For the month of April 2014
|
|
Commission File Number: 1-31349
|
|
THOMSON REUTERS CORPORATION
(Registrant)
|
|
|
|
|
|
|
|
By:
|
/s/ Marc E. Gold
|
|
|
|
Name: Marc E. Gold
|
|
|
|
Title: Assistant Secretary
|
|
|
|
|
|
Date: April 30, 2014
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|
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Exhibit Number
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|
Description
|
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News release dated April 30, 2014 – Thomson Reuters Reports First-Quarter 2014 Results
|
![]() |
FOR IMMEDIATE RELEASE
|
— | Revenues from ongoing businesses grew 1% before currency to $3.1 billion |
— | Adjusted EBITDA increased 8% to $820 million with a margin of 26.2%, up from 24.4% in the prior- year period |
— | Underlying operating profit increased 14% to $528 million with a margin of 16.9%, up from 14.9% in the prior-year period |
— | Adjusted earnings per share were $0.46 versus $0.38 in the prior-year period, up 21% |
— | $1.1 billion returned to shareholders through share repurchases and dividends since $1 billion share repurchase program announced in the fourth-quarter of 2013 |
— | 2014 Outlook affirmed |
|
Three Months Ended March 31,
(Millions of U.S. dollars, except EPS and margins)
|
|||||||||||
IFRS Financial Measures
|
2014
|
2013
|
Change
|
|||||||||
Revenues
|
$
|
3,130
|
$
|
3,175
|
-1
|
%
|
||||||
Operating profit
|
$
|
359
|
$
|
390
|
-8
|
%
|
||||||
Diluted earnings (loss) per share (EPS)
|
$
|
0.34
|
$
|
(0.04
|
)
|
nm (1)
|
||||||
Cash flow from operations
|
$
|
113
|
$
|
116
|
-3
|
%
|
||||||
Non-IFRS Financial Measures (2)
|
2014
|
2013
|
Change
|
|||||||||
Revenues from ongoing businesses
|
$
|
3,129
|
$
|
3,097
|
1
|
%
|
||||||
Adjusted EBITDA
|
$
|
820
|
$
|
757
|
8
|
%
|
||||||
Adjusted EBITDA margin
|
26.2
|
%
|
24.4
|
%
|
180
|
bp
|
||||||
Underlying operating profit
|
$
|
528
|
$
|
462
|
14
|
%
|
||||||
Underlying operating profit margin
|
16.9
|
%
|
14.9
|
%
|
200
|
bp
|
||||||
Adjusted earnings per share (EPS)
|
$
|
0.46
|
$
|
0.38
|
21
|
%
|
||||||
Free cash flow
|
$
|
(135
|
)
|
$
|
(231
|
)
|
nm (1)
|
— | Revenues from ongoing businesses were $3.1 billion, a 1% increase before currency. |
— | Adjusted EBITDA increased 8%, and the corresponding margin was 26.2% versus 24.4% in the prior-year period. The increase was primarily due to lower charges compared to the prior-year period. |
— | Underlying operating profit increased 14%, and the corresponding margin was 16.9% versus 14.9% in the prior-year period primarily due to lower charges compared to the prior-year period. |
— | Charges (primarily related to severance) of $10 million were incurred in the quarter compared to $78 million in the prior-year period. |
— | Adjusted EPS was $0.46 compared to $0.38 in the prior-year period. |
— | Free cash flow was negative $135 million versus negative $231 million in the prior-year period with the first quarter historically being the weakest of the year. For the full year, the company continues to expect to achieve free cash flow of between $1.3 billion and $1.5 billion. |
(1) | nm – not meaningful |
(2) |
These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this news release. Additional information is provided in the explanatory footnotes to the appended tables.
