TLL – 1H20 Interim Results

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer TIL Logistics Group Limited
Reporting Period 6 months to 31 December 2019
Previous Reporting Period 6 months to 31 December 2018
Currency NZD

Amount (000s) Percentage change
Revenue from continuing
operations
$174,575 (0.4%)
Total Revenue $174,575 (0.4%)
Net profit/(loss) from
continuing operations
($2,362) (161.4%)
Total net profit/(loss) ($2,362) (161.4%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00
Imputed amount per Quoted
Equity Security
$0.00
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.10 $0.12
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer unaudited interim financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Lee Banks, CFO
Contact person for this
announcement
Lee Banks
Contact phone number 06 755 9405
Contact email address lee.banks@til.kiwi
Date of release through MAP

2 March 2020

Unaudited financial statements accompany this announcement.

---

2 March 2020
Company Announcement

TIL Logistics Group 1H20 Interim Results
Unaudited results for the six months ended 31 December 2019 (1H20)

 TIL Logistics Group confirms 1H20 result in line with January 2020 guidance, with EBITDA of
$8.7m prior to NZ IFRS 16 adjustments.
 Including NZ IFRS 16 adjustments, TIL reported revenue of $174.6m, EBITDA of $23.8m and a
Net Loss After Tax (NLAT) of $(2.2)m. Excluding NZ IFRS 16 adjustments, NLAT was $(0.3)m.
 Adverse market conditions continue including softening business confidence impacting sales,
increasing margin pressure and higher cost environment.
 1H20 result primarily impacted by underperformance from the Freight division, partially
offset by favourable performances from Specialist and International divisions. The
comparative 1H19 period also included sales from a number of one-off events not repeated in
1H20.
 A detailed review of the Freight division has identified a number of areas for operational
improvement and initiatives are underway to lift performance.
 As previously advised, no interim dividend has been declared.
 Improved 2H20 performance (cf 1H20) expected due to commencement of new project work
and as management initiatives in the Freight division are implemented.

$Millions 1H19
Actual
1H20 1H20 Actual
Prior
Classification
NZ IFRS 16
adjustments
NZ IFRS 16
classification
Sales Revenue 175.2 174.6 - 174.6
Total Income 177.6 176.0 - 176.0
EBITDA 14.1 8.7 15.1 23.8
NPAT/NLAT 4.0 (0.3) (1.9) (2.2)
Net Operating Cashflow 16.5 6.7 11.0 17.7
Total Assets 187.1 179.3 177.6 356.9
Bank Debt (87.8) (84.5) - (84.5)
Dividend (cents per share) 2.5 0.0 - 0.0

New Zealand freight and logistics company, TIL Logistics Group Limited (NZX:TLL), has today
reported its results for the six months to 31 December 2019.

Including NZ IFRS 16 adjustments, TIL reported revenue of $174.6m, EBITDA of $23.8m and a Net
Loss After Tax of $(2.2)m. On a like for like basis, prior to NZ IFRS adjustments
1
, EBITDA was $8.7m
with a net loss of $(0.3)m. In line with TIL’s dividend policy, no interim dividend has been
declared. The result is in line with the guidance provided in January 2020.

The year-on-year profit decline was primarily a result of an under-performance from the Freight
division, with Freight’s EBITDA down $4.1m on the prior comparative period (pcp); as well as
lower earnings in the Warehousing & Logistics and Bulk Liquids divisions due to costs associated

1
More information on the impact of NZ IFRS 16 Leases can be read in TIL Logistics Group’s Interim Financial Statements
and 1H20 Results Presentation released to the market on 2 March 2020

with growth initiatives and customer contracts. The two smaller divisions, Specialist and
International, both had a positive six-month performance and were up on pcp.

The divisional results for Freight and Warehousing reflect the restructure of NZL Group
warehousing and freight services into the relevant divisions (previously NZL Group was wholly
recognised in the Warehousing division). This resulted in an additional $13.3m of revenue being
reported in the Freight division; and a corresponding decrease in the Warehousing division (1H19:
$14.9m).

While adverse market conditions, increasing pricing pressure and the higher cost environment
were contributors to Freight’s underperformance, management has also identified a number of
areas for operational improvements within this division.

