23 April 2024
tinyBuild,
Inc
("tinyBuild" or the "Company")
Preliminary Unaudited Results
for the year ended 31 December 2023
tinyBuild (AIM:TBLD), a premium
video games publisher and developer with global operations,
announces the
Company's unaudited results for the twelve
months ended 31 December 2023.
Financial Summary (unaudited):
|
(12 months ended December,
$'000)
|
2023
|
2022
|
change
|
|
Revenue
|
44,663
|
63,295
|
-29%
|
|
Operating profit/ (loss)
|
(63,757)
|
15,923
|
nmf
|
|
Profit/ (loss) before tax
|
(64,494)
|
15,930
|
nmf
|
|
Basic earnings/ (loss) per share ($
cent)
|
(30.7)
|
5.7
|
nmf
|
|
Operating cash flow
|
10,879
|
19,268
|
-44%
|
|
Net cash, at 31 December
|
2,500
|
26,496
|
-91%
|
|
|
|
|
|
|
Adj. EBITDA1
|
(7,113)
|
24,355
|
nmf
|
|
Adj. EBITDA margin
|
nmf
|
38.5%
|
|
1 Excludes share-based compensation expenses and exceptional
items (e.g. impairment); includes amortisation of Development
costs
Financial highlights:
|
·
|
Revenue declined 29% to $44.7m
(2022: $63.3m), reflecting the expected drop in large contracts
(e.g. subscription programs, development partnerships and
exclusivity agreements. Notably, Versus Evil saw over 60% revenue
decline in the period as a result of game delays.
|
|
·
|
Adj. EBITDA decreased to negative
$7.1m (2022: positive $24.4m), primarily due to lower revenues from
large contracts, higher amortisation of development costs and
inflationary pressures.
|
|
·
|
Operating loss was $63.8m (2022:
$15.9m profit), as a result of $48.1m impairment charges ($36.2m on
development advances and $11.9m on intangibles assets), a $3.5m
one-off legal settlement alongside lower revenues and higher costs.
Excluding one-off charges, the operating loss is $12.2m.
|
|
·
|
Loss before tax was $64.5m (2022:
$15.9m profit) and basic EPS was -30.7c (2022: 5.7c).
Adjusted EPS, excluding one-off charges, was
-5.4c (2022:
11.21c).
|
|
·
|
Operating cash flow decreased to
$10.9m (2022: $19.3m), as a result of revenue decline and
unfavourable revenue mix (higher share of third-party
titles).
|
|
·
|
The cost action plan was implemented
swiftly at the end of 2023, resulting
in nearly $10m annualised savings in 2024.
|
|
·
|
A global settlement was achieved
with Stephen Escalante including a $1.5m cash payment in December
2023, plus a $2m cash payment in February 2024.
|
|
·
|
As expected, net cash at 31 December
2023 was $2.5m compared to $26.5m at 31 December 2022, reflecting
lower revenues, higher costs and $31.9m investment in development
costs (2022: $35.8m).
|
Operational highlights:
|
·
|
Strong back catalogue sales
representing 92% of total revenue (2022: 80%), including Hello
Neighbor 2 and Potion Craft 1.0 which launched at the end of
2022.
|
|
·
|
Contribution to revenues from own-IP
titles decreased to 68% of Gaming revenues (2022: 77%), as a result
of fluctuations in the portfolio mix with third party titles
performing strongly in 2023.
|
|
·
|
In 2023, tinyBuild released a number of new
titles, including Punch Club 2, I am Future (Early Access), Rhythm
Sprouts, Farworld Pioneer and Slime 3K, plus DLCs for Spiderheck,
Graveyard Keeper, Asterigos and Not For Broadcast, and a number of
platform launches.
|
Employee Benefit Trust:
|
·
|
Since the Company's previous update
on 21 December 2023, the Employee Benefit Trust has purchased an
additional 1,015,058 ordinary shares on the market and now holds a
total of 3,916,587 ordinary shares. The EBT was set up in 2022 for
the benefit of current and future employees and will continue to
act independently of the Company to satisfy future
share awards and option
exercises of vested options granted.
|
Post Period End highlights:
|
·
|
In January 2024, tinyBuild raised
$12.3m ($11.4m net
proceeds) from existing and new shareholders in a placing,
subscription and open offer.