|
— | Revenues were down 1% due to the impact of negative net sales in 2013. Organic revenues declined 3%. |
— | Recurring revenues decreased 2% (down 3% organic) due to negative net sales in 2013. Transactions-related revenues increased 3% but were down 4% organically primarily due to lower trading volumes in the foreign exchange market. Recoveries revenues were down 1%. |
— | By geography, revenues in Europe, Middle East and Africa (EMEA) were down 3%, revenues in the Americas were flat (down 2% organic) and revenues in Asia were up 1%. |
— | EBITDA increased 11% primarily due to lower severance charges compared to the prior-year period. The margin was 24.1% compared to 21.5% in the prior-year period. |
— | Operating profit increased 20% primarily due to lower severance charges compared to the prior-year period. The margin was 14.5% compared to 11.9% in the prior-year period. |
— | During the quarter, Eikon 4.0 was launched and the Reuters 3000Xtra product was discontinued with users upgraded to Eikon. |
— | Revenues increased 2% (flat organic) due to contributions from acquisitions. |
— | Growth businesses – 44% of Legal revenues – grew 7% (4% organic), driven by strong growth from Elite, Practical Law and FindLaw. Growth businesses represent all of Legal’s revenue excluding US print and online legal information. |
— | US online legal information – 41% of Legal revenues – declined 2%. |
— | US print – 15% of Legal revenues – declined 3% and is expected to decline mid-to-upper single digit for the full year. |
— | EBITDA increased 3% due to revenue flow-through and timing of expenses. The margin was 35.4% compared to 34.8% in the prior-year period. |
— | Operating profit increased 7% with a margin of 26.8% versus 25.3% in the prior-year period. The increase in the margin reflected lower depreciation and amortization. |
— | Revenues increased 13% (10% organic) driven by strong growth across the business including the Corporate business, up 22% (14% organic), and the Professional business, up 10%. |
— | EBITDA increased 17% with a margin of 33.0% compared to 30.9% in the prior-year period. The margin increase was primarily due to flow-through from increased revenues. |
— | Operating profit increased 22% and the margin was 24.1% compared to 21.8% in the prior-year period. |
— | Small movements in the timing of revenues and expenses can impact margins in any given quarter for the Tax & Accounting business. Full-year margins are more reflective of the segment’s underlying performance. |
— | Revenues increased 4% (3% organic), driven by recurring revenue growth of 5% and transaction revenue growth of 3%. IP Solutions grew 2%, Life Sciences increased 5% and Scientific & Scholarly Research increased 9%. |
— | EBITDA increased 3% due to revenue flow-through. The margin was 29.6%, down 40 basis points, compared to the prior-year period due to the dilutive effect of acquisitions made in 2013. |
— | Operating profit was flat. The margin was 21.0% compared to 21.9% in the prior-year period. |
— | Small movements in the timing of revenues and expenses can impact margins in any given quarter for the Intellectual Property & Science business. Full-year margins are more reflective of the segment’s underlying performance. |
— | revenues to be comparable to 2013; |
— | adjusted EBITDA margin to range between 26% and 27%; |
— | underlying operating profit margin to range between 17.0% and 18.0%; and |
— | free cash flow to range between $1.3 billion and $1.5 billion in 2014. |
MEDIA
David Crundwell
