SENS ANNOUNCEMENT
(the "Notice" or "Announcement")
ISSUER
ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")
[Incorporated in the Republic of Zambia]
Company registration number: 119540000771
Share Code: ZCCM-IH
ISIN: ZM0000000037
Authorized by: Charles Mjumphi - Company Secretary
SPONSOR
Stockbrokers Zambia Limited
[Founder Member of the Lusaka Securities Exchange]
[Regulated and licensed by the Securities and Exchange Commission of Zambia]
Contact Number: +260-211-232456
Website: www.sbz.com.zm
APPROVAL
The captioned Notice or Announcement has been approved by:
- The Lusaka Securities Exchange ("LuSE")
- The Securities and Exchange Commission ("SEC")
- ZCCM Investment Holdings Plc ("ZCCM-IH")
RISK WARNING
The Notice or Announcement contained herein contains information that may be of a price sensitive nature.
Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.
ISSUED: 12 April 2024
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
["ZCCM-IH" or "the Company"]
ABRIDGED PROVISIONAL UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
INTRODUCTION
In compliance with the requirements of the Securities Act No. 41 of 2016, ZCCM Investments Holdings PLC ("ZCCM-IH" or "the Company") announces the provisional financial statements results of the Company and its subsidiaries (Collectively referred to as the 'the Group') for the year ended 31 December 2023.
STRUCTURE OF THE ZCCM-IH GROUP
The Company also has other interests in the undernoted companies:
PROVISIONAL ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited | Audited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 31 Dec 2023 | 31 Dec 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ZMW'000 | ZMW'000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 11,746,920 | 11,959,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross (loss) | (3,648,109) | (2,598,983) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating (loss) | (3,168,145) | (3,325,326) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net finance cost | (2,271,098) | (1,813,846) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share of profit of equity accounted investees | 1,922,008 | 1,603,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit/(loss) before tax | (3,517,236) | (3,536,029) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax (expense)/credit | (1,079,968) | (249,504) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss for the year | (4,597,203) | (3,785,533) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share (ZMW) | (28.59) | (23.54) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and diluted earnings per share (ZMW) | (28.59) | (23.54) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROIVISIONAL ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION | ||||
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| Assets | ZMW'000 | ZMW'000 | ||
| Property, plant, and equipment | 11,178,919 | 12,484,907 | ||
| Exploration and evaluation asset | 51,437 | 51,437 | ||
| Intangible assets | 3,122,950 | 3,148,325 | ||
| Investment property | 208,598 | 200,751 | ||
| Investments in associates | 10,095,344 | 15,174,862 | ||
| Financial assets at fair value through profit or loss | 3,019,500 | 1,252,400 | ||
| Financial assets at fair value through OCI | 14,259,000 | |||
| Trade and other receivables | 4,477,893 | 2,931,539 | ||
| Environmental Protection Fund | 147,553 | 94,433 | ||
| Deferred tax assets | - | 122,852 | ||
| Inventories | 3,552,778 | 4,921,366 | ||
| Trade and other receivables | 641,527 | 762,831 | ||
| Assets held for sale | 1,248,382 | 2,103,761 | ||
| Term deposits | 4,411,330 | 5,340,202 | ||
| Cash and cash equivalents | 450,472 | 329,173 | ||
| Total assets | 56,865,683 | 48,918,839 | ||
| Equity and liabilities | ||||
| Capital and reserves | (5,902,907) | 7,908,807 | ||
| Borrowings | 43,518,156 | 27,476,859 | ||
| Deferred tax liability | 735,578 | - | ||
| Retirement benefits | 26,933 | 182,940 | ||
| Provisions for environmental rehabilitation | 1,741,652 | 1,221,068 | ||
| Borrowings | - | 864,411 | ||
| Overdraft | 1,095,462 | 688,120 | ||
| Trade and other payables | 12,205,870 | 7,451,177 | ||
| Provisions | 640,311 | 487,689 | ||
| Current income tax liabilities | 129,048 | 190,143 | ||