|
|
·
|
As at 31 March 2024, post the
January fundraise, the Company had cash levels in the high
single-digit millions. This is anticipated
to reduce towards the half year as the Company invests in upcoming
game releases scheduled for the second half of this year. The
announcement trailer of Kingmakers collected tens of millions views
across all social networks in the first few weeks, making it one of
the most successful announcements in the Company's history. The
Company also announced new titles Duckside and RBO.
|
|
·
|
Among other titles already
announced, Streets of Rogue 2, Level Zero, VOIN, Ferocious, SAND
and Rawmen continue to track in line with expectations.
|
|
·
|
In February 2024, tinyBuild sold
Total Reliable Delivery
Service to Atari for an undisclosed sum. There has been two
studio closures post year end; Moon Moose LLC was closed in
February 2024 and Demagic LLC was closed in March 2024.
|
|
·
|
In March 2024, Michael Schauble,
Chief Commercial Officer, resigned from tinyBuild to focus
on hisfamily.
Michael's role and responsibilities have been successfully taken
over by the existing business development and leadership
team.
|
Outlook
|
·
|
The pipeline for 2024 and beyond is
strong and includes a number of larger-budget (above $1m),
high-potential games alongside continuous investment in the
catalogue including updates, DLCs and platform launches.
|
|
·
|
The implication of the conflict in
Ukraine and the evolving macroeconomic situation impose caution and
vigilance in the medium and long term. In particular, tinyBuild
continues to carefully assess the position of its staff, its
exposure in terms of revenues and any other factor that may have an
impact on the business.
|
|
·
|
All considered, the Board remains
confident the Company is on track to deliver results in line with
expectations.
|
Alex Nichiporchik, Chief Executive Officer of tinyBuild,
commented:
"2023 was a tough year for the whole video games industry and
demonstrated once again the importance of strong diversified
back-catalogue and investing in long-term, sustainable franchises.
We see early signs of success in our shift towards the 1,000 hour
game and we will continue to experiment with the aim to add
additional revenue streams to our core business."
"On
a personal note, I want to thank our Chairman, Henrique Olifiers,
the Board of Directors and all staff for their unwavering support
and incredible dedication navigating through these tumultuous
times."
Enquiries:
|
tinyBuild, Inc
Alex Nichiporchik - Chief Executive
Officer and co-founder
Giasone (Jaz) Salati - Chief
Financial Officer
|
investorrelations@tinybuild.com
|
|
Berenberg (Nominated Adviser and Broker)
Mark Whitmore, Ciaran Walsh, Milo
Bonser
|
+44 (0)20 3207 7800
|
|
SEC
Newgate (Financial PR)
Robin Tozer, Harry Handyside, Molly
Gretton
|
tinybuild@secnewgate.co.uk
+44 (0)7540 106366
|
About tinyBuild:
Founded in 2013, tinyBuild (AIM:
TBLD) is a global video games publisher and developer, with a
catalogue of more than 70 premium titles across different genres.
tinyBuild's strategy is to focus on its own intellectual property
(IP) to build multi-game and multimedia franchises, in partnership
with developers.
tinyBuild is headquartered in the
USA with operations stretching across the Americas and Europe. The
Group's broad geographical footprint enables the Company to source
high-potential IP, access cost-effective development resources, and
build a loyal customer base through its innovative grassroots
marketing.
tinyBuild was admitted to AIM, a
market by the London Stock Exchange, in March 2021.
For further information,
visit: www.tinybuildinvestors.com.
Chairman's
Statement
Restarting the game
It's an understatement to proclaim
it has been a challenging financial year for the tinyBuild. From
key changes to its executive team to the closure of studios; from
delayed titles to an equity fundraise underwritten by its CEO and
founder, tinyBuild has worked with and around a great deal of
issues, and the management continues to work hard to address the
challenges of a fast-changing industry.
While it's true the industry as a
whole faced headwinds in the past twelve months, the travails of
the Group should not be solely ascribed to these variables. Our
merger & acquisitions (M&A) growth strategy delivered
underwhelming results, prompting a refocus towards internal
production which, although slower, in turn allows for more control
and predictability, likely improving outcomes in the form of more
games that perform in line with forecasts.