Initiatives are now being implemented to lift the performance of the Freight division, including
the merger of TIL’s Freight and Bulk Liquids businesses and brands into a single Transport division
with a stronger management structure and an increased focus on sales and marketing functions.

Cost management remains a focus with a number of recent procurement initiatives expected to
deliver long term cost benefits. Technology is playing an important role in the business, delivering
both benefits for customers as well as increased insight into the business. This is intended to
allow for more informed, agile decision making and the ability to better manage commercial
arrangements.

Net bank debt as at 31 December 2019 was $84.5m. TIL has completed the renegotiation of its
funding arrangements with ASB, which includes changes to the banking covenants. The Board has
prioritised the reduction of debt to provide balance sheet headroom.

Chair of TIL Logistics Group, Trevor Janes, said: “The fundamentals of the TIL business remain
strong, and the company remains one of New Zealand’s largest domestic freight and logistics
providers. The 1H20 result was disappointing and while we are seeing growth in several divisions,
management has also identified a number of areas for operational improvement. A turnaround
plan is in place and we expect to see the initial benefits from this start to flow through in the
second half.”

Outlook

The start of the second half of the financial year has seen the impact of Chinese New Year and the
Coronavirus on imports into New Zealand. This has had a flow on effect across a number of
sectors in which TIL operates, such as the logging sector. Management will continue to monitor
the situation closely.

A major focus in 2H20 will be on the restructure and turnaround of the new Transport division, in
particular the Freight business, and, while there will be some related restructure costs, the
company anticipates seeing early benefits start to flow through in 2H20.

In addition, TIL will continue to focus on building on the strength of its regional brands; leverage
the expanded capacity and services across the Group to grow revenue from new and existing
customers; deliver further efficiencies; and improve the management of commercial

arrangements, a task that is expected to be assisted by the new technology system which is
currently being implemented.

An improved 2H20 (cf with 1H20) is anticipated with new project work in the Specialist division
and early benefits from the Freight division turnaround. FY20 EBITDA is expected to be in the
range of $23 million to $24 million. This assumes that there is no material negative impact from
the COVID-19 virus and is subject to any project timing fluctuations in the Specialist division.

CEO of TIL Logistics Group, Alan Pearson, commented: “The movement of freight plays a vital role
in New Zealand’s economy. More than 90% of freight is moved by road, with rail and coastal
shipping mainly used for greater distances
2
. TIL remains one of the country’s largest freight
providers and, combined with our warehousing & logistics services and international expertise,
we are well positioned to meet the demand of customers looking for an end to end solution. We
have identified a number of opportunities to drive improvement and efficiencies in our business,
which will add value for both our customers and TIL shareholders.”

ENDS

For further information and media assistance, please contact:

Alan Pearson
Chief Executive Officer
Phone: +64 6 7559457
Email: alan.pearson@til.kiwi

Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: lee.banks@til.kiwi
Jackie Ellis
Media Liaison
Phone: + 64 27 246 2505
Email: jackie@ellisandco.co.nz

About TIL Logistics Group Limited (TLL)

TLL is one of the largest domestic freight and logistics businesses in New Zealand, with a nationwide
network of branches, depots and warehouses. TLL’s activities include transporting and warehousing freight
throughout New Zealand and co-ordinating freight movements offshore with the assistance of international
alliances. TLL also has a specialist road tanker division which is one of the largest operators in the New
Zealand fuel delivery market.



2
Table 2, National Freight Demand Study October 2019
https://www.transport.govt.nz/assets/Import/Uploads/Research/Documents/NFDS3-Final-Report-Oct2019-Rev1.pdf

---

TIL LOGISTICS GROUP LIMITED
1H20 INTERIM RESULTS PRESENTATION
1
TIL Logistics Group 1H20 Results

TIL LOGISTICS GROUP
•One of New Zealand’s largest domestic freight and logistics
platforms.
•Nationwide network of branches, depots and warehouses
and dedicated team of employees and contractors.
•Delivering product to over 30,000 customer sites, and over
200,000 square metres of warehousing capacity.
•Comprehensive service offer across the supply chain:
Transport, Warehousing & Logistics, Specialist Lifting &
Transport, and International Freight Forwarding.
TIL Logistics Group 1H20 Results2

