2 September 2021

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone", "GKP", "the Group" or "the Company")

2021 Half Year Results Announcement

Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, today announces its results for the half year ended 30 June 2021.

Jon Harris, Gulf Keystone's Chief Executive Officer, said:

"I am pleased to report strong operational and financial performance in the first half of 2021, despite the continuing challenges of the COVID-19 pandemic. Our leverage to the recovery in oil prices, combined with safe and reliable production towards the top end of our guidance range and a continued sharp focus on costs, has resulted in significant cash flow generation. With continued strong production performance from the Shaikan Field, we are tightening the 2021 production guidance range to 42,000 - 44,000 bopd.

We continue to deliver against our commitment to balance investment in growth and returns to shareholders. Today, we are pleased to declare an interim dividend for 2021 of $50 million, bringing total dividends this year to $100 million.

The early restart of the drilling campaign in June enables us to maintain production growth momentum and to drill an additional well, SH-G, in 2021 after completion of SH-14, the final well in the 55,000 bopd investment programme. SH-14 is expected to come onstream in Q4 2021, while we expect SH-G to come onstream in Q1 2022.

We continue to work closely with the MNR and our partner on the preparation of the Shaikan FDP and expect to submit the FDP to the MNR in Q4 2021 for approval."

Highlights to 30 June 2021 and post reporting period

Operational

·     Remain focused on safe and reliable operations with No Lost Time Incident ("LTI") recorded for over 600 days and no recordable incidents for around 550 days

·     Continuing to manage the challenges presented by COVID-19 to protect the health of staff and contractors

·     Strong average gross 2021 production to 31 August 2021 of c.42,900 bopd, up 18% from the corresponding period in 2020 and towards the top end of 2021 guidance; gross production on 31 August 2021 was 42,842 bopd

·     Drilling activities progressing well following early restart in June; SH-13 expected to come onstream imminently; drilling of SH-14 underway with completion and hook-up expected in Q4 2021

·     Capitalising on early restart of drilling and opportunity to maintain a continuous drilling programme, planning to spud SH-G in Q4 2021, after completion of SH-14. SH-G is expected to commence production in Q1 2022

·     SH-G, the first well after the 55,000 bopd expansion programme, is an opportunity to maintain growth and momentum while we prepare the Shaikan Field Development Plan ("FDP")

·     Completed debottlenecking of PF-2, increasing total field processing capacity to c.57,500 bopd

Financial

·     H1 2021 revenue up 162% to $130.7 million (H1 2020: $49.9m) contributing to a return to profit after tax of $64.8 million (H1 2020: $33.1 million loss)

·     Adjusted H1 2021 EBITDA of $93.8 million, more than triple $27.5 million in H1 2020, driven by the Company's strong leverage to the recovery in oil prices, increase in production and low-cost base:

o  Realised price up 129% to $43.7/bbl (H1 2020: $19.1/bbl)

o  H1 2021 gross average production up 17% to 43,516 bopd (H1 2020: 37,159 bopd)

o  H1 2021 gross Opex per barrel of $2.4/bbl, below 2021 guidance range of $2.5-$2.9/bbl

·     Net Capex of $14.1 million (H1 2020: $38.5 million), with the restart of the 55,000 bopd expansion programme

·     Total dividends of $50 million paid to date, including an annual dividend of $25 million and a special dividend of $25 million

·     Robust cash balance of $177.4 million at 1 September 2021

Outlook

·     Tightening 2021 average gross production guidance range from 40,000 - 44,000 bopd to 42,000 - 44,000 bopd

·     Maintaining 2021 gross Opex per barrel guidance of $2.5 to $2.9/bbl

·     The addition of SH-G increases 2021 net Capex guidance from $55-$65 million to $75-$85 million

·     With continued constructive engagement with the Ministry of Natural Resources ("MNR") and the Company's partner Kalegran B.V. (a subsidiary of MOL Hungarian Oil & Gas plc) ("MOL"), Gulf Keystone is expecting to submit an FDP in Q4 2021 to the MNR for approval

o  The FDP includes the continued ramp-up of Jurassic oil production, appraisal of the Triassic reservoir and a Gas Management Plan

o  We continue to optimise the scope, schedule and cost of the FDP

·     Developing Gulf Keystone's sustainability strategy, with the primary environmental focus on more than halving CO₂ per barrel by 2025 by eliminating flaring