Given our stated ambition of
transitioning a significant portion of our portfolio from premium
games to games as a service, this realignment towards production
and publishing is key and features higher odds of delivering the
expected results. Greenshoots of this work can already be seen in
the form of the successful announcements of Kingmakers, Level Zero:
Extraction and DUCKSIDE, and how these titles' premises resonated
with players to a higher degree compared to the titles the group
announced or launched last year.
Overall, the fundamentals of the
games industry remain solid and promising, full of opportunities,
not least the opening gap in release windows that is being created
by the recent series of titles cancellations and teams' closures
industry-wide: in the next 12 to 36 months, there should be fewer
competing titles launched than otherwise across all platforms,
creating more space for our games to be seen and experienced. This
puts renewed demand over the tinyBuild teams, in particular its
executive group, to go back to the basics that formed its earlier
success stories: its ability to produce and find high-quality IP
rather than offloading this mandate to companies brought into
tinyBuild through M&A.
The executive team's conviction in
its ability to deliver against the stated objectives is exemplified
by the CEO's actions when reinvesting into the business at a
critical juncture. This belief is shared throughout the Group, and
bolstered by the recent titles announcements' reception, pointing
towards the potential of our upcoming games and their alignment
with the group's long term strategy.
What remains now is to execute on
the new strategy, and live up to the expectation of these games
both on production and publishing fronts - something tinyBuild has
the capability to deliver over the coming years.
Henrique Olifiers
Non-Executive Chairman
Chief Executive's
Review
2023 has been the reset year of the
games industry, which is bleeding into 2024. We've seen development
budgets in AAA skyrocket, which led to, despite record-setting
sales, also record-setting layoffs, and a complete reshuffle of
allocation of capital. Many studios have realized the hardships of
building efficient teams remotely. Most studios are readjusting to
listening to gamers first and foremost, and using real data to make
decisions. All while megahits such as Palworld and Helldivers 2 are
reaffirming our strategy of investing into deeply replayable,
emergent gameplay products.
In 2023 we have refocused on products
that connect with audiences, using hard data to back it up,
evidenced by early 2024 traction and announcements. We are also
leaner and more efficient, with a lower and more flexible cost
base.
We're all gamers at tinyBuild. It's
all about the games. My full attention has been on
our games product since
post the fundraise at the start of the year.
Tectonic shifts in the
industry
Over the course of 2023 funding for
video games dried up completely. All of the sudden, capital was not
cheap anymore, if it was accessible at all. At the same time, the
wave of labour cost inflation caused by the invasion of Ukraine
aggravated pressure on development budgets, which were already
particularly high, so funding even the most promising game became
incredibly hard in the context of the funding environment before
2023.
As the development of a game was
becoming more difficult to finance, a huge number of games
developed in previous years were being released, without sufficient
market demand to support all of them. A good and fun game that
would have performed really well only a few years back may just
drown in the sea of new launches and even struggle to cover its
costs.
For a game to get noticed now, you
need to have a brand new idea, cool-looking graphics, top-notch
technology, constant two-way communication with your audience and
impeccable marketing strategy. The relationship between developer
and publisher is even more important and is the only way to achieve
a successful launch.
Adapting our
strategy
Over the past few years, we have
continued to adapt our strategy to the changing environment,
shifting gradually to the 1,000-hour game. When players are so
completely fascinated by the experience that nothing else matters.
They spend over a year playing it, for several hours every day.
Every single day. We all have these memories from our youth. Mortal
Kombat, Tekken, GTA SAMP (which morphed into GTA Online),
Counter-Strike, Team Fortress 2, World of Warcraft,
amongst the many
examples.
The easiest way to create a game like
these is to get thousands of developers churning out enormous
amounts of content in a mega franchise. It's absolutely fine to do
so. If I think of it though, the amount of money poured into some
of my favourite games is really scary. So we took a different tack,
we look for emergent gameplay based on the interaction systems
instead of content. Games where the players may decide their own
definition of win. Games like Minecraft or DayZ, H1Z1, Rust, ARK,
The Culling even. If you grew up playing Minecraft, your game
experience is not about a game saying you did great. It's about
knowing you did great. It's about the emotional satisfaction of
your own set goal and achieving that goal.
Let's first talk about multiplayer
since this is the obvious focus for us. Secret Neighbor,
SpeedRunners, Pandemic Express, Deadside, the upcoming SAND,
Rawmen, Kingmakers, Level Zero - all of these are multiplayer
games. Here's what we learned from these games and playing other
titles:
● You release a
game that blows up.