1H20 RESULTS OVERVIEW
3TIL Logistics Group 1H20 Results
•Adverse market conditions continued including softening business confidence impacting sales and
the higher cost environment.
•Sales and total income remain in line with previous comparative period (pcp).
•1H20 EBITDA result primarily impacted by:
- Disappointing performance from the Freight division, with Bulk Liquids and Warehousing & Logistics also
down on pcp
- Partially offset by favourable performances from Specialist and International divisions
- Comparative 1H19 period included sales for a number of one-off events not repeated in 1H20.
•A detailed review of the Freight division has identified a number of areas for operational
improvement and initiatives are underway to lift performance.
•As previously advised, no interim dividend has been declared.
•Improved 2H20 performance (cf1H20) expected due to new project work and as operational
improvements in the Freight division are implemented.

1H20 RESULTS SNAPSHOT
4
TIL Logistics Group 1H20 Results
$Millions1H19 Actual1H201H20 Actual
Pre-NZ IFRS
16
NZ IFRS 16
adjustments
NZ IFRS 16
Sales Revenue 175.2
174.6-174.6
Total Income177.6
176.0-176.0
EBITDA14.1
8.715.123.8
NPAT/NLAT4.0
(0.3) (1.9)(2.2)
Net Operating Cashflow 16.5
6.711.017.7
Total Assets187.1
179.3 177.6356.9
Bank Debt(87.8)
(84.5)-(84.5)
Dividend
(cents per share)
2.5
---

OPERATING ENVIRONMENT
5TIL Logistics Group 1H20 Results
•Softening business confidence and economy.
•Reduced activity –wet autumn particularly impacting construction & building activity; Forestry
products hit hard by China/USA trade war; Taranaki Oil & Fuel industry impacted by Government
Policy.
•Increased competition, particularly from low cost providers (no technology, no Eroad, no
Guardian).
•Higher cost environment –wage inflation, repairs & maintenance, regional fuel tax and higher
fuel prices.
•Increased focus on operational improvements and the transport management system
implementation with restricted capital spend and tight cost control.

1H19: 1H20 KEY MEASURES
Excluding NZ IFRS 16 adjustments
166.6
177.6
176.0
0
50
100
150
200
1H181H191H20
Total Income
6TIL Logistics Group 1H20 Results
-7.1
14.1
8.7
14.3
-10
-5
0
5
10
15
20
1H181H191H20
EBITDA
EBITDAAdjusted EBITDA
-15.7
4.0
-0.3
5.6
-20
-15
-10
-5
0
5
10
1H181H191H20
NPAT
NPATAdjusted NPAT
173.7
163.5
167.3
0
50
100
150
200
1H181H191H20
Operating Expenses
(excluding Depreciation)
1H18 Adjusted EBITDA and Adjusted NPAT exclude non-trading costs associated with the reverse listing process, share
based payments and the revaluation of deferred consideration for acquisitions in the prior period (1H18: $21.3m)

1H19: 1H20 EBITDA BRIDGE
•Disappointing performance from Freight
division. Management review undertaken and
improvement initiatives underway.
•Warehousing & Logistics reflects restructure of
NZL, with NZL freight revenue no longer
recognised in this division, and the increased
costs associated with the expanded warehouse
facilities.
•Bulk Liquids reflects increased costs associated
with new customer contracts where benefits
are yet to be realised. TIL is progressing
discussions to recover those costs under the
terms of its contract.
•Positive performance from International and
Specialist division.
•Increased corporate and governance costs due
to IT and legal fees.
7TIL Logistics Group 1H20 Results

1H19: 1H20 NPAT BRIDGE
Including NZ IFRS 16 adjustments
8
TIL Logistics Group 1H20 Results
NZ IFRS 16 Adjustments

DIVISION REVENUE AND EBITDA
Excluding NZ IFRS 16
DIVISION REVENUE
1H19 2H19
1H20
Freighting*
91.089.1 84.1
Warehousing & Logistics*
38.237.6 37.9
Bulk Liquids
38.939.2 39.1
International
3.84.24.7
Specialist
3.49.78.7
9TIL Logistics Group 1H20 Results
DIVISION EBITDA
1H19 2H19
1H20
Freighting*
5.54.40.8
Warehousing & Logistics*
4.43.03.6
Bulk Liquids
4.04.32.6
International
0.70.81.0
Specialist
0.52.12.1
*Prior period revenue and EBITDA for
Freighting and Warehousing & Logistics
have been restated to a pro forma basis
as if the restructure of NZL had
occurred.

