EKF Diagnostics Holdings plc

("EKF", the "Company" or the "Group")

 

Half-year Report

Further upgrade to current year trading

 

EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, announces its unaudited interim results for the six months ended 30 June 2021, as well as a further upgrade to current year trading.

 

The strong trading from the beginning of the year continued into the second quarter of 2021. This continues to reflect improving trading in the core business and ongoing strong demand for EKF's contract manufacturing services for COVID-19 sample collection devices and associated kits. The Board is now very confident that trading for the full year will be comfortably ahead of already materially upgraded management expectations.

 

Financial Highlights

·    Revenue up 46.5% to £38.56m (H1 2020: £26.33m)

·    Adjusted EBITDA* up 42.9% to £12.76m (H1 2020: £8.93m)

·    Net profit after tax up 122% to £9.19m (H1 2020: £4.14m)

·    Net cash generated from operations of £1.13m (H1 2020: £6.94m)

·    Net cash of £20.38m (30 June 2020: £16.28m) (31 December 2020: £21.41m)

·    Dividend of 1.1p per ordinary share to be paid on 1 December 2021 (record date: 5 November 2021)

* Earnings before interest, tax, depreciation and amortisation adjusted for exceptional items and share-based payments

 

Operational Highlights

·    Core business revenues up £1.21m (6%) in first six months of 2021

·    Life Sciences revenues including contract manufacturing for PrimeStore MTM and PBS up 142%
to £18.50m

·    Signed multi-million dollar global supply contract for phosphate-buffered saline (PBS) with
global private sector partner, whilst also broadening customer base and reducing reliance on this single customer

·    Opened new PrimeStore MTM and PBS manufacturing facilities in Cardiff and Boerne to meet wider customer demand in UK and USA

·    Trellus Health admitted to AIM on 28 May 2021

 

Christopher Mills, Non-Executive Chairman of EKF, commented:

"The Board is very confident that trading for the year ending 31 December 2021 will be comfortably ahead of already upgraded management expectations.

 

"The Group remains confident that its growth strategy, as outlined to shareholders at the Annual General Meeting in May, and set out above, will create a business which, aside from any COVID-19 related revenues, is capable of generating significant double-digit growth in adjusted EBITDA over the next three to four years."

 

A copy of the investor presentation is available here: https://www.ekfdiagnostics.com/documents-reports.html

 

EKF Diagnostics will be hosting a live online presentation open to all investors on Wednesday 15 September 2021 at 5.15 pm (BST), via video conference call. If you would like to register, please contact Walbrook PR on 020 7933 8780 or email ekf@walbrookpr.com. 

 

EKF Diagnostics Holdings plc		www.ekfdiagnostics.com
Christopher Mills, Non-executive Chairman		Tel: +44 (0) 29 2071 0570
Julian Baines, CEO
Richard Evans, FD & COO
Singer Capital Markets		Tel: +44 (0)20 7496 3000
Aubrey Powell / George Tzimas (Corporate Finance) Tom Salvesen (Corporate Broking)
Investec Bank plc (Joint Broker)		Tel: +44 (0)20 7597 4000
Gary Clarence / Daniel Adams
Walbrook PR Limited	Tel: +44 (0) 20 7933 8780 or ekf@walbrookpr.com
Paul McManus / Lianne Cawthorne	Mob: +44 (0) 7980 541 893 / +44 (0) 7584 391 303

 

BUSINESS REVIEW

 

The strong trading from 2020 and the beginning of the year continued into the second quarter of 2021. This continues to reflect improving trading in the core business and ongoing strong demand for our contract manufacturing services for COVID-19 sample collection devices and associated kits. The Board is now very confident that trading for the full year will be comfortably ahead of already materially upgraded management expectations.

 

Revenues for the six months ended 30 June 2021 were £38.56m (H1 2020: £26.33m), an increase of 46.5%. Adjusted EBITDA was up by 42.9% at £12.76m (H1 2020: £8.93m). Earnings per share have increased by 126%.

