

152,774

108,366

127,185

Reverse acquisition reserve

 

11,906

11,906

11,906

Retained earnings

 

(325,759)

(280,191)

(312,956)

Translation reserve

 

1,743

4,272

3,643

Equity attributable to shareholders of the Parent Company

(12,272)

(10,724)

(24,898)

Non-controlling interests

 

-

-

-

Total equity

 

(12,272)

(10,724)

(24,898)

 

Liabilities

 

 

 

 

Non-current liabilities

 

 

 

 

Loans and other borrowings

4

7,413

10,631

8,102

Trade and other payables

 

-

1,764

1,558

 

 

7,413

12,395

9,660

Current liabilities

 

 

 

 

Loans and other borrowings

4

2,110

-

1,127

Provisions

 

5,625

-

3,784

Trade and other payables

 

15,582

25,719

25,844

Taxation

 

351

394

482

 

 

23,668

26,113

31,237

Total liabilities

 

31,081

38,508

40,897

 

 

 

 

 

Total liabilities and equity

 

18,809

27,784

15,999

 

 

Condensed consolidated cash flow statement

 

 

6 months

ended 30        June

           2017

6 months

ended 30 June

         2016

     12 months

ended 31   December

            2016

 

US$’000

US$’000

US$’000

 

(Unaudited)

(Unaudited)

(Audited)

 

Operating activities

 

 

 

Result for the period

(13,183)

(15,014)

(48,045)

Tax charge /(credit)

-

90

175

Profit on disposal of aircraft

-

-

2,913

Loss on disposal of other property, plant and equipment

-

40

37

Profit on disposal of subsidiary

-

(17,148)

(17,953)

Depreciation and amortisation

145

902

 

 

Posted on 29th September 2017