OUR BUSINESSES
10
TIL Logistics Group 1H20 Results
To be merged into new Transport
division from May 2020

FREIGHTING*
Revenue $84.1m, -8%
EBITDA $0.8m, -85%
One of the largest freight transport
companies in New Zealand. Nationwide
network with regional strength
•Environment of increasing competitive pricing pressure, lower sales
across a range of customers and a softer Christmas trading period
than anticipated, as well as the loss of a significant customer for NZL.
•TIL management estimates that the market contracted by
approximately 6% during 1H20 with approximately two-thirds of the
drop in TIL’s Freight volumes attributable to the softer market.
•In addition, the prior year included a number of sales related to one-
off events not repeated in the current year.
•Divisional management issues in a period of challenging market
conditions led to detailed review and identification of a number of
operational improvements.
•Significant restructure of the division underway to lift performance
and turnaround plan underway.
•TIL remains committed to the creation of a sustainable transport
industry in New Zealand by appropriately compensating drivers,
warehouse staff and other employees, investing in health and safety
and leveraging technology.
* Reflects restructure and inclusion of NZL’s freighting services.
Percentage increases on a pro forma basis.
TIL Logistics Group 1H20 Results11

INITIATIVES TO DRIVE PERFORMANCE
•Creation of new TRANSPORT division –merger of TIL’s Freight and Bulk Liquids divisions.
•New management structure and refreshed management team, including new Divisional CEO
supported by GMs for the Bulk Liquids and Freight businesses (GMs have both been appointed,
executive search for Divisional CEO underway).
•Increased focus on sales and marketing capabilities, including appointment of new Executive GM
Sales & Marketing.
•Improved management and oversight of commercial arrangements.
•Review and amendment of billing processes, particularly Fuel Adjustment Factor calculations and
arrangements to better reflect actual costs incurred by TLL and passed onto customers.
•New Transport Management System currently being developed, implementation expected mid-
2020.
12TIL Logistics Group 1H20 Results

WAREHOUSING & LOGISTICS*
Revenue $37.9m, -1%
EBITDA $3.6m, -18%
National warehousing solution, including
warehousing, information management, cross
docking, container cartage and loading, and
metropolitan delivery
•On a like for like basis, revenue was in line with
the prior comparative period.
•Significant investment has been made into new
warehouse builds in 2019 and 2020. These are
resulting in additional capacity in both the North
and South Islands which are expected to assist
future sales.
•As expected, additional overheads related to the
new warehouses are being incurred.
*Reflects restructure and transfer of NZL’s freighting
services to TIL’s Freight division. Percentage
increases on a pro forma basis.
TIL Logistics Group 1H20 Results13

BULK LIQUIDS
Revenue $39.1m, +1%
EBITDA $2.6m -35%
Specialist transporter of Bulk Liquids;
one of the largest operators in the New
Zealand fuel delivery market.
•Revenue for the Bulk Liquids division was in line
with the prior year.
•Additional costs have been incurred to serve a key
customer and TIL is progressing discussions to
recover those costs under the terms of its
contract. The impact is being seen in the division’s
EBITDA.
TIL Logistics Group 1H20 Results
14

SPECIALIST
Revenue $8.7m, +156%
EBITDA $2.1m, +320%
Group of businesses specialising in
heavy haulage and machinery lifting
and transport
•Specialised Lifting and Transport continues to be a
solid acquisition.
•Major windfarm transport contract secured in
February and the prospect of other projects in
the pipeline.
•A strong first half performance is expected to
improve further in the second half as the
windfarm project comes onstream. Possible
delays could push revenue benefit into FY21.
TIL Logistics Group 1H20 Results
15

INTERNATIONAL
Revenue $4.7m, +24%
EBITDA $1.0m, +43%
Providing worldwide Logistics, Customs
Brokerage, ISO Tank & Shipping Agency
services
.
•1H20 performance above the prior year.
•Continues to deliver a consistent trading
performance.
•Large event logistics project pre-Christmas, on top
of the normal seasonal lift in inbound volumes.
TIL Logistics Group 1H20 Results
16
Credit: Brian Carlin/Volvo Ocean Race