| Retirement benefits | 171,755 | 139,131 | ||
| Liabilities associated with assets classified as held for sale | 2,503,825 | 2,308,494 | ||
| Total equity and liabilities | 56,865,683 | 48,918,839 | ||
| PROVISIONAL ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION | ||||
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| Assets | ZMW'000 | ZMW'000 | ||
| Property, plant, and equipment | 110,624 | 90,471 | ||
| Intangible assets | 1,690 | 3,377 | ||
| Investment property | 208,598 | 200,751 | ||
| Investment in subsidiaries | 202,283 | 405,051 | ||
| Investments in associates | 11,221,056 | 16,256,411 | ||
| Financial assets at fair value through profit or loss | 3,019,500 | 1,252,400 | ||
| Financial assets at fair value through OCI | 14,259,000 | - | ||
| Trade and other receivables | 4,586,471 | 958,162 | ||
| Deferred tax assets | - | 258,966 | ||
| Inventories | - | 16,427 | ||
| Trade and other receivables | 288,268 | 173,829 | ||
| Term deposits | 4,411,330 | 5,340,202 | ||
| Cash and cash equivalents | 61,137 | 45,586 | ||
| Assets held for sale | - | 145,700 | ||
| Total assets | 38,369,957 | 25,147,333 | ||
| Equity and liabilities | ||||
| Capital and reserves | 37,385,987 | 24,679,852 | ||
| Deferred tax liability | 599,464 | - | ||
| Retirement Benefit Obligations | 17,381 | 9,275 | ||
| Provisions for environmental rehabilitation | 54,498 | 39,357 | ||
| Borrowings | - | - | ||
| Trade and other payables | 78,288 | 121,005 | ||
| Provisions | 103,444 | 108,686 | ||
| Current income tax liabilities | 130,895 | 189,158 | ||
| Total equity and liabilities | 38,369,957 | 25,147,333 | ||
| PROVISIONAL ABRIDGED GROUP STATEMENT OF CASH FLOWS | ||||
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| ZMW'000 | ZMW'000 | |||
| Net cash flow generated from operating activities | 26,616 | 1,463,062 | ||
| Net cash flow used from investing activities | 557,275 | (1,113,001) | ||
| Net cash outflow from financing activities | (310,407) | (698,833) | ||
| Decrease in cash and cash equivalents | 273,484 | (348,772) | ||
| Effects of translation and exchange rate changes on cash and cash equivalents | (277,193) | (68,389) | ||
| Cash and cash equivalents at the beginning of the year | (81,060) | 336,101 | ||
| (84,769) | (81,060) | |||
| Included in the statement of financial position | (644,990) | (358,947) | ||
| Included in assets held for sale | 560,221 | 277,887 | ||
| (84,769) | (81,060) | |||
| PROVISIONAL ABRIDGED COMPANY STATEMENT OF CASH FLOWS | ||||
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| ZMW'000 | ZMW'000 | |||
| Net cash flows from operating activities | (357,541) | 4,766,330 | ||
| Net cash flows used in investing activities | 368,821 | (4,761,256) | ||
| Net cash flows used in financing activities | - | (1,135) | ||
| Decreased in cash and cash equivalents | 11,280 | 3,939 | ||
| Effect of movement in exchange rates on cash held | 4,271 | (39,851) | ||
| Cash and cash equivalents at the beginning of the year | 45,586 | 81,498 | ||
| Cash and cash equivalents at the end of the period | 61,137 | 45,586 | ||
PROVISIONAL ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| ZMW'000 | ZMW'000 | |||
| Balance at 1 Jan | 7,908,807 | 12,808,905 | ||
| Loss for the year | (4,597,204) | (3,785,533) | ||
| Other comprehensive income | (8,490,903) | (1,029,340) | ||
| Dividend paid | (723,608) | (85,225) | ||
| Balance at 31 Dec | (5,902,908) | 7,908,807 | ||
PROVISIONAL ABRIDGED COMPANY STATEMENT OF CHANGES IN EQUITY
| Unaudited | Audited | ||||
| 31 Dec 2023 | 31 Dec 2022 | ||||
| ZMW'000 | ZMW'000 | ||||
| Balance at 1 Jan | 24,679,852 | 24,732,194 | |||
| Profit for the year | 4,514,852 | 4,258,728 | |||
| Other comprehensive income | 8,914,891 | (3,225,845) | |||
| Dividend paid | (723,608) | (85,225) | |||
| Balance at 31 Dec | 37,385,987 | 24,679,852 | |||
- FINANCIAL PERFORMANCE
The Group's financial performance has experienced a downturn, with an increased post-tax loss from ZMW3,786 million (US$222 million) in 2022 to ZMW4,597 million (US$224 million) in 2023, primarily due to the persistent underperformance of our subsidiary, Mopani Copper Mine Plc (Mopani). Mopani's operations have negatively impacted the Group, contributing a substantial loss of ZMW9.2 billion (US$449.46 million) this year.
