RNS Number:0410R
Inco Ld
6 February 2002
Inco Limited reports normalized earnings of U.S. $93 million for 2001(1);
Fourth quarter 2001 normalized loss was U.S. $8 million
(All dollar amounts are expressed in United States currency)
TORONTO, February 5, 2002 - Inco Limited reported a normalized net loss of
$8 million, or eight cents per common share (eight cents per share on a diluted
basis), for the fourth quarter of 2001. These normalized results compare with
normalized net earnings of $92 million, or 47 cents per share (44 cents per
share on a diluted basis), for the corresponding period of 2000. The normalized
loss excludes the benefit of favourable non-cash currency translation
adjustments of $3 million, or one cent per share, due to a weakening of the
Canadian dollar relative to the U.S. dollar during the quarter. Fourth quarter
2000 normalized results excluded unfavourable non-cash currency translation
adjustments of $9 million, or five cents per share. The net loss, calculated in
accordance with Canadian generally accepted accounting principles ("Canadian
GAAP"), including currency translation adjustments, was $5 million, or seven
cents per share (seven cents per share on a diluted basis) for the fourth
quarter of 2001, compared with net earnings of $83 million, or 42 cents per
share (39 cents per share on a diluted basis) in the corresponding 2000
period.(1)
(1) The normalized results reported in this release by the Company have
not been calculated in accordance with Canadian GAAP and there is no
standardized definition in such principles for normalized earnings or a
normalized loss. The Company has reported these calculations of normalized
results to exclude items of a generally non-recurring nature and non-cash
currency translation adjustments, whether they have a positive or negative
effect on results of operations, since it believes it is appropriate to
provide such information to investors.
For the year 2001, the Company's normalized net earnings, before currency
translation adjustments and an unusual non-cash deferred tax benefit, were $93
million, or 35 cents per share (35 cents per share on a diluted basis). These
normalized results compare with normalized net earnings of $347 million, or
$1.77 per share ($1.63 per share on a diluted basis), in the corresponding
2000 period. Net earnings, calculated in accordance with Canadian GAAP, for
the year 2001 were $305 million, or $1.52 per share ($1.49 per share on a
diluted basis), compared with $400 million, or $2.06 per share ($1.89 per
share on a diluted basis) for the corresponding 2000 period. These results for
the year 2001 included a deferred tax benefit of $173 million, or 95 cents per
share, recorded in the second quarter of 2001, and favourable currency
translation adjustments of $39 million, or 22 cents per share. The tax benefit
was due to the revaluation of deferred income tax liabilities for reductions
in future tax rates by the Provinces of Ontario and Manitoba. Results for the
year 2000 included a non-cash deferred tax benefit of $38 million, or 21 cents
per share, resulting from a reduction in future tax rates by the Province of
Ontario, and favourable currency translation adjustments of $15 million, or
eight cents per share.
"The impact of the economic downturn on nickel demand and prices made
last year a challenge," said Scott Hand, Inco's Deputy Chairman and Chief
Executive Officer. "While lower by-product credits and accelerated stripping
costs in Indonesia put pressure on our unit cash costs, we have an excellent
track record in reducing costs and we are very focussed on driving them lower.
We used our production and marketing flexibility to sell all Inco-source
nickel in 2001. As well, we strengthened our balance sheet and positioned us
to deliver on our growth plans," he noted. "We are cautiously optimistic near-
term since we expect a recovering nickel market in the second half of 2002 and
are well positioned to benefit when the recovery occurs," he added.
The following table summarizes the Company's results for the fourth
quarter and for the years 2001 and 2000:
-------------------------------------------------------------------------
Results Summary Fourth Quarter Year
2001 2000 2001 2000
(Restated)(1) (Restated)(1)
-------------------------------------------------------------------------
(in millions except
per share amounts)
Net sales $ 463 $ 664 $ 2,066 $ 2,917
Operating earnings
(loss) (12) 149 274 743
Net earnings (loss) (5) 83 305 400
Net earnings (loss)
per common share
- basic (0.07) 0.42 1.52 2.06
- diluted (0.07) 0.39 1.49 1.89
Cash provided by
operating activities 155 257 360 842
(1) See Accounting Changes below
Operating results for the fourth quarter of 2001, compared with the
corresponding 2000 period, reflected significantly lower realized prices for
nickel, platinum-group metals and copper, and higher nickel unit cash cost of
sales, partially offset by higher deliveries of Inco-source nickel and
platinum-group metals.