Corporate Affairs
+1 646 223 5285
david.crundwell@thomsonreuters.com
|
INVESTORS
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@thomsonreuters.com
|
|
Three Months Ended
March 31,
|
Change
|
||||||||||||||||||||||
|
2014
|
2013
|
Total
|
Before Currency
|
Organic
|
|
||||||||||||||||||
Revenues
|
||||||||||||||||||||||||
Financial & Risk
|
$
|
1,658
|
$
|
1,675
|
-1
|
%
|
-1
|
%
|
-3
|
%
|
|
|
||||||||||||
Legal
|
803
|
794
|
1
|
%
|
2
|
%
|
0
|
%
|
||||||||||||||||
Tax & Accounting
|
348
|
317
|
10
|
%
|
13
|
%
|
10
|
%
|
||||||||||||||||
Intellectual Property & Science
|
243
|
233
|
4
|
%
|
4
|
%
|
3
|
%
|
||||||||||||||||
Corporate & Other (includes Reuters News)
|
79
|
81
|
-2
|
%
|
-1
|
%
|
-1
|
%
|
||||||||||||||||
Eliminations
|
(2
|
)
|
(3
|
)
|
||||||||||||||||||||
Revenues from ongoing businesses (1)
|
3,129
|
3,097
|
1
|
%
|
1
|
%
|
0
|
%
|
||||||||||||||||
Other Businesses (2)
|
1
|
78
|
||||||||||||||||||||||
Revenues
|
$
|
3,130
|
$
|
3,175
|
-1
|
%
|
|
Margin
|
|||||||||||||||||||||||
Adjusted EBITDA (3)
|
Change
|
2014
|
2013
|
Change
|
||||||||||||||||||||
Financial & Risk
|
$
|
399
|
$
|
360
|
11
|
%
|
24.1
|
%
|
21.5
|
%
|
260
|
bp
|
||||||||||||
Legal
|
284
|
276
|
3
|
%
|
35.4
|
%
|
34.8
|
%
|
60
|
bp
|
||||||||||||||
Tax & Accounting
|
115
|
98
|
17
|
%
|
33.0
|
%
|
30.9
|
%
|
210
|
bp
|
||||||||||||||
Intellectual Property & Science
|
72
|
70
|
3
|
%
|
29.6
|
%
|
30.0
|
%
|
-40
|
bp
|
||||||||||||||
Corporate & Other (includes Reuters News)
|
(50
|
)
|
(47
|
)
|
||||||||||||||||||||
Adjusted EBITDA
|
$
|
820
|
$
|
757
|
8
|
%
|
26.2
|
%
|
24.4
|
%
|
180
|
bp
|
||||||||||||
|
||||||||||||||||||||||||
Underlying Operating Profit (4)
|
||||||||||||||||||||||||
Financial & Risk
|
$
|
240
|
$
|
200
|
20
|
%
|
14.5
|
%
|
11.9
|
%
|
260
|
bp
|
||||||||||||
Legal
|
215
|
201
|
7
|
%
|
26.8
|
%
|
25.3
|
%
|
150
|
bp
|
||||||||||||||
Tax & Accounting
|
84
|
69
|
22
|
%
|
24.1
|
%
|
21.8
|
%
|
230
|
bp
|
||||||||||||||
Intellectual Property & Science
|
51
|
51
|
0
|
%
|
21.0
|
%
|
21.9
|
%
|
-90
|
bp
|
||||||||||||||
Corporate & Other (includes Reuters News)
|
(62
|
)
|
(59
|
)
|
||||||||||||||||||||
Underlying operating profit
|
$
|
528
|
$
|
462
|
14
|
%
|
16.9
|
%
|
14.9
|
%
|
200
|
bp
|
|
Three Months Ended
March 31, |
|
||||||||||
|
2014
|
2013
|
Change
|
|||||||||
|
||||||||||||
Operating profit
|
$
|
359
|
$
|
390
|
-8
|
%
|
||||||
Adjustments to remove:
|
||||||||||||
Amortization of other identifiable intangible assets
|
163
|
160
|
||||||||||
Fair value adjustments
|
2
|
(62
|
)
|
|||||||||
Other operating losses, net
|
3
|
6
|
||||||||||
Operating loss (profit) from Other Businesses (2)
|
1
|
(32
|
)
|
|||||||||
Underlying operating profit
|
$
|
528
|
$
|
462
|
14
|
%
|
||||||
Remove:
|
||||||||||||
Depreciation and amortization of computer software
(excluding Other Businesses (2))
|
292
|
295
|
||||||||||
Adjusted EBITDA
|
$
|
820
|
$
|
757
|
8
|
%
|
||||||
|
||||||||||||
Underlying operating profit margin (4)
|
16.9
|
%
|
14.9
|
%
|
200
|
bp
|
||||||
Adjusted EBITDA margin (3)
|
26.2
|
%
|
24.4
|
%
|
180
|
bp
|
|
Three Months Ended
March 31,
|
|
||||||||||
|
2014
|
2013
|
Change
|
|||||||||
|
||||||||||||
Net earnings (loss)
|
$
|
292
|
$
|
(17
|
)
|
|
nm
|
|||||
Adjustments to remove:
|
||||||||||||
Tax (benefit) expense
|
(13
|
)
|
247
|
|||||||||
Other finance (income) costs
|
(28
|
)
|
55
|
|||||||||
Net interest expense
|
108
|
115
|
||||||||||
Amortization of other identifiable intangible assets
|
163
|
160
|
||||||||||
Amortization of computer software