● Tens of
thousands of users play the game.
● Two weeks later
the buzz starts to drop off.
● Development
teams need to rapidly scale up and produce more content so that
veteran players come back.
We were stuck in exactly this grind
loop with Secret Neighbor, working overtime to get content updates
out the door. Even then, new players can't really appreciate the
later-stage level content as they're still enjoying the vanilla
game. Instead now we focus on adding more systems to the game so
that all players can experience from the outset and interact with
each other on an equal level. Social interaction in multiplayer
games is another gameplay mechanic which is not fully understood
and should be used in single player experiences. The addition of
crafting, looting, farming and similar mechanics also allows users
to create their own progression and their own personal space in the
game.
So here we have a formula to create
worlds where players can spend 1,000 hours, without committing a
AAA budget.
KINGMAKERS - the potential to
be the next big thing?
Kingmakers is a shooter/real time
strategy hybrid where you fight off thousands of enemies in a
medieval battle - using modern weapons. The game is developed by
the extremely talented team behind Road Redemption, and the tech
behind it has been in the works for over four years.
The announcement of this title is a
testament to our approach to production and marketing of new IP.
The announcement trailer received tens of millions of views across
social media, propelling the game to top 50 wishlisted on Steam
within weeks. We are working hard to meet player expectations when
the game launches.
Level Zero: Extraction -
re-announcement
If something isn't working, you need
to adapt and overcome. Level Zero was announced two years ago as an
asymmetric multiplayer title, and while it got initial traction, we
were concerned about the longevity of the concept. A year ago we
came together with the design team and looked at the market
landscape, agreeing we had an opportunity to pivot into an exciting
direction. Typically re-announcing a game gets little to no
traction.
Our production and marketing teams
came up with a brilliant plan. Let's re-announce the game in its
new form - as an Extraction-style horror title - focusing on the
unique aspects of several human teams fighting each other, and an
overarching threat, a team of monsters that hunts everyone. We did
an amazing trailer, and actually gave the game to targeted
influencers to play it. The shortest way to describe it is "Alien
Isolation meets Escape from Tarkov", and it hit the target audience
exactly how we forecasted. A new, fresh take with live gameplay
sessions recorded for influencers. This rejuvenated interest in the
title, and set us up for a public playtest with close to 100,000
players opting in.
We have proven that we don't need a
AAA budget to reach large audiences. We have plenty of exciting
projects in the pipeline for 2024 and beyond. This pipeline
combined with the recent fundraise, leaves tinyBuild well
positioned. I am as confident in the opportunity ahead and we all
remain 100% committed to ensuring we capitalise on it.
2024 and beyond is the time to
shine.
Alex Nichiporchik
CEO and
Founder
Chief Financial Officer's
Review
2023 was a testing year. Testing for
our staff and testing for the whole Company. Game delays at Versus
Evil and inflationary cost pressures added to a sharp decline in
revenues from large deals into the end of the year. We regrouped
once more and together we made some difficult decisions. We took
action on costs to re-align expected revenues with planned growth
investments and we raised net proceeds of over $11m in new capital,
welcoming Atari as a new core investor in tinyBuild.
The full impact of the internal
reorganisation will become visible only in 2024 which started with
cautious investments in high-potential games that have already
received validation from their respective audiences.
Revenue
Revenue generated from games sold to
consumers were resilient at $34.2m (-1% y-o-y), but the sharp drop
in revenues from large contract (e.g. subscription programs,
development partnerships and exclusivity agreements) caused Company
revenues to decline by 29% (2022: +21%) from $63.3m to $44.7m.
Events revenues increased over 100% in 2023 with launches in new
locations across Western and Central Europe.
Revenue generated from own-IP (1st
and 2nd party games) declined to 65% of gaming revenues (2022:
77%), as a result of changes in portfolio mix. Revenues from
back-catalogue increased to 92% of total (2022: 80%), with
successful new releases including I am Future (Early Access) and
Punch Club 2. The top 5 games generated 46.8% of total revenues
(2022: 44.8%), and the top 10 games 65.4% (2022: 66.3%),
demonstrating broad diversification across audiences, genres and
technologies.