Prices and Deliveries
The following tables show the Company's average realized prices for
nickel and copper and the London Metal Exchange ("LME") average cash prices
for nickel and copper for the periods indicated:
Fourth Quarter Year
Average Realized Prices 2001 2000 2001 2000
----------------------- ------- ------- ------- -------
Nickel (1) - per tonne $ 5,463 $ 7,944 $ 6,468 $ 9,007
- per pound 2.48 3.60 2.93 4.09
Copper - per tonne 1,503 1,950 1,668 1,908
- per pound 0.68 0.88 0.76 0.87
(1) Including intermediates
Fourth Quarter Year
LME Average Cash Prices 2001 2000 2001 2000
----------------------- ------- ------- ------- -------
Nickel - per tonne $ 5,059 $ 7,449 $ 5,948 $ 8,642
- per pound 2.29 3.38 2.70 3.92
Copper - per tonne 1,426 1,848 1,578 1,813
- per pound 0.65 0.84 0.72 0.82
The Company's deliveries of primary metals for the periods indicated are
shown below:
Fourth Quarter Year
Deliveries 2001 2000 2001 2000
---------- ------- ------- ------- -------
Nickel in all forms (tonnes)
- Inco-source 57,896 53,273 207,071 199,097
- Purchased 4,568 10,543 22,978 60,277
------- ------- ------- -------
62,464 63,816 230,049 259,374
------- ------- ------- -------
Copper (tonnes) 28,815 30,726 116,751 118,025
------- ------- ------- -------
Cobalt (tonnes) 359 325 1,454 1,422
------- ------- ------- -------
(in thousands)
Platinum-group metals
(troy ounces) 96 87 405 342
------- ------- ------- -------
Gold (troy ounces) 19 19 76 65
------- ------- ------- -------
Silver (troy ounces) 410 290 1,540 1,360
------- ------- ------- -------
The lower total nickel deliveries in the fourth quarter and year 2001,
compared with the corresponding 2000 periods, was due to lower deliveries of
purchased finished nickel reflecting lower demand in all markets due
principally to the weakness experienced in the manufacturing sectors of
virtually all of the OECD countries, partially offset by higher deliveries of
Inco-source nickel. The increase in deliveries of Inco-source nickel in the
fourth quarter of 2001, compared with the corresponding 2000 period, was due
to higher production.
Production Data and Operating Expenses
The following table sets forth production data for nickel, nickel unit
cash cost of sales both before and after by-product credits for the periods
indicated, and finished nickel inventories as of the end of the periods
indicated:
Fourth Quarter Year
Production Data 2001 2000 2001 2000
--------------- -------- -------- -------- --------
(Restated)(1)
Nickel production
in all forms (tonnes) 58,201 54,723 207,077 202,806
-------- -------- -------- --------
Nickel unit cash
cost of sales before
by-product credits
- per tonne $ 3,527 $ 3,307 $ 3,439 $ 3,263
- per pound 1.60 1.50 1.56 1.48
Nickel unit cash
cost of sales after
by-product credits
- per tonne $ 3,461 $ 2,602 $ 2,976 $ 2,712
- per pound 1.57 1.18 1.35 1.23
Finished nickel
inventories at end
of period (tonnes) 26,517 26,582 26,517 26,582
-------- -------- -------- --------
(1) See Accounting Changes below
The increase in nickel production in the fourth quarter of 2001, relative
to the corresponding 2000 period, was primarily attributable to the processing
of higher volumes of purchased intermediates.
Approximately 75 per cent of the increase in nickel unit cash cost of
sales after by-product credits in the fourth quarter of 2001, compared with
the corresponding quarter of 2000, was due to significantly reduced
contributions from by-product credits, resulting from lower realized prices.
The balance of the increase was due to accelerated stripping costs at PT Inco
and start-up problems at the Company's Ontario processing facilities following
the planned summer shutdown.