|
194
|
188
|
||||||||||
Depreciation
|
98
|
107
|
||||||||||
EBITDA
|
$
|
814
|
$
|
855
|
||||||||
Adjustments to remove:
|
||||||||||||
Share of post-tax earnings in equity method investments
|
-
|
(10
|
)
|
|||||||||
Other operating losses, net
|
3
|
6
|
||||||||||
Fair value adjustments
|
2
|
(62
|
)
|
|||||||||
EBITDA from Other Businesses (2)
|
1
|
(32
|
)
|
|||||||||
Adjusted EBITDA
|
$
|
820
|
$
|
757
|
8
|
%
|
|
Three Months Ended
March 31, 2014
|
Three Months Ended
March 31, 2013
|
||||||||||||||||||||||
|
Underlying
Operating Profit
|
Add:
Depreciation
and
Amortization
of Computer Software **
|
Adjusted
EBITDA
|
Underlying
Operating Profit
|
Add:
Depreciation and Amortization of Computer Software **
|
Adjusted
EBITDA
|
||||||||||||||||||
|
||||||||||||||||||||||||
Financial & Risk
|
$
|
240
|
$
|
159
|
$
|
399
|
$
|
200
|
$
|
160
|
$
|
360
|
||||||||||||
Legal
|
215
|
69
|
284
|
201
|
75
|
276
|
||||||||||||||||||
Tax & Accounting
|
84
|
31
|
115
|
69
|
29
|
98
|
||||||||||||||||||
Intellectual Property & Science
|
51
|
21
|
72
|
51
|
19
|
70
|
||||||||||||||||||
Corporate & Other (includes Reuters News)
|
(62
|
)
|
12
|
(50
|
)
|
(59
|
)
|
12
|
(47
|
)
|
||||||||||||||
|
$
|
528
|
$
|
292
|
$
|
820
|
$
|
462
|
$
|
295
|
$
|
757
|
|
Three Months Ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
Earnings (loss) attributable to common shareholders
|
$
|
282
|
$
|
(31
|
)
|
|||
Adjustments to remove:
|
||||||||
Operating loss (profit) from Other Businesses (2)
|
1
|
(32
|
)
|
|||||
Fair value adjustments
|
2
|
(62
|
)
|
|||||
Other operating losses, net
|
3
|
6
|
||||||
Other finance (income) costs
|
(28
|
)
|
55
|
|||||
Share of post-tax earnings in equity method investments
|
-
|
(10
|
)
|
|||||
Tax on above items
|
-
|
22
|
||||||
Discrete tax items
|
(14
|
)
|
221
|
|||||
Amortization of other identifiable intangible assets
|
163
|
160
|
||||||
Interim period effective tax rate normalization (6)
|
(12
|
)
|
(7
|
)
|
||||
Tax charge amortization (7)
|
(22
|
)
|
(8
|
)
|
||||
Dividends declared on preference shares
|
(1
|
)
|
(1
|
)
|
||||
Adjusted earnings
|
$
|
374
|
$
|
313
|
||||
Adjusted earnings per share
|
$
|
0.46
|
$
|
0.38
|
||||
|
||||||||
Diluted weighted-average common shares (millions)
|
820.9
|
830.4
|
|
Three Months Ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
Net cash provided by operating activities
|
$
|
113
|
$
|
116
|
||||
Capital expenditures, less proceeds from disposals
|
(248
|
)
|
(350
|
)
|
||||
Other investing activities
|
1
|
4
|
||||||
Dividends paid on preference shares
|
(1
|
)
|
(1
|
)
|
||||
Free cash flow
|
(135
|
)
|
(231
|
)
|
||||
Remove: Other Businesses (2)
|
-
|
7
|
||||||
Free cash flow from ongoing businesses
|
$
|
(135
|
)
|
$
|
(224
|
)
|
(1) | Revenues from ongoing businesses are revenues from reportable segments and Corporate & Other (which includes Reuters News) less eliminations. Other Businesses (see note (2) below) are excluded. |
(2) | Other Businesses are businesses that have been or are expected to be exited through sale or closure that did not qualify for discontinued operations classification. |
(millions of U.S. dollars)
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
Other Businesses
|
2014
|
2013
|
||||||
|
||||||||
Revenues
|
$
|
1
|
$
|
78
|
||||
|
||||||||
Operating (loss) profit
|
$
|
(1
|
)
|
$
|
32
|
|||
Depreciation and amortization of computer software
|
-
|
-
|
||||||
EBITDA
|
$
|
(1
|
)
|
$
|
32
|