·     In line with the Company's strategy of balancing investment in growth and returns to shareholders, Gulf Keystone is pleased to declare an interim dividend for 2021. The 2021 interim dividend is $50 million to be paid on 8 October 2021 based on a record date of 24 September 2021

·     Following payment of the interim dividend, the Company will have distributed $100 million of dividends in 2021

·     With continuing strong oil prices and cash flow generation, there may be opportunities to consider further distributions to shareholders and to optimise the capital structure

Investor & analyst presentation

Gulf Keystone's management team will be presenting the Company's 2021 Half Year Results at 10:00am (BST) today via live audio webcast:

https://webcasting.brrmedia.co.uk/broadcast/60e86de51ba1724bfa9a0d87 

This announcement contains inside information for the purposes of the UK Market Abuse Regime.

Enquiries:

or visit: www.gulfkeystone.com 

Notes to Editors:

Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com 

Disclaimer

This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business.  These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy.  This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed.  This announcement should not be relied on by any other party or for any other purpose.

CEO Statement

The first half of 2021 has been characterised by a significant recovery in spot and forward oil prices as economies around the world have begun the early stage of their recoveries, even while the course and eventual conclusion of the COVID-19 pandemic remains uncertain. Against this more favourable economic backdrop, Gulf Keystone has delivered strong operational and financial performance, and demonstrated our commitment of balancing shareholder returns with investment in growth.

The foundation of our performance remains our strong health, safety, security and environment ("HSSE") culture. Our focus on HSSE has been more critical than ever with the restart of expansion activities. I'm pleased to report today that we have now had over 600 LTI free days. That said, we are not being complacent, and all of Gulf Keystone's people are continuing to live and breathe the target of zero personal and process safety incidents.

We continue to implement measures to protect our workforce and operations from COVID-19. While we still face challenges on the ground because of the pandemic, we continue to manage them well, and we have limited the impact of COVID-19 on our operations to date.

Year-to-date to 31 August 2021, we have delivered safe and reliable production towards the upper end of our 2021 guidance, with gross average production of c.42,900 bopd, up 18% from the corresponding period in 2020. Gross production on 31 August 2021 was 42,842 bopd. To date, we have produced around 92 million stock tank barrels ("MMstb") from the Shaikan Field and have c.500 million barrels of gross 2P reserves yet to produce.

In June, we were able to successfully restart drilling activities, two months ahead of schedule, and have made good progress since then executing the programme. Following the completion of SH-13, the drilling rig was moved on the same well pad to drill SH-I (now SH-14). We expect SH-13 to come onstream imminently and expect completion and hook-up of SH-14 to take place in Q4 this year. We continue to expect gross production to increase towards 55,000 bopd in Q4 2021.

The early restart of drilling enables us to drill an additional well in 2021 after completion of SH-14, the final well in the 55,000 bopd investment programme. We expect the new well, SH-G, to spud later this year and come online in Q1 2022. SH-G is an excellent opportunity to maintain growth and momentum in developing our world-class resource base while we finalise the FDP.

Since the appointment of the new Minister of Natural Resources at the beginning of 2021, GKP and MOL have been meeting frequently with the MNR to progress the preparation of the FDP. Engagement has been constructive, and we are expecting to submit the FDP in Q4 2021 to the MNR for approval.

Gulf Keystone's leverage to the recovery in oil price, combined with safe and reliable production towards the upper end of the 2021 guidance range and our low-cost structure, has enabled us to more than triple Adjusted EBITDA year-on-year to $93.8 million. We continue to balance investment in growth and returns to shareholders, with total dividends of $100 million to be distributed this year following the declaration of a $50 million interim dividend for 2021, announced today. With continuing strong oil prices and cash flow generation, there may be opportunities to consider further distributions to shareholders and to optimise the capital structure.

Looking ahead to the remainder of the year, we are tightening our 2021 average gross production guidance range to between 42,000 - 44,000 bopd. We are maintaining our gross Opex per barrel guidance of $2.5 to $2.9/bbl, while we are increasing our net Capex guidance from $55-$65 million to $75-$85 million to reflect the addition of SH-G.

After almost eight months in the CEO role, I'm delighted with the performance of the Company and the energy and commitment of our people. It is thanks to their passion and resilience that Gulf Keystone has hit the ground running in 2021 following the challenges of 2020 created by the COVID-19 pandemic and the oil price crash. I am excited about finalising the FDP to provide visibility around the significant potential of the Shaikan Field and I am confident that by executing our strategy and striving for the highest operational and financial delivery in a sustainable way we will create significant value for all our stakeholders.