Operating Profit and Adjusted
EBITDA
Operating loss was $63.7m (2022:
$15.9m operating profit), impacted by the $18.6m decline in
revenues, the $36.2m impairment of software development costs and
$11.9m impairment of other intangible assets. Exceptional charges
for 2023 relate to a $3.5m legal settlement. Included within the
operating loss is a further $0.6m of charges in relation to the
conflict in Ukraine, where the situation remains uncertain and
management cannot exclude further charges in the future.
Adjusted EBITDA is presented net of
amortisation of development costs, excluding share-based
compensation expenses, amortisation of purchased IP and other
intangible assets and one-off costs. Adj. EBITDA loss was $7.1m
(2022: $24.4m profit), largely driven by the decline in revenues,
aggravated by inflationary pressure on costs resulting from the
geopolitical and macroeconomic situation. The full impact of cost
action carried out before the end of 2023 will be visible in
2024.
Interest income and
taxation
Interest income was $0.4m (2022:
$0.1m) and tax provision $1.4m (2022: $0.5m).
Financial
Position
In 2023, the net cash position
decreased to $2.5m from $26.5m, as investments in new games
including a number of larger-budget titles more than offset cash
generated by the operations. In December tinyBuild also paid the
$1.5m as part of the legal settlement, with a further $2m paid in
February 2024. Capitalised software development costs decreased
from $35.8m to $31.9m in 2023 as a result of more selective
investments in the upcoming pipeline releases. As at 31 March 2024,
post the January fundraise, the Company had cash levels in the high
single-digit millions. This is anticipated to reduce towards the
half year as the Company invests in upcoming game releases
scheduled for the second half of this year.
Goodwill decreased from $3.7m to
zero, following the impairment of Versus Evil and Red Cerberus. IP
decreased to $16.1m (2022: $23.1m) and Software Development to
$34.0m (2022: $49.0m) as the impairment carried out in 2023 more
than offset additions.
Cash Flow
Cash flows from operating activities
decreased from $19.3m to $10.9m primarily due to lower revenues and
game delays at Versus Evil, more than offsetting the decrease in
investments. Timing issues (e.g. December sales) also impacted net
working capital. It is important to note that timing issues can
fluctuate year over year and variability here is to be expected
especially during the Holiday season and partners' payment
terms.
Employee incentive plan and
EBT update
Since the Company's previous update
on 21 December 2023, the Employee Benefit Trust has purchased an
additional 1,015,058 ordinary shares on the market and now holds a
total of 3,916,587 ordinary shares. The EBT was setup in 2022 for
the benefit of current and future employees and will continue to
act independently of the Company to satisfy potential future option
exercises of vested options granted.
As previously announced, the
Remuneration Committee of tinyBuild intends to utilise share awards
to incentivise and retain key employees and executive directors.
The share awards not only encourage share ownership and stakeholder
alignment in the business but also serves to preserve cash
resources that would otherwise be used by the Company to satisfy
bonus awards. A further announcement will be made in due course in
connection with these awards, which includes a multiyear vesting
share award to Giasone Salati, CFO of the Company. Where possible,
the Company has the option to issue shares from the employee
benefit trust to satisfy such awards.
Acquisitions and
disposals
In December 2023 tinyBuild sold Not
Games studio, while retaining Not For Broadcast, a critically
acclaimed full motion propaganda simulator. tinyBuild had acquired
the studio in March 2023, ahead of the game's launch on
consoles.
Giasone (Jaz) Salati
Chief Financial
Officer
TINYBUILD INC.