Operating Earnings (Loss)
Operating earnings (loss) for the Company's principal operations were as
follows for the periods indicated:
Fourth Quarter Year
2001 2000 2001 2000
(Restated)(1)
-------- -------- -------- --------
(in millions)
Ontario operations $ 2 $ 101 $ 175 $ 429
Manitoba operations 7 39 77 188
PT International
Nickel Indonesia Tbk (11) 31 34 151
Corporate and other (10) (22) (12) (25)
-------- -------- -------- --------
$ (12) $ 149 $ 274 $ 743
-------- -------- -------- --------
-------- -------- -------- --------
(1) See Accounting Changes below
Operating results comprise earnings or loss before income and mining
taxes, interest expense, other income or expenses, and minority interest.
Cash Flows
Cash provided by operating activities in the fourth quarter of 2001 was
$155 million, compared with $257 million in the corresponding quarter of 2000.
The decrease reflected lower operating results, partially offset by a decrease
in working capital.
Capital expenditures were $100 million in the fourth quarter of 2001,
compared with $82 million in the corresponding 2000 quarter. The increase was
primarily due to higher spending on the Goro project.
Financial Condition
At December 31, 2001, the Company's cash and marketable securities were
$306 million, up from $193 million at December 31, 2000, reflecting positive
net cash flow from operating activities, the net proceeds received from the
sale of $230 million in total gross proceeds of its zero coupon convertible
notes due 2021 (the "LYON Notes") in the first quarter of 2001 and the
redemption for $93 million of the Company's 9.875% Debentures in June 2001.
Total debt was $840 million at December 31, 2001, down slightly from $845
million at September 30, 2001 and down $190 million from $1,030 million at
December 31, 2000. The decrease for the year 2001 was due to repayments,
primarily from the proceeds of the sale of the LYON Notes as well as the
regularly scheduled payments of PT Inco debt. Net debt as a percentage of net
debt plus shareholders' equity was nine per cent at December 31, 2001,
compared with 15 per cent at December 31, 2000, reflecting the reduction in
debt and higher cash and marketable securities at December 31, 2001. Under
Canadian GAAP, the LYON Notes are classified as equity and not debt.
At December 31, 2001, the number of the Company's Common Shares issued
and outstanding was 182,192,732.
Year 2001 Results
Results for the year 2001, compared with the corresponding 2000 period,
reflected significantly lower realized prices for nickel and lower realized
prices for copper, partially offset by higher deliveries of Inco-source nickel
and platinum-group metals and reduced interest and minority interest expenses.
The increase in nickel unit cash cost of sales after by-product credits in
2001, compared with 2000, was primarily due to reduced contributions from by-
product credits, principally resulting from lower realized prices for copper
and cobalt. The increase in nickel unit cash cost of sales before by-product
credits was due to higher operating expenses, partially offset by the
favourable effect of the lower Canadian dollar relative to the U.S. dollar.
Cash provided by operating activities in the year 2001 decreased to $360
million from $842 million in the corresponding period of 2000. The decrease
was primarily due to lower operating earnings and income and mining taxes
payable, partially offset by a decrease in accounts receivable.
Notwithstanding a decline in cash provided by operating activities, reflecting
lower earnings due to lower nickel demand and reduced nickel prices, and
increased capital expenditures in 2001, compared with 2000, the Company's cash
flow before financing activities was positive.
Consolidated results, by quarter, were as follows (in millions except per
share amounts):
Earnings (Loss)
Net Earnings (Loss)(1) Per Common Share(1)
----------------------- -----------------------
2001 2000 2001 2000
-------- -------- -------- --------
(Restated) (Restated)
First Quarter $ 85 $ 101 $ 0.43 $ 0.52
-------- --------
-------- --------
Second Quarter 192 154 $ 1.01 $ 0.81
-------- --------
-------- --------
Third Quarter 33 62 $ 0.14 $ 0.31
-------- --------
-------- --------
Fourth Quarter (5) 83 $ (0.07) $ 0.42
-------- --------
-------- -------- -------- --------
Year $ 305 $ 400 $ 1.52 $ 2.06
-------- -------- -------- --------
-------- -------- -------- --------
(1) In accordance with Canadian GAAP.