 

Strategy

 

Our aim over the next four years is to use our internally generated resources to:

 

1.    invest in the existing core business to maximise the value of our distribution network and drive aggressive organic growth (including investment in the existing contract fermentation business);

2.    continue to maximise value for EKF shareholders from our agreement with Mount Sinai Innovation Partners ("MSIP"), which allows us advanced access to innovative commercial opportunities and where we can build on the ongoing successes of Renalytix plc, Verici Dx plc and the further success that we are confident Trellus Health plc will see;

3.    seek out complementary and targeted earnings-enhancing acquisitions with key strategic value to the core business;

4.    deliver against these aims and allow us to continue to follow a progressive dividend policy and to generate enhanced shareholder returns; and

5.    continue to maximise the opportunity to assist clients to control the impact of COVID-19, and to evolve our new contract manufacturing capabilities in this area to a broader range of diagnostic and other healthcare settings.

 

We have made good progress against these objectives, as set out below. Discussions are progressing as planned for a number of earnings enhancing acquisitions, and we have identified a number of potential products to expand our existing core business.

 

Operations

 

Diabetes

 

Sales in the diabetes segment have seen good growth in the period, reaching £10.18m, an increase of 8%, with improvements coming across the majority of the diabetes portfolio as our distribution partners saw growth returning. In particular, sales of β-HB (Beta-Hydroxybutyrate) were up 14% year-on-year, including a contribution from an OEM agreement with a leading distributor. Sales of Quo-Test and Quo-Lab are up 24% and 18% respectively, however sales of the STAT-Site product line have reduced following the discontinuation of STAT-Site β-HB due to obsolescence of components.

 

Hematology

 

Overall, revenues from our hematology portfolio have been flat. Within this we have seen 12% growth of our DiaSpect Tm product, primarily driven by our OEM agreements with Fresenius and McKesson. Meanwhile, global hematology screening programmes have continued to be affected by the COVID-19 pandemic, although we have seen signs of programmes beginning to come online again in the latter part of the year, and in particular our major customer in Peru has started to significantly increase their orders as the territory opens up and much needed screening programmes are coming back online.

 

Contract Manufacturing

 

Infectious disease test kits

 

We have continued to see strong demand for our contract manufacturing product lines across our manufacturing sites in the US, Germany, and the UK. Due to our direct relationships with major end users, we have switched towards end user customers and away from sales direct to Longhorn to the mutual benefit of Longhorn and EKF. At the same time, we have seen a change in the mix of products we are being requested to manufacture, with emphasis moving from PrimeStore MTM filled tubes towards tubes filled with Phosphate Buffered Saline (PBS) which we have introduced as a low-cost alternative to MTM. However, we continue the production of PrimeStore MTM tubes for public health systems customers in the UK and Ireland, as well as the manufacture and collation of home testing kits that are distributed through the two largest high street pharmacy chains in the UK, and a new contract for supply of PrimeStore MTM to testing labs based at major UK airports.

 

In addition, we continue to manufacture kits for employee testing purposes as well as home testing kits including PBS and swab for distribution in US and Europe via our major industrial partner.

 

This business is servicing customers in the US, the UK, and Europe, including public health authorities in the UK and Ireland, universities, and private laboratories, as well as our major industrial partner. Whilst this major industrial partner represented less than half of our contract manufacturing revenues for PrimeStore MTM and PBS for the first half of the year, we have already seen a shift to a wider mix of revenues from a broader customer base. We expect to see the share of revenue contribution from other customers continue to rise as we move through the year.

 

In addition, with the expectation that sales of these products will continue for the foreseeable future, we are adding two further factory units to our existing site in Cardiff which was opened in January, and have added off-site manufacturing space in Boerne.

 

It is a measure of our success in creating and servicing this business, which we started from scratch last year, that we are now discussing the supply of products for non-COVID-19 indications, driven by demand from our customers. These products include areas such as in molecular diagnostics for which work has already started in the US. We see this as a significant growth opportunity for EKF.

 

Central Laboratory & Life Sciences

 

Our Central laboratory and Life Sciences sector combines revenues derived from Clinical Chemistry, lab analysers, contract fermentation and enzymes. Central Laboratory sales continue to be affected by the pandemic, mainly in the USA.

 

We continue to see a strong pipeline of opportunities to supply contract manufacturing services from our Elkhart and South Bend sites, and have committed resources to add capacity. The construction of new fermenters is in progress, work having commenced on a new fermentation facility with a total investment of $9.3m, of which $3.4m has already been paid on deposit, and the aim of delivering significant revenues by 2024. These opportunities are arising in the research and molecular enzyme areas as well as food grade fermentation digestive proteins.