OUTLOOK
TIL Logistics Group 1H20 Results
17
•An improved 2H20 (cfwith 1H20) is anticipated with
new project work in the Specialist division and early
benefits from the Freight turnaround.
•FY20 EBITDA is expected to be in the range of $23m
to $24m (excl. the impact of NZ IFRS16). This
assumes that there is no material negative impact
from COVID-19 virus and is subject to any project
timing fluctuations in the Specialist division.

QUESTIONS
TIL Logistics Group 1H20 Results18

CONTACT
Alan Pearson
TIL Logistics Group Limited
Chief Executive Officer
Tel: 021 806 678
Email: alan.pearson@til.kiwi
TIL Logistics Group 1H20 Results
19

IFRS 16: ADOPTION IMPACT IN
FY20
•TIL has a large number of vehicle leases, as well as long term property
leases.
•Upon adoption from 1 July 2019, NZ IFRS 16 has had a material impact on
a number of elements of the Group’s balance sheet and income
statement, but no material impact on the Group’s cash flows.
1H20 impact:
•Balance sheet: As at 31 December 2019, increase in assets of $178m and
increase in liabilities of $178m
•EBITDA: Increase of $15.0m
•Net Profit Before Tax: Reduction in NPBT of $2.6m
•Cash flows: No change other than classification
TIL Logistics Group 1H20 Results20

GLOSSARY
•Non-GAAP financial information: TIL Logistics Group uses several non-GAAP measures when discussing
financial performance. These include Earnings Before Interest, Tax, Depreciation and Amortisation, Share of
(Loss)/Profit of Associates and Impairment of Goodwill (EBITDA), adjusted EBITDA excluding non-trading
costs and adjusted Net Profit/Loss After Tax (NPAT/NLAT) excluding non-trading costs. Management believes
that these measures provide useful information on the underlying performance of TIL Logistics’
business. Reconciliations of the non-GAAP measures to GAAP measures, can be found in TIL Logistics
Group’s Financial Statements that are available on the company’s website.
•EBITDArefers to Earnings Before Interest, Tax, Depreciation and Amortisation excluding income from
associates. EBITDA is a non-GAAP profit measure.
•NPAT/NLAT refers to net profit/loss after tax.
•Adjusted EBITDA/Adjusted NPAT: Excludes non-trading costs associated with the reverse listing process
which occurred in FY18, share based payments and the revaluation of deferred consideration for
acquisitions. The Board believes this provides a better reflection of the company’s underlying performance.
21TIL Logistics Group 1H20 Results

22
DISCLAIMER
This presentation has been prepared by TIL Logistics Group Limited (“TLL”). The information in this presentation is of a general nature only. It is not a
complete description of TLL.
This presentation is not a recommendation or offer of financial products for subscription, purchase or sale, or an invitationorsolicitation for such
offers.
This presentation is not intended as investment, financial or other advice and must not be relied on by any prospective investor. It does not take into
account any particular prospective investor’s objectives, financial situation, circumstances or needs, and does not purport to contain all the
information that a prospective investor may require. Any person who is considering an investment in TLL securities should obtainindependent
professional advice prior to making an investment decision, and should make any investment decision having regard to that person’s own objectives,
financial situation, circumstances and needs.
Past performance information contained in this presentation should not be relied upon as (and is not) an indication of futureperformance. This
presentation may also contain forward looking statements with respect to the financial condition, results of operations and business, and business
strategy of TLL. Information about the future, by its nature, involves inherent risks and uncertainties. Accordingly, nothinginthis presentation is a
promise or representation as to the future or a promise or representation that an transaction or outcome referred to in this presentation will proceed
or occur on the basis described in this presentation. Statements or assumptions in this presentation as to future matters mayprove to be incorrect.
A number of financial measures are used in this presentation and should not be considered in isolation from, or as a substitute for, the information
provided in the TLL Listing Profile.
TLL and its related companies and their respective directors, employees and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation and will have no liability (including for negligence)for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in connection with the use of or reliance on, information in this presentation.
TIL Logistics Group 1H20 Results

