Horizon Discovery Group plc 2018 Half Year Results September 2018

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Horizon Discovery Group plc 2018 Half Year Results September 2018
Horizon Discovery Group plc
2018 Half Year Results

September 2018
Horizon Discovery Group plc 2018 Half Year Results September 2018
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                                                                                                                                                                                             2
Horizon Discovery Group plc 2018 Half Year Results September 2018
Enabling the future of
cell based research
The cell lies at the heart of
everything we do.

Our ability to design and engineer a
cell’s DNA to mimic that of a patient
creates valuable insights into the
genetic drivers of disease, its diagnosis
and ultimately treatment.
Horizon Discovery Group plc 2018 Half Year Results September 2018
We strive to be at the forefront of discovery.
Inspired cell                             We are experts in gene editing and gene

solutions                                 modulation, with extensive practical experience
                                          across CRISPR, rAAV, ZFN, Transposon and RNAi
                                          technologies.
The nature of drug discovery is rapidly
                                          Our core cell line engineering experience comes
evolving and so are we. We are now        from over 4000 gene modifications completed
the go-to cell engineering experts,       across 100 cell types.
enabling the global life science
community.                                Our IP position facilitates our technology agnostic
                                          approach to successfully meeting the needs of
                                          customers.
Horizon Discovery Group plc 2018 Half Year Results September 2018
Business highlights

             • Appointment of new CEO                         • New CRISPR screening
             • Five year investment strategy                    agreements with major
Leadership     implemented                      Commercial      pharma including
             • Embedding executive                              AstraZeneca
               leadership team                                • £1.1m bioproduction license

                                                              • Integration of Dharmacon
             • 5+ new product launches,
                                                                now substantially complete
               across the portfolios
                                                                ahead of schedule
Innovation   • Out-licensing ‘Helitron’ gene-   Operational   • Extended global reach,
               editing technology
                                                                including set up of Japan
             • Successful IND filing
                                                                office

                                                                                              5
Horizon Discovery Group plc 2018 Half Year Results September 2018
Financial highlights

            Revenue                                    Gross margin
          • £25.1 revenue (£27.3m at CC)              • 63% gross margin
 £25.1m   • 107% growth, driven by           63%      • Strong contribution from
            products                                    applied products
          • Dharmacon growth of 5.4%                  • Full period effect of
            (£14.0m)                                    Dharmacon

            Cash                                        Outlook
                                                      • Strong start to H2
          • £24.9m: robust cash position
                                                      • Second half weighting of
 £24.9m   • Significant reduction in        Trading     revenues
            operating cash outflows
                                                      • Revenue slightly ahead of
          • Cash available for investment
                                                        market expectations
                                                                                    6

                                                                                    6
Horizon Discovery Group plc 2018 Half Year Results September 2018
Strategy
evolution
Horizon Discovery Group plc 2018 Half Year Results September 2018
Market analysis

•   Implementation of 5-year investment strategic plan for top-line growth

•   Rapidly changing market as gene editing and gene modulation drive the next wave of
    precision medicine

•   Cell engineering becoming embedded at industrial scale into customers’ core workflows

•   Horizon uniquely positioned to capitalise on rapidly increasing market demand via our
    scientific and commercial leadership

•   Prioritisation of major growth drivers in highest value core markets

                                                                                            8
Horizon Discovery Group plc 2018 Half Year Results September 2018
Innovation waves
                                                                                                                         Speed of change is increasing

                                                                                                                         Customer needs are evolving
                                                                                                                             -   rapid hypothesis testing
 Technological change

                                                                                                                             -   speed and capacity constraints
                                                                                                                             -   expertise and convenience

                                                                                                          cell
                                                                                                          therapies      Signs of market maturation:
                                                                                            advanced                         -   downward price pressure
                                                                             patient        CRISPR                           -   increased customer knowledge
                                                                             relevancy:     screening                        -   new technical innovations
                                                          patient data:      engineered
                                                          enabling           models
                                                          greater                                                        Horizon well positioned to identify
                                   sequencing
                                                          insights                                                       early innovations to supplement its
                                   speed & cost
                        human
                        genome                                                                                           existing leading technology and
                                                                                                                         capitalise on high growth markets

                                            Patient relevance
                                                                                                                                                                  9
*Exemplar indicative of management views   on technology innovations impacting drug discovery and future opportunities
Horizon Discovery Group plc 2018 Half Year Results September 2018
Investment criteria