 

Other

 

This category includes sales of a number of products including our Lactate Scout sports medicine product and other diagnostic tests, the most important of which is for pregnancy. With an end to the shutdown of professional sports in Europe we have seen an improvement in Lactate Scout sales which have grown by 40% year on year.

 

PartnerShip with Mount Sinai

 

Our Preferred Partnership Agreement (PPA) with Mount Sinai Innovation Partners (MSIP) provides us with advanced access to innovative commercial opportunities arising from Mount Sinai Health System owned technologies, managed by MSIP, in the field of healthcare technologies. This relationship had already lead to the successful spin-out of Renalytix plc ("Renalytix") and their subsequent spin-out of Verici Dx plc ("Verici"). Our residual holding in Renalytix is valued at £10.8m (as at 30 June), and our holding in Verici, received as a dividend from Renalytix, is valued at 30 June at £1.8m.

 

In May 2021, Trellus Health plc, which was formed by MSIP, EKF, and its management in 2020, successfully floated on AIM. EKF's investment in Trellus was transferred to relevant EKF shareholders in 2020.

 

Following the completion of his tenure as CEO of the Group, Julian Baines will take responsibility for the management of our relationship with MSIP. A pipeline of new opportunities has been identified.

 

Financial review

 

Revenue

 

Revenue for the period was £38.56m (H1 2020: £26.33m), an increase of 46.5%.

 

	Unaudited 6 months ended 30 June 2021 £'000		Unaudited 6 months ended 30 June 2020 £'000		+/- %
Hematology	5,856		5,853		0.1%
Diabetes (including βHB)	10,183		9,419		8.1%
Central Laboratory	2,372		2,639		(10.1%)
Contract Manufacturing	17,469		6,459		170.5%
Other	2,679		1,959		36.8%
Total revenue	38,559		26,329		46.5%

 

Gross profit

 

Gross profit is £18.54m (H1 2020: £14.91m). The gross profit margin is 48% (H1 2020: 57%). The gross margin percentage has reduced mainly as a result of the product mix.

 

Administrative expenses

 

In H1 2021, administrative expenses have reduced to £7.02m (H1 2020: £8.25m), representing 18.2% of revenue for the period (H1 2020: 31.3%). The reduction is largely caused by a credit for share-based payments following the ending of the cash-settled share-based payment incentive scheme for two Directors. The scheme for a senior employee remained in place at the period end. Administrative expenses include research and development (R & D) costs of £0.61m (H1 2020: £0.63m). In addition, further R & D costs of £0.32m (H1 2020: £0.31m) have been capitalised. Non-exceptional administrative costs have increased by 3.4% compared to H1 2020 mainly due to increased sales volumes, as well as further expenditure on quality assurance and regulatory costs as a result of the increased regulatory burden in Europe.

 

To aid understanding, administrative expenses in each period are made up as follows:

 

	Unaudited 6 months ended 30 June 2021		Unaudited 6 months ended 30 June 2020		Audited Year ended 31 December 2020
Non-exceptional administration expenditure before R & D capitalisation	8,960		8,668		17,234
Effect of share-based payments	(1,392)		300		5,292
Less capitalised R & D	(317)		(308)		(586)
Effect of exceptional items	(234)		(408)		(1,282)
Total administrative expenses	7,017		8,252		20,658

 

The charge for depreciation of fixed assets and for the amortisation of intangibles is £2.83m (H1 2020: £2.32m).

                                      

 

Operating profit and adjusted earnings before interest tax and depreciation

 

The Group generated an operating profit of £11.56m (H1 2020: £6.72m). We consider a more meaningful measure of underlying performance is obtained by examining adjusted EBITDA, which for H1 2021 was £12.76m (H1 2020: £8.92m). This excludes the effects of a credit for share-based payments of £1.39m (H1 2020: charge of £0.30m) and exceptional profits of £0.23m (H1 2020: £0.41m). The increase in operating profit and adjusted EBITDA is caused by the substantial increase in volumes associated with sales of contract manufacturing products.

 

Finance costs

 

Finance costs are £0.16m (H1 2020: £0.47m). The main charge results from an increase in the fair value of deferred consideration, the size of which is determined by the increase in EKF's share price.