Jon Harris

Chief Executive Officer

Operational Review

Gulf Keystone's strong operational performance has continued into the first half of 2021. We have maintained safe and reliable production towards the upper end of 2021 guidance, successfully restarted the 55,000 bopd investment programme ahead of schedule, maintained momentum by approving the drilling of SH-G, and advanced the preparation of the FDP, with expected submission to the MNR later this year.

All of our operational activity is underpinned by our rigorous focus on safety. We have had over 600 LTI free days and around 550 recordable incident free days. We have taken extra precautions as drilling activities have restarted by ensuring all drilling and operational staff on site received appropriate training and safety refresher courses at the beginning of the campaign. The emphasis remains on steady, careful progress.

Similarly, we have continued to manage the impact of COVID-19 on our operations. As in other countries, the COVID-19 pandemic remains a challenge in the Kurdistan Region of Iraq and we continue to take measures, such as testing and quarantine, to protect our staff and contractors across our field operations and offices.

In the period to 31 August 2021, gross average production was c.42,900 bopd, up 18% from the corresponding period in 2020. Gross production on 31 August 2021 was 42,842 bopd. Average year-to-date production is towards the top end of guidance, with record monthly production in January of more than 44,400 bopd. As a result, we are tightening our 2021 average gross production guidance from 40,000 to 44,000 bopd to between 42,000 to 44,000 bopd.

Following a hiatus due to the sharp decline in oil prices and COVID-19 pandemic, we successfully restarted drilling activities in June 2021, two months ahead of schedule. Following the restart, SH-13 was completed as planned, and the well is expected to come onstream imminently. SH-14, which is adjacent to SH-13 on the same well pad, is expected to be completed and hooked up in Q4 2021. The installation of two electric submersible pumps in two existing wells is currently expected to follow.

The early restart of drilling activities has given us the opportunity to complete the 55,000 bopd programme and then immediately drill the next well in the sequence, SH-G. SH-G will be located around 2 km to the east of SH-7 and will be tied into PF-1. SH-G is currently expected to come on-stream in Q1 2022.

In addition to the drilling campaign, we have just completed the debottlenecking of PF-2, increasing the total processing capacity of PF-1 and PF-2 to c.57,500 bopd. SH-13 and SH-14 will be tied into PF-2.

Our strong operational performance has been accompanied by progress in preparing the FDP, as we seek to develop and produce Shaikan Field's significant reserves and resources. With continuing constructive engagement with the MNR and our partner MOL, we expect to submit the FDP in Q4 2021 to the MNR for approval. The FDP currently includes the continued ramp-up of Jurassic oil production, appraisal of the Triassic reservoir and a Gas Management Plan. Gulf Keystone is targeting to more than halve Scope 1 and 2 CO₂ emissions per barrel by eliminating flaring. We are continuing to work with the MNR to optimise scope, schedule and cost.

Finally, we continue to progress the development of Gulf Keystone's sustainability strategy. This work will build on our high environmental, social and governance ("ESG") standards by defining a corporate strategy, aligned to internationally recognised frameworks, to drive further improvements in performance, underpinned by targets and transparent disclosure.

Stuart Catterall

Chief Operating Officer

Financial Review

Key financial highlights

^1.       Gross average production, realised price, gross operating costs per barrel, Adjusted EBITDA, net capital expenditure, revenue receipts and net cash are either non-financial or non-IFRS measures and, where necessary, are explained in the Non-IFRS measures section.

^2.       Revenue receipts include the recovery of overdue November 2019 - February 2020 invoices.

Gulf Keystone continues to maintain a sharp focus on capital discipline. In H1 2021, with the benefit of all-time high Adjusted EBITDA resulting from leverage to strengthening oil prices, increased oil production and cost reductions, GKP reinstated an annual dividend of at least $25.0 million and declared a special dividend of $25.0 million. The dividends were paid in July and August, respectively. The Company is pleased today to announce an interim dividend of $50.0 million for 2021. The Company continues to progress its drilling activities and the preparation of the FDP and remains committed to striking a balance between investments in growth and distributions to shareholders.

Adjusted EBITDA

In H1 2021, Adjusted EBITDA increased significantly to $93.8 million (H1 2020: $27.5 million).