Accelerate growth in key segments by delivering compelling, differentiated
solutions for customers within our repeatable and scalable business model

  Market attractiveness        Innovation drivers        Commercial channels

• High growth segments of                              • Synergistic with existing
                            • Compelling value
  sufficient size                                        customer base
                              differentiation
• Aligned with core                                    • Commercialise through
                            • Top tier market
  technical capabilities                                 existing channels
                              leadership position
• Leveraging our                                       • Potential to reach new
                            • Leading R&D and global
  established brand and                                  customers or establish
                              facilities
  proposition                                            new channels

                                                                                 10
High growth markets
                             Market                   Definition                                             Growth drivers                                End-market CAGR
                                                      Generation of custom gene-edited cell lines.           Need for greater insight into novel drug
                             Cell line engineering    Customer driven specification, developed               targets  improved treatment for patients            15%
                                                      using multiple editing and modulation tools
     Investment priorities

                                                      Reagents for cell line generation and                  The ability to (rapidly) engineer models to
                             CRISPR reagents          screening; including knockout, inhibition and          mimic diseases more effectively                      15%
                                                      activation

                                                                                                             Need for greater insight into novel drug
                             Functional genomic       Screening platforms enabling the detailed
                                                                                                             targets  improved treatment for patients
                                                      study of gene and protein functions, pathways                                                               20%*
                             screening                and interactions on a genome-wide scale

                                                                                                             Need for reliable and renewable reference
                             Diagnostic reference     Novel cell line-derived reference materials
                                                      used to improve the reliability and validation         material. Increased use of routine monitoring and    5%
                             standards                of molecular diagnostics                               screening, point of care testing and liquid biopsy

                                                      GMP cell platform for manufacture of large            Need for improved efficiencies to lower costs and
                             BioProduction            molecules drugs e.g. antibodies                       improve margins. Economic delivery of difficult to    7.5%
                                                                                                            produce molecule classes e.g. FC antibodies

                             • Remaining portfolios will focus on efficient business execution, redeploying profits into high growth areas
                             • Organisation structure will evolve in FY19 to align internal accountabilities with key markets

                                                                                                                                                                             11
*Traditional HTS market growing at 12%, opportunity in FGS significantly higher.   Sources: all data from external market reports
Expansion of capabilities
Building capabilities that enable rapid scalability to meet market demand in key areas.
Investment projects commenced in H2 2018 and are expected to complete within 12-24 months.

                                                                                             12
Customer centricity

                40                       100           Commitment to customer experience delivering
               sales reps                  PhDs
                                                       sustained commercial success

                                                       - coverage of BD team is building brand awareness and
              90%                          3k            preference
               closure in                 enquiries
                 48hrs                   per month
                                                       - focus on quality and speed of technical support and logistics
                                                         functions

               18h                          6          - establishing operations in Japan supports regionalisation
               coverage                  languages       strategy in APAC

                                                       - planned investments in eCommerce continue our digitization
                                                         transformation to increase customer profitability
                4k                       50%
              shipments                  delivery in
              per month                     48h

                                                                                                                         13
*Source: internal data from CRM system
Partnership approach

                       Our customers are the world’s leading
                       academic institutes and top pharma

                       Key account selling model is
                       developing strong and profitable
                       relationships:

                       -   hosted 8 ‘technology days’ with top pharma
                       -   positioning Horizon as a preferred partner,
                           early in the planning cycle
                       -   running own events “CRISPR Forum” and
                           “CRISPR Masterclass” to further develop
                           KOL and advocacy network

                                                                         14
Strategic outlook to 2023

     Cell solutions                      Leadership                     Repeatability
 - The go-to provider of IP rich   - ‘Cross the chasm’;             - A highly scalable business
   cell engineering solutions        converting early insights to     based on visible and
                                     market leadership position       predictable revenues
 - Commercially focused
   innovation; solutions that      - World class commercial         - Reputation for delivery on
   improve, change or help           operations                       promise to customers,
   understand the cell                                                being the partner of choice
                                   - An employer of choice;
 - Targeted organic and              attracting and retaining the   - Operational efficiency
   inorganic investments to          best talent                      through automation and
   build capability and market                                        digitisation
   access