CONSOLIDATED UNAUDITED INCOME STATEMENT
FOR
THE YEAR ENDED 31 DECEMBER 2023
|
|
Note
|
2023
Unaudited
$'000
|
2022
$'000
|
|
|
|
|
|
|
Revenue
|
4
|
44,663
|
63,295
|
|
Cost of sales
|
|
(30,980)
|
(20,592)
|
|
Impairment of software development
costs
|
|
(36,206)
|
(95)
|
|
Gross (loss)/profit
|
|
(22,523)
|
42,608
|
|
|
|
|
|
|
General administrative
expenses
|
|
(26,090)
|
(23,328)
|
|
Impairment of intangible
assets
|
|
(11,849)
|
(11,075)
|
|
Share-based payment
expenses
|
|
(414)
|
(1,726)
|
|
Non-recurring costs
|
|
(3,500)
|
(1,678)
|
|
Other income
|
|
619
|
11,122
|
|
Operating (loss)/profit
|
|
(63,757)
|
15,923
|
|
|
|
|
|
|
Finance costs
|
|
(128)
|
(73)
|
|
Finance income
|
|
391
|
80
|
|
(Loss)/profit before tax
|
|
(63,494)
|
15,930
|
|
|
|
|
|
|
Income tax
|
|
649
|
(4,417)
|
|
(Loss)/profit for the year
|
|
(62,845)
|
11,513
|
|
|
|
|
|
|
(Loss)/profit for the year is
attributable to:
|
|
|
|
|
Owners of the parent
company
|
|
(62,537)
|
11,545
|
|
Non-controlling interests
|
|
(308)
|
(32)
|
|
|
|
(62,845)
|
11,513
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
($)
|
5
|
(0.307)
|
0.057
|
|
Diluted earnings per share
($)
|
5
|
(0.307)
|
0.056
|
|
Adjusted EBITDA*
|
6
|
(7,113)
|
24,355
|
*Adjusted EBITDA is a non-IFRS
measure and is defined as earnings after capitalised software
development costs, but before interest, tax, depreciation,
amortisation, share-based payments expenses, impairment and other
significant one-off other income or expense
items.
TINYBUILD INC.
CONSOLIDATED UNAUDITED STATEMENT OF COMPREHENSIVE
INCOME
FOR
THE YEAR ENDED 31 DECEMBER 2023
|
|
|
2023
Unaudited
$'000
|
2022
$'000
|
|
|
|
|
|
|
(Loss)/profit for the year
|
|
(62,845)
|
11,513
|
|
|
|
|
|
|
Other comprehensive income net of taxation
|
|
|
|
|
Exchange differences on translation
of foreign operations - may be reclassified to profit and
loss
|
|
(24)
|
7
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
(62,869)
|
11,520
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year is attributable
to:
|
|
|
|
Owners of the parent company
|
|
(62,561)
|
11,552
|
TINYBUILD INC.
CONSOLIDATED UNAUDITED STATEMENT OF FINANCIAL
POSITION
AS
AT 31 DECEMBER 2023
|
|
2023
|
2022
|
|
ASSETS
|
Unaudited
$'000
|
$'000
|
|
Non-current assets
|
|
|
|
Goodwill
|
-
|
3,746
|
|
Other intangible assets
|
51,512
|
76,638
|
|
Property, plant and
equipment:
|
|
|
|
- owned assets
|
661
|
794
|
|
- right-of-use assets
|
374
|
342
|
|
Deferred tax assets
|
-
|
-
|
|
Other receivables
|
385
|
406
|
|
Total non-current assets
|
52,932
|
81,926
|
|
Current assets
|
|
|
|
Trade and other
receivables
|
13,666
|
25,382
|
|
Cash and cash equivalents
|
2,500
|
26,496
|
|
Total current assets
|
16,166
|
51,878
|
|
|
|
|
|
TOTAL ASSETS
|
69,098
|
133,804
|
|
|
|
|
|
EQUITY AND LIABILITIES
Equity
|
|
|
|
Share capital
|
204
|
204
|
|
Share premium
|
65,593
|
65,593
|
|
Own shares
|
(1,031)
|
-
|
|
Warrant reserve
|
1,920
|
1,920
|
|
Translation reserve
|
(17)
|
7
|
|
Retained earnings
|
(18,213)
|
43,910
|
|
|
|
|
|
Equity attributable to owners of the
parent company
|
48,456
|
111,634
|
|
Non-controlling interest
|
(351)
|
(43)
|
|
|
|
|
|
Total equity
|
48,105
|
111,591
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Non-current liabilities
|
|
|
|
Lease liabilities
|
146
|
97
|
|
Deferred tax liabilities
|
388
|
1,800
|
|
|
|
|
|
Total non-current liabilities
|
534
|
1,897
|
|
|
|
|
|
Current liabilities
|
|
|
|
Trade and other payables
|
20,227
|
20,046
|
|
Lease liabilities
|
232
|
270
|
|
Total current liabilities
|
20,459
|
20,316
|
|
|
|
|
|
Total liabilities
|
20,993
|
22,213
|
|
TOTAL EQUITY AND LIABILITIES
|
69,098
|
133,804
|