The performance of Mopani was on account of lower copper production of 65,602 tons (2022: 72,694 ton). The lower production experienced in this year was mainly due to low equipment availability, and limited ore sources to mine due to delayed development. Mopani's future growth prospects hinges on its planned completion and commissioning of expansion capital projects. The Company has planned for a ramped-up production profile as these projects are expected to be commissioned to full capacity by 2027. Refer to section 2 (i) of this report for details.
Despite the challenges, the Group saw an upward trend in total assets, increasing from ZMW48.92 billion (US$2.8 billion) in 2022 to ZMW56.87 billion (US$2.21 billion) in 2023. However, when measured in US dollars, there was a decrease in total assets compared to the previous year, a consequence of the Kwacha's depreciation against the US Dollar.
Liabilities escalated significantly from ZMW41.0 billion in 2022 to ZMW62.8 billion in 2023, largely due to an outstanding interest on a US$1.5 billion loan provided to Mopani by Glencore and the exchange losses incurred from the Kwacha's devaluation over the year.
The Group's retained earnings as of December 31, 2023, were in a deficit of ZMW16.88 billion (US$655.78 million negative), worsened from the previous year's ZMW11.44 billion negative (US$561.56 million negative). This decline in retained earnings is linked to the Group's increased losses, which rose to ZMW4,597 million (US$224 million) in 2023 from ZMW3,786 million (US$222 million) in 2022.
Contrasting the Group's overall performance, the Company itself reported a positive outcome, with profits rising to ZMW4.51 billion (US$219.98 million) in 2023 from ZMW4.25 billion (US$249.78 million) in the preceding year, showcasing resilience amidst broader financial challenges within the Group.
- KEY OPERATIONS AND STRATEGIC DEVELOPMENTS
- Mopani Copper Mines PLC ("MCM")
Below is a summary of Mopani's financial performance which has been incorporated in the Groups Financial Statements:
| Statement of Profit and Loss and Other Comprehensive - Mopani Copper Mine Plc | ||
| ZMW'000 | 2023 | 2022 |
| Revenue | 1 1 ,552,419 | 1 1 , 854 , 038 |
| Gross loss | (3,823,174) | (2,711,461) |
| Operating loss | (4,641,984) | ( 2,814 ,464) |
| Net finance cost | (4,616,657) | (2,238,476) |
| Loss before tax | (9,258,641) | ( 5 , 052,940 ) |
| Loss for the year | (9,258,641) | ( 5 , 052,940 ) |
| Statement of Financial Position - Mopani Copper Mine Plc | 2023 | 2022 |
| ZMW'000 | ZMW'000 | |
| Property, plant, and equipment | 14,046,652 | 15,384,497 |
| Inventories | 3,489,128 | 4,836,680 |
| Trade and other receivables | 3,137,546 | 2,616,620 |
| Environmental Protection Fund | 147,553 | 94,433 |
| Cash and cash equivalents | 58,367 | 159,584 |
| Total assets | 20,879,246 | 23 ,091,8 14 |
| Equity and liabilities | ||
| Capital and reserves | (40,874,301) | (14,981,992) |
| Borrowings | 46,294,653 | 28,341,270 |
| Trade and other payables | 12,024,439 | 7,245,750 |
| Bank overdraft | 1,095,462 | 678,900 |
| Retirement benefits | 181,307 | 312,796 |
| Provisions | 536,867 | 376,431 |
| Provisions for environmental rehabilitation | 1,620,819 | 1,118,659 |
| Total equity and liabilities | 20,879,246 | 23 ,091,8 14 |
As we reflect on the fiscal year 2023, it's essential to address the challenges and strategic developments that have shaped our journey. Mopani Copper Mines plc (MCM), a significant part of our portfolio, recorded a loss of ZMW 9.25 billion (US$451.11 million), a marked increase from the previous year's ZMW 5.05 billion loss (US$296.36 million loss). This was primarily due to decreased copper production, which fell from 72,694 tons in 2022 to 65,602 tons in 2023. Key factors contributing to this downturn included limited equipment availability, delayed development affecting ore sources, and multiple outages at our fixed plants across all shafts.
In response to these challenges, our total capital expenditure for the year was US$35 million, focused on sustaining and expanding projects to ensure future growth. Despite these hurdles, we are committed to improving our operational efficiency and production capacity. To this end, we have outlined Mopani's expansion capital projects, with full commissioning expected by 2027, aimed at significantly enhancing Mopani's production profile.
After the year end, a significant development was recorded at an extraordinary meeting held on 23 February 2024, where shareholders approved a strategic investment by International Resources Holding Limited (IRH) through its subsidiary, Delta Mining Limited, acquiring a 51% interest in Mopani. This US$1.1 billion investment comprises US$620 million in new equity capital and US$ 400 million shareholder loans. This transaction, aligned with our strategic focus, promises to bolster Mopani's financial and operational resilience.