                                                                                                    15
Half year
financial update
Group revenue and gross margin
                            Revenue                                                                 Gross margin
60.0
                   Trailing 12m revenue                                    70%
50.0
                                                                           60%                                                         63%
40.0                                                                       50%

                                                                           40%
30.0
                                                                           30%
20.0
                                                                           20%
10.0                                                                       10%

 0.0                                                                       0%
       H2 15   H1 16         H2 16          H1 17        H2 17   H1 18                H1 16       H2 16       H1 17      H2 17     H1 18
                        Reported     Constant currency
                                                                           •     Continued strong growth in applied products
                  Growth                            H1 18         H1 17    •     Strong contribution from research products
Revenue                107%                     £25.1m           £12.1m    •     Full period effect from Dharmacon
Revenue CC             126%                     £27.3m           £12.1m    •     Organic revenue £11.1m (£12.0m at CC; £12.1m HY 17)
GM%                                                  63%             64%   •     APAC growth to £3.3m (HY 17 £1.2m)
                                                                           •     Revenues typically weighted 40:60
                                                                                                                                           17
Foreign exchange
                 Revenue by currency HY18                                      GBP:USD
                                                                USD tailwind       USD headwind
                                 EUR 9%
                                                          1.5
                         GBP 9%                          1.45

                                                          1.4

                                                         1.35

                                                          1.3

                                                         1.25

                                                          1.2
                                               USD 81%
                                                         1.15

                                                          1.1     FY16                   FY17     H1

      • £25.1m reported revenue (£27.3m on a constant currency basis)1
      • 81% revenue in USD, low exposure to GBP and EUR
      • FX headwind within H1 18 and currently volatile

1                                                                                                      18
    Based upon average monthly exchange rates for FY17
Research products
                Financial highlights                                                         Business highlights
                   Growth                           H1 18         H1 17      • Research products represent ~60% revenues
Revenue                665%                        £15.3m         £2.0m      • Return to growth in legacy Dharmacon portfolio
Revenue CC             735%                        £16.7m         £2.0m
                                                                             • Organic revenue expected to grow as effectiveness of
GM%                                                  63%               74%
                                                                                sales team cross selling increases Horizon portfolio
                       Trailing 12m revenue
30.0                                                                         • 25% increase in customer base for cell line products,
25.0
                                                                                organic expansion of market reach
20.0
                                                                             • Investment to increase capacity of cell line
15.0

10.0
                                                                                engineering platform and reduce COGs
 5.0                                                                         • Re-architecture of web platform commencing in Q4
  -
       H2 15   H1 16          H2 16        H1 17       H2 17   H1 18

                           Organic    Dharmacon

                                                                                                                                       19
Research products: Dharmacon
                               Financial highlights                                                                                  Business highlights
                                                                   H1 18                  H1 17             • 5.4% revenue growth over H2 17 (pro forma)
    Revenue                                                     £14.0m                       N/a            • Market share gains in RNAi in all territories
    Revenue CC                                                  £15.3m                       N/a
    GM%                                                            61%                       N/a
                                                                                                            • Growth in CRISPR reagents
                                                                                                            • Continued strong gross margin performance of 61%
              16.0

              14.0

                                                                                                            • Dharmacon integration substantially complete
              12.0

              10.0

               8.0                                                                                          • H1 included significant integration activity including
               6.0

               4.0                                                                                               ERP, supply chain and logistics
               2.0

               0.0                   1                      1                                               • Early completion of transitional services arrangement
                             H1 17                  H2 17                  H1 18

1 Source: Horizon combined with Dharmacon’s 2016 carve-out financials derived from GE’s consolidated US GAAP financials, including IFRS adjustments
                                                                                                                                                                   20
Applied products
                  Financial highlights                                                             Business highlights
                     Growth                               H1 18         H1 17      Bioproduction
Revenue                   39%                             £4.6m        £3.3m       • Revenue of £1.1m with gross margins of c74%
Revenue CC                52%                             £5.0m        £3.3m
                                                                                   • 30% growth over H1 17
GM%                                                        77%               72%
                                                                                   • Successful Investigational New Drug (IND) filing
 14.0                     Trailing 12m revenue
 12.0
                                                                                   • Budgets tend to be second half weighted
 10.0                                                                              • £1.1m bioproduction license with major pharma
  8.0