Average production in H1 2020 was 43,516 bopd, up 17% from H1 2020 and the highest half-yearly rate from the Shaikan Field to date. With GKP's leverage to the strengthening of Brent oil prices from an average of $40.1/bbl in H1 2020 to $64.8/bbl in H1 2021, the realised price per barrel more than doubled in the period to $43.7/bbl resulting in an increase in revenue from $49.9 million in H1 2020 to $130.7 million in H1 2021.

The Company continues to maintain strict control over its cost base. Gross operating costs per barrel decreased by 8% from $2.6 in the same period last year to $2.4, which is just under the 2021 guidance range of $2.5 to $2.9/bbl. Operating costs were $0.8 million higher in the period primarily due to the execution of deferred maintenance activity and costs associated with the increased production.

H1 2021 Other G&A expenses were in line with the same period last year. Share option expense in the period increased by $6.6 million principally due to tax settlements being made in cash, instead of selling additional shares, on the exercise of the Value Creation Plan share options by former Directors.

Cash flow

Cash increased during the first half of 2021 by $41.7 million, from $147.8 million to $189.5 million. The Company has Notes outstanding with a principal balance of $100.0 million (FY20: $100.0 million) that mature in July 2023 resulting in net cash of $85.1 million at 30 June 2021.

During H1 2021, the Company generated cash from operating activities of $77.8 million up from $24.2 million in H1 2020 due principally to the increase in Adjusted EBITDA.

The Company continued to receive regular payments for its oil sales in the period, although the Kurdistan Regional Government ("KRG") advised IOCs that the monthly payment terms would increase from 30 to 60 days starting with payments related to March 2021. During the period, the KRG commenced repayment of the net $73.3 million outstanding for November 2019 - February 2020 oil sales. A total of $14.5 million was received in respect of overdue invoices in the reporting period and a further $4.0 million was received up to the date of this report, resulting in a current outstanding amount of net $54.8 million. The repayments related to January and February were calculated based on 50% of the difference between average monthly dated Brent price and $50/bbl multiplied by the gross Shaikan crude sold in a month. The KRG advised IOCs that since the dated Brent price had remained consistently well above $50/bbl, the 50% difference would be changed to 20% from March 2021 and onwards. The Company continues to engage with the KRG regarding its proposed amendment to payment terms.

With the improvement in oil prices and continuous payments from the KRG, GKP restarted its 55,000 bopd expansion programme. During the period, GKP invested net capital expenditures of $14.1 million (H1 2020: $38.5 million; FY 2020: $45.9 million) with most of the work programme investment planned for H2 2021. Capital was invested in completing the SH-13 well, facilities debottlenecking activities, flowlines and studies.

During the period, the Company reinstated the annual dividend policy of at least $25.0 million, declared a $25.0 million ordinary dividend for 2020 and also declared a $25.0 million special dividend. Towards the end of period, the Company transferred $25.0 million to the share registrar to pay the ordinary dividend on 2 July 2021. The special dividend was paid on 6 August. Today, we are pleased to declare an interim dividend of 50.0 million for 2021, which is to be paid on 8 October 2021, based on a record date of 24 September 2021, in line with our strategy of balancing investment in growth and returns to shareholders.

The Group performed a cash flow and liquidity analysis based on which the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future. Thus, the going concern basis of accounting is used to prepare the financial statements.

Profit after tax

Profit after tax increased to $64.8 million (H1 2020: $33.1 million loss). The increase in Adjusted EBITDA was the main contributor together with lower depreciation, depletion and amortisation ("DD&A") expense of $28.2 million (H1 2020: $41.8 million) and trade receivables impairment reversal of $5.0 million (H1 2020: $12.8 million charge).

In 2021, the Company issued a revised Competent Person's Report from its reserves auditor, ERC Equipoise Limited, with updated Shaikan 2P reserves estimates at 31 December 2020. The use of the report's updated 2P reserves, entitlement production and future development costs resulted in a decrease in the DD&A per barrel rate, which was applied prospectively from 1 January 2021.

The trade receivables impairment reversal represents a reduction in the expected credit losses ("ECL") provision related to past due trade receivables from the KRG for November 2019 to February 2020 invoices (30 June 2021: $3.2 million; 30 June 2020: $14.2 million; 31 December 2020: $8.2 million). The reduction in the provision is driven by the decrease in the past due receivables balance and the acceleration of the expected recovery of the remaining balance due to improvements in forward Brent oil prices.