 

Tax

 

There is a tax charge of £2.24m (H1 2020: £2.11m). The increase partly reflects the increase in profit, but also that expenses relating to the cash-settled share-based payment incentive scheme, accrued in previous years, are now deductible for tax purposes as a result of payments having been made.

 

Earnings per share

 

Basic earnings per share has increased to 1.99p (H1 2020: 0.88p), an increase of 126%. Diluted earnings per share are 1.98p (H1 2020: 0.87p)

 

Balance sheet

 

Fixed assets

 

We have capitalised £1.47m (H1 2020: £1.19m) of property plant and equipment. The expenditure includes continuing work on improvements to the facilities in South Bend and Elkhart in the US, further automation in Germany, and the cost of fitting out the first stage of the new manufacturing facility in Cardiff. Further expenditure in South Bend and Elkhart, in Germany, and for the second stage of the Cardiff facility is planned for the second half of the year.  

 

Intangible assets

 

The value of intangible fixed assets is £35.13m (31 December 2020: £37.05m). The decrease is mainly the result of amortisation plus exchange rate movements. An amount of £0.62m has been capitalised.

 

Investments

 

Investments includes our holdings in Renalytix plc and Verici Dx plc. The investments are held at fair value which has been calculated based on the market value of the shares which at 30 June 2021 was £10.80 (31 December 2020: £4.875) per share for Renalytix and £0.685 (31 December 2020: £0.585) per share for Verici. The resulting unrealised gain during H1 2021 of £6.21m is shown as a movement in Other comprehensive income.

 

Deferred consideration

 

The remaining deferred consideration relates to the share-based payment to the former owner of EKF-Diagnostic GmbH. Finalisation of the position is expected to conclude shortly.

 

Cash and working capital

 

The gross cash position at 30 June 2021 was £20.78m (31 Dec 2020: £16.90m), and the Group had cash net of bank borrowings of £20.38m (31 Dec 2020: £16.28m).

 

Cash generated from operations in H1 2020 is £1.13m (H1 2020: £6.94m). Inventory levels have increased as a result of the increase in order volume but also to ensure security of component supply. Trade debtors have increased as a result of increased trading activity and because of extended terms granted to certain commercial partners. We have continued to see very little evidence to date of collection difficulties as a result of COVID-19. Payables have reduced because of payments made in relation to the cash-settled share-based payment incentive scheme.

 

Capital structure

 

We have not made any share buy backs during the period. Our authorisation to make further share buy backs remains in place and we will make further purchases if considered appropriate.

 

Dividend

 

At the Annual General Meeting in May 2021 shareholders approved the payment of a dividend of 1.1p per ordinary share, to be paid on 1 December 2021 to shareholders on the register at close of business on 5 November 2021. As this declaration is irrevocable, the value of £5.005m is shown as a liability with the debit shown in the statement of changes in equity.

 

Outlook

 

The Board is very confident that trading for the year ending 31 December 2021 will be comfortably ahead of already materially upgraded management expectations.

 

The Group remains confident that its growth strategy, as outlined to shareholders at the Annual General Meeting in May, and set out above, will create a business which, aside from any COVID-19 related revenues, is capable of generating significant double-digit growth in adjusted EBITDA over the next three to four years.

 

 

Christopher Mills

Non-Executive Chairman

 

14 September 2021

 

 

CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHS ENDED 30 JUNE 2021					Unaudited 6 months ended 30 June 2020
			Unaudited 6 months ended 30 June 2021				Audited Year ended 31 December 2020
	Notes		£'000		£'000		£'000
Continuing operations
Revenue	3		38,559		26,329		65,260
Cost of sales			(20,019)		(11,417)		(27,840)
Gross profit			18,540		14,912		37,450
Administrative expenses			(7,017)		(8,252)		(20,658)
Other income			34		57		133
Operating profit			11,557		6,717		16,895
Depreciation and amortisation			(2,830)		(2,316)		(4,611)
Share-based payments			1,392		(300)		(5,292)
Exceptional items	4		234		408		1,282
EBITDA before exceptional items and share-based payments			12,761		8,925		25,516
Finance income			22		29		53
Finance costs			(155)		(497)		(1,592)
Profit before income tax			11,424		6,249		15,356
Income tax charge	5		(2,237)		(2,108)		(3,971)
Profit for the period			9,187		4,141		11,385
Profit attributable to:
Owners of the parent			9,069		4,011		11,114
Non-controlling interest			118		130		271
			9,187		4,141		11,385