The investment by IRH is structured to address and streamline Mopani's financial obligations effectively. Key steps include Delta subscribing to new shares, resulting in a significant capital infusion of US$ 620 million, and a comprehensive strategy to manage existing Glencore debts, including repayment plans and the termination of previous off-take agreements. This investment will ensure Mopani's stable growth moving forward.
- Kansanshi Royalty Model
At an Extraordinary General Meeting ("EGM") held 31st March 2023, the shareholders of ZCCM-IH approved an agreement for a royalty transaction between ZCCM-IH and First Quantum Minerals Limited. The transaction involved ZCCM-IH's conversion of its 20% equity interest in Kansanshi Mining Plc into a 3.1% life of mine royalty. The transaction also provides for 20% of the KMP VAT refunds as at June 30, 2022, to be paid to ZCCM-IH, as and when these are received by KMP from the ZRA. Accordingly, the ZCCM-IH's 3.1% life of mine royalty has been reclassified as financial asset held at fair value through profit or loss.
To date, ZCCM-IH has recorded total royalty income and VAT refund of ZMW1.2 billion (US$ 58.48 million) and ZMW170.74 million (US$8.32 million) respectively.
- Shareholding increase in Copperbelt Energy Corporation Plc ("CEC")
During the period under review ZCCM-IH increased its shareholding in Copperbelt Energy Corporation Plc ("CEC") from 24.1% held since 2018, to 31.07%. The increase was influenced by our strategic drive to maximize shareholder value in profitable and viable ventures; coupled with the confidence we have in CEC's projected business growth arising from its expansion into renewable energy.
- Konkola Copper Mines Plc ('KCM')
ZCCM-IH and Vedanta Resources Group have agreed to reset the relationship which resulted in the execution of an Implementation Agreement, and a New Shareholders Agreement on 6th November 2023. Subsequently, the parties entered into a Global Settlement Agreement which effectively resolved all disputes between the parties. The legal processes to withdraw the winding up petition in the Zambian Courts and the Arbitration proceedings in South Africa are still in progress.
- Mingomba Mining Limited ("MML")
Mingomba Mining Limited is a partnership between Mingomba Holdings Limited 52%, EMR Capital, 28%, and ZCCM-IH, 20%. MML was established in 2023 and is currently undertaking a drilling program in the Mingomba license area in Chililabombwe, a tenement close to the Konkola Copper Mine ("KCM") and the Democratic Republic of Congo border area which was previously a part of the Lubambe mine license area.
So far, Kobold has drilled a total of about 32,322 meters in sixteen drill holes as at end of December 2023. Kobold is using Artificial Intelligence ("A.I") computer-based techniques in the exploration process, which will help fast track the process to orebody definition and thereafter, mine development.
- Investrust Bank Plc
ZCCM Investment Holdings Plc ("ZCCM-IH") holds a 71.4% stake in Investrust Bank Plc ("Investrust"). On 2 April 2024, the Bank of Zambia announced its takeover of Investrust, effective immediately. Concurrently, the Lusaka Securities Exchange (LuSE) suspended trading of Investrust shares starting 3 April 2024. ZCCM-IH is monitoring the situation and will update stakeholders on significant developments.
- OUTLOOK
ZCCM-IH continues to position itself to pursue more opportunities in the mining sector. As per ZCCM-IH strategy, which is focused on mining and mining related investments, the Company will continue to seek mutually beneficial partnership that will benefit the Zambian people.