Outlook

Given strong production performance, we are pleased to tighten the 2021 average gross production guidance range from 40,000 - 44,000 bopd to 42,000 - 44,000 bopd. We maintain our gross Opex per barrel target at $2.50 - $2.90 as an increase in operating costs is expected in H2 2021 due to additional maintenance activities and costs associated with the ramp up of production.

Given the drilling programme restarted earlier than expected, after the completion of drilling SH-14, the final well in the 55,000 bopd expansion programme, the Company plans to drill SH-G to maintain production growth momentum. As a result of the addition of SH-G, net Capex for the year is expected to increase from $55-65 million to $75-85 million. 

The Company has a strong balance sheet with cash and cash equivalents of $177.4 million at 1 September 2021. We are pleased to have declared an aggregate of $100.0 million of dividends this year, a clear testament to the cash generating potential of the Shaikan Field and in keeping with our commitment to continue to balance investment in growth and distributions to shareholders.

Ian Weatherdon

Chief Financial Officer

Non-IFRS measures

The Group uses certain measures to assess the financial performance of its business. Some of these measures are termed "non-IFRS measures" because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. These non-IFRS measures include financial measures such as operating costs and non-financial measures such as gross average production.

The Group uses such measures to measure and monitor operating performance and liquidity, in presentations to the Board and as a basis for strategic planning and forecasting. The directors believe that these and similar measures are used widely by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity.

The non-IFRS measures may not be comparable to other similarly titled measures used by other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Group's operating results as reported under IFRS. An explanation of the relevance of each of the financial non-IFRS measures and a description of how they are calculated is set out below. Additionally, a reconciliation of the financial non-IFRS measures to the most directly comparable measures calculated and presented in accordance with IFRS and a discussion of their limitations is set out below, where applicable. The Group does not regard these non-IFRS measures as a substitute for, or superior to, the equivalent measures calculated and presented in accordance with IFRS or those calculated using financial measures that are calculated in accordance with IFRS.

Gross operating costs per barrel

Gross operating costs are divided by gross production to arrive at gross operating costs per bbl.

¹Gross operating costs equate to operating costs (see note 5) adjusted for the Group's 80% working interest in the Shaikan Field.

Adjusted EBITDA

Adjusted EBITDA is a useful indicator of the Group's profitability, which excludes the impact of costs attributable to income tax (expense)/credit, finance costs, finance revenue, depreciation and amortisation and impairment of receivables.

Net capital expenditure

Net capital expenditure is the value of the Group's additions to oil and gas assets excluding any movements in decommissioning assets.

Net cash

Net Cash is a useful indicator of the Group's indebtedness and financial flexibility because it indicates the level of cash and cash equivalents less cash borrowings within the Group's business. Net cash is defined as cash and cash equivalents less current and non-current borrowings and non-cash adjustments. Non-cash adjustments include unamortised arrangement fees and other adjustments.

Principal risks and uncertainties

The Board determines and reviews the key risks for the Group on a regular basis. The principal risks, and how the Group seeks to mitigate them, for the second half of the year are consistent with those detailed in the management of principal risks and uncertainties section of the 2020 Annual Report and Accounts. The principal risks are listed below:

The Board continues to actively monitor the effect of COVID-19 on the macro environment and the Group's operations. The primary risks associated with COVID-19 are considered separately and are also embedded within the existing principal risks, including HSSE, Field delivery risk, Liquidity and funding capability and Commodity prices.

Responsibility statement

The Directors confirm that to the best of their knowledge:

a)   the condensed set of financial statements has been prepared in accordance with UK-adopted IAS 34 'Interim Financial Reporting';

b)   the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events and their impact during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

c)   the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

By order of the Board

Jon Harris

Chief Executive Officer

1 September 2021

Independent review report to Gulf Keystone Petroleum Ltd

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2021 which comprises the condensed consolidated income statement, condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated cash flow statement and related notes 1 to 17. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 2, the annual financial statements of the group are prepared in accordance with United Kingdom adopted International Financial Reporting Standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34, "Interim Financial Reporting".

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2021 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Use of our report

This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. Our work has been undertaken so that we might state to the company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

Deloitte LLP

Statutory Auditor

London, United Kingdom

1 September 2021

Condensed consolidated income statement

For the six months ended 30 June 2021

Condensed consolidated statement of comprehensive income

For the six months ended 30 June 2021

Condensed consolidated balance sheet

As at 30 June 2021

Condensed consolidated statement of changes in equity

For the six months ended 30 June 2021