 

Earnings per ordinary share attributable to the owners of the parent during the period	6
				Pence		Pence		Pence
Basic				1.99		0.88		2.45
Diluted				1.98		0.87		2.42

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS ENDED 30 JUNE 2021
			Unaudited		Unaudited		Audited
			6 months ended 30 June 2021		6 months ended 30 June 2020		Year ended 31 December 2020
			£'000		£'000		£'000
Profit for the period			9,187		4,141		11,385
Other comprehensive income/(expense):
Changes in fair value of equity instruments at fair value through other comprehensive income (net of tax)			4,040		4,445		3,276
Currency translation differences			(1,334)		3,951		734
Other comprehensive income (net of tax)			2,706		8,396		4,010
Total comprehensive income for the period			11,893		12,537		15,395
Attributable to:
Owners of the parent			11,779		12,456		15,235
Non-controlling interests			114		81		160
Total comprehensive income for the period			11,893		12,537		15,395

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
		Unaudited as at 30 June 2021			Unaudited as at 30 June 2020						Audited as at 31 December 2020
	Notes	£'000			£'000						£'000
Assets
Non-current assets
Property, plant and equipment		12,957			13,331						12,620
Right-of-use assets		890			941						1,019
Intangible assets	7	35,134			39,347						37,051
Investments		12,818			14,345						6,608
Deferred tax assets		14			21						14
Total non-current assets		61,813			67,985						57,312
Current Assets
Inventories		9,766			8,144						8,487
Trade and other receivables		16,107			10,545						13,182
Corporation tax receivable		-			-						371
Cash and cash equivalents		20,784			16,895						21,913
Total current assets		46,657			35,584						43,953
Total assets		108,470			103,569						101,265
Equity attributable to owners of the parent
Share capital		4,550			4,546						4,550
Share premium		200			95						200
Other reserve		9,394			11,093						5,354
Foreign currency reserves		2,698			7,210						4,028
Retained earnings		67,580			55,637						63,516
		84,422			78,581						77,648
Non-controlling interest		435			472						552
Total equity		84,857			79,053						78,200
Liabilities
Non-current liabilities
Borrowings		310			422						323
Lease liabilities		475			721						690
Deferred tax liability		4,586			2,940						2,636
Total non-current liabilities		5,371			4,083						3,649
Current liabilities
Trade and other payables		13,152			14,211						14,435
Lease liabilities		456			248						380
Deferred consideration		3,033			1,840						2,901
Current income tax liabilities		1,512			3,946						1,515
Borrowings		89			188						185
Total current liabilities		18,242			20,433						19,416
Total liabilities		23,613			24,516						23,065
Total equity and liabilities		108,470			103,569						101,265
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 6 MONTHS ENDED 30 JUNE 2021
			Unaudited 6 months ended 30 June 2021						Unaudited 6 months ended 30 June 2020						Audited Year to 31 December 2020
			£'000						£'000						£'000
Cash flow from operating activities
Profit before income tax			11,424						6,249						15,356
Adjustments for
- Warranty claim			(251)						(455)						(1,414)
- Depreciation			919						872						1,844
- Amortisation and impairment charges			1,911						1,444						2,767
- Deferred consideration (FV adjust)			132						455						1,516
- Foreign Exchange			(40)						-						26
- Bad debt written down			-						-						45
- Profit/(loss) on disposal of assets			(9)						14						(22)
- Loss on disposal of intangible assets			-						-						8
- Share-based payments			(1,392)						300						4,775
- Dividend received			-						-						(31)
- Net finance costs			1						13						23
Changes in working capital
- Inventories			(1,450)						(2,056)						(2,557)
- Trade and other receivables			(2,960)						(1,974)						(3,426)
- Trade and other payables			(5,126)						2,075						1,888
Cash generated by operations			3,159						6,937						20,798
Interest paid			(11)						(29)						(47)
Income tax paid			(2,019)						(849)						(6,942)
Net cash generated by operating activities			1,129						6,059						13,809
Cash flow from investing activities
Purchase of investments			-						-						(3,810)
Purchase of property, plant and equipment (PPE)			(1,342)						(1,187)						(1,631)
Purchase of intangibles			(623)						(393)						(1,014)
Proceeds from sale of PPE			14						27						68
Proceeds from sale of investments			-						-						7,670
Interest received			22						29						53
Net cash used in investing activities			(1,929)						(1,524)						1,336
Cash flow from financing activities
Proceeds from issue of ordinary shares			-						100						209
Dividend			-						-						(4,550)
Share option buy back			-						-						(7)
Repayment of borrowings			(89)						(126)						(183)
Principal lease payments			(257)						(166)						(469)
Dividends paid to non-controlling interests			(231)						(210)						(209)
Net cash used in financing activities			(577)						(402)						(5,209)
Net increase in cash and cash equivalents			(1,377)						4,133						9,936
Cash and cash equivalents at beginning of period			21,913						12,074						12,074
Exchange gains on cash and cash equivalents			248						688						(97)
Cash and cash equivalents at end of period			20,784						16,895						21,913