  6.0
                                                                                   Molecular diagnostics
  4.0
                                                                                   • Revenue of £3.5m with gross margins of c77%
  2.0

   -
                                                                                   • 42% growth over H1 17
          H2 15   H1 16          H2 16            H1 17      H2 17   H1 18

                                MDx      Bioproduction
                                                                                   • Regulatory landscape evolving
                                                                                   • Strong product development pipeline addressing
                                                                                      shifts in diagnostics i.e. liquid biopsy
                                                                                                                                        21
Services (including leveraged R&D)
                     Financial highlights                                                        Business highlights
                        Growth                        H1 18              H1 17
                                                                                  • Demand for gene editing services remains strong;
Revenue                     -24%                      £5.2m             £6.8m       investment being made to increase capacity to meet
Revenue CC                  -18%                      £5.6m             £6.8m       demand
GM%                                                    53%                57%
                            Trailing 12m revenue                                  • Transition from traditional screening towards high
 16.0                                                                               growth CRISPR screening
 14.0

                                                                                  • Goal to consolidate lower growth high throughput
 12.0

 10.0                                                               2 year CAGR
  8.0
                                                                       < -10%       screening and increase the automation and scalability
  6.0                                                                               of high growth service areas
  4.0
                                                                    2 year CAGR
  2.0
                                                                       > +40%     Post period end:
  0.0
         H1 16      H2 16          H1 17      H2 17      H1 18
                                                                                  • CRISPR screening deal with AZ and another major
                                                                                     pharma partner
                 High growth               Low growth
    CRISPR screening, in vitro        HTS screening, in vivo gene                 • High quality pipeline building for 2019
    gene editing, immunology          editing, assay services

                                                                                                                                         22
Trading analysis
                                      HY18       HY17        FY17
                                      £'000      £'000       £'000
                                     Unaudited   Unaudited   Audited

 Revenue                              25,112     12,101 36,510
 Cost of Sales                        (9,241)    (4,373) (13,824)                            Commentary
 Gross Profit                         15,871       7,728 22,686
                                         63%        64%      62%
 Sales and marketing                  (5,724)    (3,961) (7,485)        • Full effect of Dharmacon through the six months
 Research and development             (7,363)    (4,222) (11,918)
 Other operating income                   269        415      608
 Corporate                            (9,159)    (7,040) (13,701)       • Negative EBITDA before exceptional items in H1 2018 due
 Depreciation and amortisation          4,027      2,240    5,701
 Share of result of joint ventures      (137)      (218)    (379)
                                                                          to the phasing and mix of revenue
 EBITDA before exceptionals           (2,216)    (5,058) (4,488)

 Exceptional Items                    (1,583)      (934)     (3,708)    • Opex increases expected in H2 due to invest for growth
 EBITDA                               (3,799)    (5,992)     (8,196)      strategy
 Depreciation and amortisation        (4,027)    (2,240) (5,701)
 Operating Loss                       (7,826)    (8,232) (13,897)       • Negative EBITDA before exceptional items for H1 18
 Investment income                         58      (257)    (440)         expected to be offset by positive EBITDA for H2 18
 Loss Before Tax                      (7,768)    (8,489) (14,337)
 Tax                                      149        274       4,687
 Loss for the year                    (7,619)    (8,215)     (9,650)

 Loss per share (pence)                  (5.1)       (8.6)      (8.4)
                                                                                                                                    23
Summary balance sheet and cash flow
BALANCE SHEET                HY18       FY17
                             £'000      £'000
                            Unaudited   Audited
                                                                            Commentary
Non-Current Assets          141,327     141,924
                                                   • No significant movements in the balance sheet
Working capital (net)        10,312    11,605
Cash and cash equivalents    24,867    28,084
Non-current Liabilities      (9,586) (10,456)
                                                   • Normalisation of working capital balances following completion of
                                                     transitional services arrangement with GE
Net Assets                  166,920     171,157

CASH FLOW                    HY18       FY17
                             £'000      £'000
                            Unaudited   Audited                             Commentary
Operating activities         (2,243) (13,871)                      H1 16       H2 16      H1 17         H2 17     H1 18
Investing activities         (1,293) (42,203)     Operating       (3,644)     (4,507)    (3,629)     (10,242)    (2,243)
Financing activities             298     77,572   Investing       (8,567)     (2,796)    (1,911)     (40,292)    (1,293)
Cash flow                    (3,238)     21,498   Financing            14         127      4,248       73,324        298
Cash b/f                      28,084      6,071    • Strong treasury position of £24.9m
Forex                             21        515    • Substantial reduction in cash outflows
Cash c/f                      24,867     28,084    • Robust position to support investment for growth strategy
                                                                                                                           24
Summary and outlook
• Strong first half performance