(3) | Thomson Reuters defines adjusted EBITDA as underlying operating profit excluding the related depreciation and amortization of computer software. Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of revenues from ongoing businesses. |
(4) | Underlying operating profit is operating profit from reportable segments and Corporate & Other (includes Reuters News). Underlying operating profit margin is the underlying operating profit expressed as a percentage of revenues from ongoing businesses. |
(5) | Adjusted earnings and adjusted earnings per share include dividends declared on preference shares and amortization of the 2013 tax charges associated with the consolidation of technology and content assets but exclude the pre-tax impacts of amortization of other identifiable intangible assets as well as the post-tax impacts of fair value adjustments, other operating (gains) and losses, certain impairment charges, the results of Other Businesses (see note (2) above), other finance (income) costs, Thomson Reuters share of post-tax (earnings) losses in equity method investments, discontinued operations and other items affecting comparability. Adjusted earnings per share is calculated using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders. |
(weighted-average common shares)
|
Three Months Ended
March 31, 2013
|
|||
|
||||
IFRS: Basic and Diluted
|
828,342,978
|
|||
Effect of stock options and other equity incentive awards
|
2,104,177
|
|||
Non-IFRS Diluted
|
830,447,155
|
(6) | Adjustment to reflect income taxes based on estimated full-year effective tax rate. Reported earnings or loss for interim periods reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full-year income taxes. |
(7) | Reflects amortization of the 2013 tax charges associated with the consolidation of the ownership and management of technology and content assets. For the non-IFRS measure, the majority of the charges are amortized over seven years, the period over which the tax is expected to be paid. |
(8) | Free cash flow is net cash provided by operating activities less capital expenditures, other investing activities and dividends paid on the company’s preference shares. Other Businesses (see note (2) above) are also removed to arrive at free cash flow from ongoing businesses. |
|
Three Months Ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
|
||||||||
Revenues
|
$
|
3,130
|
$
|
3,175
|
||||
Operating expenses
|
(2,313
|
)
|
(2,324
|
)
|
||||
Depreciation
|
(98
|
)
|
(107
|
)
|
||||
Amortization of computer software
|
(194
|
)
|
(188
|
)
|
||||
Amortization of other identifiable intangible assets
|
(163
|
)
|
(160
|
)
|
||||
Other operating losses, net
|
(3
|
)
|
(6
|
)
|
||||
Operating profit
|
359
|
390
|
||||||
Finance costs, net:
|
||||||||
Net interest expense
|
(108
|
)
|
(115
|
)
|
||||
Other finance income (costs)
|
28
|
(55
|
)
|
|||||
Income before tax and equity method investments
|
279
|
220
|
||||||
Share of post-tax earnings in equity method investments
|
-
|
10
|
||||||
Tax benefit (expense)
|
13
|
(247
|
)
|
|||||
Net earnings (loss)
|
$
|
292
|
$
|
(17
|
)
|
|||
|
||||||||
Earnings (loss) attributable to:
|
||||||||
Common shareholders
|
282
|
(31
|
)
|
|||||
Non-controlling interests
|
10
|
14
|
||||||
|
||||||||
Basic and diluted earnings (loss) per share
|
$
|
0.34
|
$
|
(0.04
|
)
|
|||
|
||||||||
Basic weighted-average common shares
|
817,922,935
|
828,342,978
|
||||||
Diluted weighted-average common shares
|
820,945,986
|
828,342,978
|
|
March 31,
2014 |
December 31,
2013 |
||||||
Assets
|
||||||||
Cash and cash equivalents
|
$
|
667
|
$
|
1,316
|
||||
Trade and other receivables