By Order of the Board
Charles Mjumphi
Issued in Lusaka, Zambia on 15 April 2024
| Lusaka Securities Exchange Sponsoring Broker | |
| T | +260-211-232456 E | advisory@sbz.com.zm W | www.sbz.com.zm Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia | |
First Issued on 12 April 2024
APPENDICES
US DOLLAR ABRIDGED GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| US$'000 | US$'000 | |||
| Revenue | 572,347 | 701,428 | ||
| Gross (loss) | (177,747) | (152,434) | ||
| Operating (loss) | (154,361) | (195,035) | ||
| Net finance income | (110,655) | (106,384) | ||
| Share of profit of equity accounted investees | 93,646 | 94,026 | ||
| (Loss) before tax | (171,370) | (207,393) | ||
| Income tax (expense) /credit | (52,619) | (14,634) | ||
| (Loss)/profit for the year | (223,989) | (222,027) | ||
| Earnings per share (US$) | (1.39) | (1.38) | ||
| Basic and diluted earnings per share (US$) | (1.39) | (1.38) |
| US$ ABRIDGED COMPANY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| US$'000 | US$'000 | |||
| Investment income | 103,717 | 288,347 | ||
| Revenue from contracts with customers | 1,129 | 46 | ||
| Operating profit | 127,435 | 237,788 | ||
| Net finance income | 145,162 | 25,851 | ||
| Profit before tax | 272,597 | 263,639 | ||
| Income tax credit/(expense) | (52,619) | (13,860) | ||
| Profit for the year | 219,978 | 249,779 | ||
| Earnings per share (US$) | 1.37 | 1.55 | ||
| Basic and diluted earnings per share (US$) | 1.37 | 1.55 | ||
| US DOLLAR ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION | ||||
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| US$'000 | US$'000 | |||
| Assets | ||||
| Property, plant, and equipment | 434,192 | 756,962 | ||
| Exploration and evaluation asset | 1,998 | 2,767 | ||
| Intangible assets | 121,296 | 189,407 | ||
| Investment property | 8,102 | 11,120 | ||
| Investments in associates | 392,105 | 840,596 | ||
| Financial assets at fair value through profit or loss | 117,278 | 69,375 | ||
| Financial assets at fair value through OCI | 553,823 | - | ||
| Trade and other receivables | 173,922 | 162,390 | ||
| Environmental Protection Fund | 5,731 | 5,231 | ||
| Deferred tax assets | - | 6,805 | ||
| Inventories | 137,991 | 295,855 | ||
| Trade and other receivables | 24,917 | 42,256 | ||
| Term deposits | 171,337 | 295,815 | ||
| Cash and cash equivalents | 17,496 | 18,234 | ||
| Assets held for sale | 48,487 | 116,536 | ||
| Total assets | 2,208,675 | 2,813,349 | ||
| Equity and liabilities | ||||
| Capital and reserves | (229,272) | 541,639 | ||
| Borrowings | 1,690,255 | 1,522,053 | ||
| Deferred tax liabilities | 28,570 | - | ||
| Retirement benefits | 1,046 | 10,134 | ||
| Provisions for environmental rehabilitation | 67,646 | 67,640 | ||
| Bank overdraft | 42,548 | 38,118 | ||
| Borrowings | - | 47,883 | ||
| Trade and other payables | 474,079 | 412,750 | ||
| Provisions | 24,870 | 27,015 | ||
| Current tax liabilities | 5,013 | 10,533 | ||
| Retirement benefits | 6,671 | 7,707 | ||
| Liabilities directly associated with assets classified as held for sale | 97,249 | 127,877 | ||
| Total equity and liabilities | 2,208,675 | 2,813,349 | ||
* The Statement of Financial Position has been translated using the rate of K25.75/US$.
| US DOLLAR ABRIDGED COMPANY STATEMENT OF FINANCIAL POSITION | ||||
| Unaudited | Audited | |||
| 31 Dec 2023 | 31 Dec 2022 | |||
| US$'000 | US$'000 | |||
| Assets | ||||
| Property, plant, and equipment | 4,297 | 7,408 | ||
| Intangible assets | 67 | 198 | ||
| Investment property | 8,102 | 11,120 | ||
| Investments in subsidiaries | 7,857 | 22,437 | ||
| Investments in associates | 435,828 | 900,507 | ||
| Financial assets at fair value through profit or loss | 117,278 | 69,375 | ||
| Financial assets at fair value through OCI | 553,823 | |||
| Trade and other receivables | 178,140 | 53,076 | ||
| Deferred tax assets | - | 14,345 | ||
| Inventory | - | 830 | ||
| Trade and other receivables | 11,196 | 9,629 | ||
| Term deposits | 171,337 | 295,815 | ||
| Cash and cash equivalents | 2,375 | 2,525 | ||
| Assets held for sale | - | 8,071 | ||
| Total assets | 1,490,300 | 1,395,336 | ||
| Equity and liabilities | ||||
| Capital and reserves | 1,452,082 | 1,369,440 | ||
| Deferred tax assets | 23,283 | - | ||
| Retirement benefits | 675 | 514 | ||
| Provisions for environmental rehabilitation | 2,117 | 2,180 | ||
| Trade and other payables | 3,041 | 6,703 | ||
| Provisions | 4,018 | 6,021 | ||
| Current tax liabilities | 5,084 | 10,478 | ||
| Total equity and liabilities | 1,490,300 | 1,395,336 | ||
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