• Investment strategy to prioritise highest growth
  areas in core markets

• Positive start to H2 including significant CRISPR
  screening agreements and bioproduction deals

• Revenue slightly ahead of expectations for full year

                                                      26
We welcome any questions

                           27
Appendix
Technology agnostic cell engineering
    Horizon is a global leader in gene editing and modulation
•    We use multiple gene editing and modulation tools
•    CRISPR, rAAV, ZFN, Transposon, RNA interference
•    Broad and deep IP position
•    Extensive practical experience that delivers results

•   We are world class at editing and modulating cells
•   Our cells reproduce human diseases in a laboratory setting
•   Small changes to the cell drive multiples of revenue and margin
•   Our solutions power precision medicine through:
     • High quality research
     • Increased ROI on drug development
     • Improved patient outcomes                                      29
Unique position to supply the “blue ocean” of demand
              SUPPLY                                                                                                     DEMAND
1. Repeatable and cost effective cell                          Commercial coverage                        1. Precision medicine including
   engineering using a technology                                                                            healthcare economics (cost,
   agnostic toolbox                                                                                          clinical effectiveness and patient
2. Harnessing the power of the cell in                                                                       diagnostics)
   areas such as Bioproduction, Dx                                                                        2. Reduced sequencing cost driving
                                                                 Deep relationships
   reference standards, NIPT,                                                                                data that need biological answers
   CRISPR screens, liquid biopsies                                                                        3. Rapid adoption of gene editing
3. Broad access to life science                                                                              techniques across research and
   research, drug discovery, precision                                                                       applied markets
                                                              Continuous innovation
   medicine and future possibilities…

      48 hours                                                                                                      11 years
      shipment to end users4                                                                                        new drug to market1
      >10k                                                                                                          $2.2b
      genes covered                                                                                                 gene editing market size by 2022 2
      52                                                                                                            31.1%
      Net promoter score                                                                                            gene editing market CAGR3

                        1   Tufts Center for the Study of Drug Development   3 IQ4I  Research & Consultancy Pvt. Ltd, 2016
                        2                                                    4                                                                           30
                            Genome Editing Global Market-Forecast to 2022        US, UK and EU
Who are our customers?

                      SERVICES                                                            RESEARCH
      •     Biopharma customers                                                           PRODUCTS
            discovering novel targets and                                         •   Researchers using
            validating new precision                                                  engineered cells, RNAi, in
            medicines                                                                 vivo models

                 MOLECULAR                                                            BIOPRODUCTION
                 DIAGNOSTICS                                                      •   Biopharma and contract
      •     MDx companies requiring                                                   manufacturers using
            high quality reference                                                    commercial rights to
            standards to control their                                                bioproduction CHO cell line
            workflows

                                                                                                                    31
Note: illustrative analysis based on pro forma full year revenues for Dharmacon
Commercial excellence
            Next generation technologies delivered through deep customer relationships
        Relationships                                                                                           Web and digital
                                                                  Sheli Streck
•   Key to commercial innovation                                     BD Sales                            •   >85% Horizon enquiries
•   Recruitment of key management                                                                            originated online driving 67%
    talent with commercial teams        Brian Burke
                                                                                            Gabe             growth in eCommerce revenue
                                                                                          Longhoria
    fully aligned and integrated         Commercial
                                          Strategy
                                                                  ‘Customer
                                                                                          Key Account    •   Web driven knowledge for
                                                                    Focus’
•   Deepened geographic coverage        Product Mgmt
                                                                                            Partners
                                                                                                             customers
                                                                  ‘Commercial               APAC Sales
•   Key account team delivering                                     Success’                             •   Plans to enhance customer
    through deep customer                                          ‘Business                                 experience to increase conversion
                                                                   Efficiency’
    relationships                               John Martin
                                                                                                             and stickiness
                                                  Customer
                                                                                  Elaine
                                                                                  O’Brien
         Cross selling                             Service
                                                      Technical
                                                       Support
                                                                                 Marketing &                      APAC growth
                                                                                 eCommerce
•   Increasing examples of cross                      Training                                           •   Experienced Head of APAC in post
    selling and upselling                                                                                    based out of Singapore
•   Key account access driving new                                                                       •   Quality distributor network in
    pharma opportunities                                                                                     place
•   Moving from selling technology to                                                                    •   New entity in Japan
    solutions                                                                                            •   Localized support