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS ENDED 30 JUNE 2021
	Share Capital	Share Premium	Other Reserve	Foreign Currency Reserve	Retained earnings	Total	Non-controlling interest	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 January 2020	4,541	-	6,648	3,183	56,199	70,571	601	71,172
Comprehensive income
Profit for the period	-	-	-	-	4,011	4,011	130	4,141
Other comprehensive income
Changes in fair value of equity instruments at fair value through other comprehensive income	-	-	4,445	-	-	4,445	-	4,445
Currency translation differences	-	-	-	4,027	(27)	4,000	(49)	3,951
Total comprehensive income	-	-	4,445	4,027	3,984	12,456	81	12,537
Transactions with owners
Dividends to non-controlling interest	-	-	-	-	-	-	(210)	(210)
Dividend declared but not paid	-	-	-	-	(4,546)	(4,546)	-	(4,546)
Issue of ordinary shares	5	95	-	-	-	100	-	100
Total contributions by and distributions to owners	5	95	-	-	(4,546)	(4,446)	(210)	(4,656)
At 30 June 2020	4,546	95	11,093	7,210	55,637	78,581	472	79,053
Comprehensive income
Profit for the period	-	-	-	-	7,103	7,103	141	7,244
Other comprehensive income
Changes in fair value of equity instruments at fair value through other comprehensive income	-	-	(97)	-	-	(97)	-	(97)
Transfer of gain on disposal of equity investments at fair value through other comprehensive income to retained earnings	-	-	(5,642)		5,642	-	-	-
Taxation on profit on disposal of equity instruments at fair value	-	-	-	-	(1,072)	(1,072)	-	(1,072)
Currency translation differences	-	-	-	(3,182)	27	(3,155)	(62)	(3,217)
Total comprehensive income	-	-	(5,739)	(3,182)	11,700	2,779	79	2,858
Transactions with owners
Share cancellation	-	-	-	-	(7)	(7)	-	(7)
Proceeds from share issue	4	105	-	-	-	109	-	109
Dividend to owners	-	-	-	-	(3,814)	(3,814)	-	(3,814)
Dividends to non-controlling interest	-	-	-	-	-	-	1	1
Total contributions by and distributions to owners	4	105	-	-	(3,821)	(3,712)	1	(3,711)
At 31 December 2020	4,550	200	5,354	4,028	63,516	77,648	552	78,200
Comprehensive income
Profit for the period	-	-	-	-	9,069	9,069	118	9,187
Other comprehensive income
Changes in fair value of equity instruments at fair value through other comprehensive income	-	-	4,040	-	-	4,040	-	4,040
Currency translation differences	-	-	-	(1,330)	-	(1,330)	(4)	(1,334)
Total comprehensive income	-	-	4,040	(1,330)	9,069	11,779	114	11,893
Transactions with owners
Dividends to owners	-	-	-	-	(5,005)	(5,005)	-	(5,005)
Dividends to non-controlling interest	-	-	-	-	-	-	(231)	(231)
Total contributions by and distributions to owners	-	-	-	-	(5,005)	(5,005)	(231)	(5,236)
At 30 June 2021	4,550	200	9,394	2,698	67,580	84,422	435	84,857