---

2
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2019
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2018
$000
Total Income
175,962177,615
Total Operating Expenses
(172,817)(169,906)
(Loss) / Profit Before Income Tax (2,812)5,625
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD,
NET OF TAX
(2,168)3,970
CENTSCENTS

3
NOTES
UNAUDITED
31 DECEMBER 2019
$000
AUDITED
30 JUNE 2019
$000
ASSETS
Total Current Assets
59,17858,468
Total Non-Current Assets
297,676117,914
TOTAL ASSETS
356,854176,382
TOTAL EQUITY
32,47334,322
LIABILITIES
Total Current Liabilities
85,95558,059
Total Non-Current Liabilities238,42684,001
TOTAL LIABILITIES
324,381142,060
TOTAL EQUITY & LIABILITIES
356,854176,382

4
ATTRIBUTABLE TO OWNERS OF THE
COMPANY
$000$000$000$000$000
Balance as at 1 July 2018 as previously reported
Revised balance as at 1 July 201828,107 (2,365)25,7421,157 26,899
Total Comprehensive income
-3,8453,8451253,970
Balance as at 31 December 201833,795(394)33,4011,142 34,543
Balance as at 1 July 2019 as previously reported
Revised balance as at 1 July 201935,449(1,411) 34,0381,23735,275
Total Comprehensive income
- (2,362) (2,362)194(2,168)
Balance as at 31 December 201937,054 (5,932)31,1221,35132,473

5
NOTES
UNAUDITED
6 MONTHS TO
DECEMBER 2019
$000
UNAUDITED
6 MONTHS TO
DECEMBER 2018
$000
Net cash generated from operating activities 17,665
16,454
Net cash used in investing activities
(8,538)(23,884)
Net cash flow (used in) / from financing activities
(11,662)
13,451
Cash and cash equivalents 31 December
3,8548,902

6
1.1. Reporting Entity
1.2. Basis of Preparation
3.1 Working capital

7
3.2 Estimated impairment of Goodwill
Assumptions31 December
2019
30 June
2019
Threshold for
impairment
Movement from
rate used in the
impairment test

8
3.3 Trade Receivables
Reconciliation to GAAP measure 6 months to
December 2019
$000
6 months to
December 2018
$000
Pre-NZ IFRS 16 adjusted EBITDA8,71214,054
Reconciliation to GAAP measure 6 months to
December 2019
$000
6 months to
December 2018
$000
Pre-NZ IFRS 16 adjusted EBIT1,7067,709

9
International Specialist Freighting Warehousing
& Logistics
Bulk Liquids Corporate Total
$000$000$000$000$000$000$000

10
31 December 201930 June 2019
Shares$000Shares$000
Balance at the end of the period
87,684,88237,054 86,347,60835,449

11

12
Right-of-use assets
$000
Net book value 31 December 2019177,557

13
Right-of-use assets$000
Total right-of-use assets177,557
Lease liabilities$000
Lease liabilities at 31 December 2019178,220
Lease liabilities maturity analysisMinimum lease
payment
InterestPresent value
$000$000$000
Total224,13845,918178,220
Total224,13845,918178,220

14
6 months to
December 2019
6 months to
December 2019
6 months to
December 2019
Pre-NZ IFRS 16
classification
NZ IFRS 16
adjustment
NZ IFRS 16
classification
$000$000$000
Operating (deficit) / surplus before income tax(243)(2,561)(2,804)
$000
Total20,240

15
6 months to
December 2019
6 months to
December 2019
6 months to
December 2019
Pre-NZ IFRS 16
classification
NZ IFRS 16
adjustment
NZ IFRS 16
classification
$000$000$000
ASSETS
Total Current Assets 59,178-59,178
Total Non-Current Assets 120,119177,557297,676
TOTAL ASSETS 179,297177,557356,854
TOTAL EQUITY
33,136(663)
32,473
LIABILITIES
Total Current Liabilities 61,78224,17385,955
Total Non-Current Liabilities84,379154,047238,426
TOTAL LIABILITIES 146,161178,220324,381
TOTAL EQUITY & LIABILITIES
179,297177,557
356,854

16
# SharesAmount
$000

17

18

19
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