                                                                                                                                            32
Customer intimacy through commercial coverage

From…                                                      From…                …to
•   Small and specialised Horizon team with large
    territories and limited customer relationships

•   Larger Dharmacon team with smaller territories
    and deeper relationships in academia
                                                                         Commercial
…to                                                                       coverage
•   Teams merged and sell pan-portfolio for broad
    geographic coverage and cross-selling
                                                              Products
    opportunities

•   Technical specialists covering office based training
    as well as field application specialists in situ to                               Products and services
    support commercial organization                           Services
                                                                                                          33
CRISPR screening

• Cutting edge capability including CRISPRi / CRISPRa, with over 350 screens already completed
• Development of major customer relationships including AstraZeneca and another top 10 pharma
                                                                                                 34
Leveraged innovation

                 Areas of Focus
• Leveraged strategy based on powerful innovation
  and translational science base

• Realising value from existing portfolio

                                     BUSINESS HIGHLIGHTS
• Outlicensing of shRNA therapeutic targets
• Partnership discussions with respect to validated targets
• £1.4m investment into Avvinity post period end following promising in vitro data

                                                                                     35
Driving to a balance of visible, predictable and linear revenue
with strong forward coverage

                            Illustrative forward
                                12m coverage
                                                12 month gap      Services
                              Services
                                                                  • Relatively linear, phasing driven by biopharma buying cycles
            Services

                                                                  • Medium to long range visibility
                                         c50%
                            Products

                                                                  Applied products
                            Applied

                                                12 month gap
   Products

                                                                  • Partially linear and visible bioproduction and OEM diagnostic revenue
   Applied

                                         c50%
                                                                  • Increasingly linear OTS as repeatable model develops
                                                12 month gap

                                                                  Research products
                            Research

                                                                  • Linear and predictable transaction revenue
                            products
   Research
   products

                                                                  • Drive cross selling synergies based on customer stickiness
                                         >80%

   FY17                          FY18                          Linear: repeatable revenue delivered consistently throughout the year
 pro forma                  (illustrative)
                                                               Visible: revenue tracked within our CRM
               REVENUE PORTFOLIO                               Predictable: revenue anticipated based on consistent run rate trends
                                                                                                                                            36
Balance sheet                                                     Cash flow
                                HY18        HY17        FY17                                                    HY18        HY17       FY17
                                £'000       £'000       £'000                                                   £'000       £'000      £'000
                                Unaudited   Unaudited   Audited                                                Unaudited   Unaudited   Audited

Goodwill                         75,263      34,651      73,831
Intangibles                      51,426      15,679      52,742   Operating activities                          (2,243)     (3,629)    (13,871)
Property, plant and equipment    12,482      11,918      13,059
Investments                       1,723       2,021       1,859   Acquisition of subsidiaries                      -         -         (37,519)
Other                               433         433         433   Acquisition of investment in joint venture       -         -                -
Non-Current Assets              141,327      64,702     141,924   Intangibles                                     (512)     (551)       (1,725)
                                                                  Property, plant and equipment                   (718)   (1,360)       (2,338)
Inventories                       2,533       2,017       2,573   Interest                                         (63) -                 (621)
Trade and other receivables      18,441      10,507      20,584   Investing activities                          (1,293)   (1,911)      (42,203)
Cash and cash equivalents        24,867       4,756      28,084
Current Assets                   45,841      17,280      51,241   Financing activities                              298       4,248     77,572

Current Liabilities             (10,662) (11,389) (11,552)        Cash flow                                     (3,238)     (1,292)     21,498
Net Current Assets                35,179    5,891   39,689
                                                                  Cash b/f                                       28,084       6,071      6,071
Non-Current Liabilities          (9,586)       (975) (10,456)

Net Assets                      166,920      69,618     171,157   Forex                                               21        (23)       515

Equity                          166,920      69,618     171,157   Cash c/f                                       24,867       4,756     28,084

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