|
1,825
|
1,751
|
||||||
Other financial assets
|
133
|
183
|
||||||
Prepaid expenses and other current assets
|
684
|
650
|
||||||
Current assets
|
3,309
|
3,900
|
||||||
|
||||||||
Computer hardware and other property, net
|
1,241
|
1,291
|
||||||
Computer software, net
|
1,569
|
1,622
|
||||||
Other identifiable intangible assets, net
|
7,735
|
7,890
|
||||||
Goodwill
|
16,911
|
16,871
|
||||||
Other financial assets
|
163
|
192
|
||||||
Other non-current assets
|
599
|
583
|
||||||
Deferred tax
|
90
|
90
|
||||||
Total assets
|
$
|
31,617
|
$
|
32,439
|
||||
|
||||||||
Liabilities and equity
|
||||||||
Liabilities
|
||||||||
Current indebtedness
|
$
|
580
|
$
|
596
|
||||
Payables, accruals and provisions
|
2,045
|
2,624
|
||||||
Deferred revenue
|
1,427
|
1,348
|
||||||
Other financial liabilities
|
191
|
193
|
||||||
Current liabilities
|
4,243
|
4,761
|
||||||
|
||||||||
Long-term indebtedness
|
7,379
|
7,470
|
||||||
Provisions and other non-current liabilities
|
1,762
|
1,759
|
||||||
Other financial liabilities
|
205
|
102
|
||||||
Deferred tax
|
1,861
|
1,917
|
||||||
Total liabilities
|
15,450
|
16,009
|
||||||
|
||||||||
Equity
|
||||||||
Capital
|
10,266
|
10,347
|
||||||
Retained earnings
|
7,086
|
7,303
|
||||||
Accumulated other comprehensive loss
|
(1,586
|
)
|
(1,614
|
)
|
||||
Total shareholders’ equity
|
15,766
|
16,036
|
||||||
Non-controlling interests
|
401
|
394
|
||||||
Total equity
|
16,167
|
16,430
|
||||||
Total liabilities and equity
|
$
|
31,617
|
$
|
32,439
|
|
Three Months Ended
March 31,
|
|||||||
|
2014
|
2013
|
||||||
Cash provided by (used in):
|
||||||||
Operating activities
|
||||||||
Net earnings (loss)
|
$
|
292
|
$
|
(17
|
)
|
|||
Adjustments for:
|
||||||||
Depreciation
|
98
|
107
|
||||||
Amortization of computer software
|
194
|
188
|
||||||
Amortization of other identifiable intangible assets
|
163
|
160
|
||||||
Net losses (gains) on disposals of businesses and investments
|
1
|
(14
|
)
|
|||||
Deferred tax
|
(40
|
)
|
172
|
|||||
Other
|
34
|
65
|
||||||
Changes in working capital and other items
|
(629
|
)
|
(545
|
)
|
||||
Net cash provided by operating activities
|
113
|
116
|
||||||
|
||||||||
Investing activities
|
||||||||
Acquisitions, net of cash acquired
|
-
|
(730
|
)
|
|||||
Proceeds from disposals of businesses and investments, net of taxes paid
|
-
|
30
|
||||||
Capital expenditures, less proceeds from disposals
|
(248
|
)
|
(350
|
)
|
||||
Other investing activities
|
1
|
4
|
||||||
Net cash used in investing activities
|
(247
|
)
|
(1,046
|
)
|
||||
|
||||||||
Financing activities
|
||||||||
Proceeds from debt
|
-
|
440
|
||||||
Repayments of debt
|
-
|
(440
|
)
|
|||||
Net borrowings under short-term loan facilities
|
-
|
327
|
||||||
Repurchases of common shares
|
(264
|
)
|
-
|
|||||
Dividends paid on preference shares
|
(1
|
)
|
(1
|
)
|
||||
Dividends paid on common shares
|
(262
|
)
|
(259
|
)
|
||||
Other financing activities
|
4
|
9
|
||||||
Net cash (used in) provided by financing activities
|
(523
|
)
|
76
|
|||||
Decrease in cash and bank overdrafts
|
(657
|
)
|
(854
|
)
|
||||
Translation adjustments
|
-
|
(11
|
)
|
|||||
Cash and bank overdrafts at beginning of period
|
1,312
|
1,276
|
||||||
Cash and bank overdrafts at end of period
|
$
|
655
|
$
|
411
|
||||
|
||||||||
Cash and bank overdrafts at end of period comprised of:
|
||||||||
Cash and cash equivalents
|
$
|
667
|
$
|
423
|
||||
Bank overdrafts
|
(12
|
)
|
(12
|
)
|
||||
|
$
|
655
|
$
|
411
|
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