Update on Goro and Voisey's Bay Projects
Goro
----
During the fourth quarter of 2001, continued progress on engineering work
and other areas was made with respect to the Company's Goro nickel-cobalt
project in the French Overseas Territory of New Caledonia. An application for
the project's required operating permit was submitted to the appropriate New
Caledonian governmental authority and it is currently expected to be approved
early in the second quarter of 2002. In addition, the necessary permits to
enable construction to begin were submitted to the required governmental
authority during the quarter and preliminary earthworks are currently expected
to begin by the end of this month.
Voisey's Bay
------------
The Company announced on October 11, 2001 that the confidential
negotiations which had restarted in June 2001 between representatives of the
Company and its wholly-owned subsidiary, Voisey's Bay Nickel Company Limited
("VBNCL"), and representatives of the Province of Newfoundland and Labrador
concerning the terms of an agreement on the commercial development of the
Voisey's Bay deposit had been extended until the end of 2001. Negotiations
between the parties have continued into 2002. While significant progress has
been made in these negotiations, neither the Company nor VBNCL can predict at
this time whether such an agreement can ultimately be reached with the
Province. The principal issues to be resolved between the parties include (i)
the terms of the movement of intermediate concentrate to be produced by the
project to the Company's existing Canadian operations as part of the financing
of the project, (ii) the scope of the guarantee covering processing in the
Province required by the Provincial government, (iii) government financial
participation and (iv) the required flexibility in the timing of the project's
development and financing arrangements that would enable the Company to
proceed in a prudent and measured way given the current uncertain economic
environment. As the Company has indicated previously, there are also a number
of issues that would have to be resolved, in addition to reaching an agreement
with the Province, before commercial development of the Voisey's Bay deposit
could proceed, including (1) the Company reaching mutually acceptable impact
and benefits agreements with the Labrador Inuit Association ("LIA") and Innu
Nation; (2) the Company being satisfied that the project is appropriately
dealt with under the arrangements on land claims between the federal and
provincial governments and the LIA and Innu Nation; and (3) completion of the
necessary permitting and design and engineering parameters for project
facilities.
The Company reviews and evaluates its property, plant and equipment and
other assets for impairment when events or changes in economic and other
circumstances indicate that the carrying value of such assets may not be fully
recoverable. It is possible that events such as any eventual agreements with
governments and other interested parties to enable the development of the
Voisey's Bay project to proceed or changes in future economic conditions and
other circumstances, and the resulting adverse impact on some or all of the
assumptions used to value the Voisey's Bay project, may require a significant
reduction in the carrying value of the Voisey's Bay project, in the related
deferred income and mining tax liability and in shareholders' equity.
Outlook for First Quarter and Full Year 2002
The Company currently estimates that its production for the first quarter
of 2002 and the full year 2002 of nickel, copper and platinum-group metals
(PGMs), including PGMs produced from purchased material, will be as follows:
First Quarter Full Year
2002 2002
------------- ------------
Nickel - tonnes (thousands) 54 213
- pounds (millions) 120 470
Copper - tonnes (thousands) 32 125
- pounds (millions) 70 275
PGMs - troy ounces (thousands) 95 405
In 2002, nickel production is planned to be up slightly from 2001 levels.
The principal reason for the increase is due to operating the Ontario
operations for a full 12 months to optimize production and operating
efficiencies, and maintain operating flexibility in light of upcoming labour
negotiations at the Manitoba operations. Production at PT Inco is planned to
be lower in 2002 due to the acceleration of a scheduled furnace rebuild such
that it will begin in the fourth quarter of 2002. This rebuild is expected to
be completed in the third quarter of 2003. The Company will remain flexible
with respect to its production plans for 2002 based upon market conditions.
The Company's nickel unit cash costs of sales after by-product credits,
and the premium it expects to realize over LME cash nickel prices, for the
first quarter of 2002 and the full year 2002 are currently projected to be
$1.35 to $1.40 per pound ($2,976 to $3,086 per tonne) and about $0.15 to $0.20
per pound ($331 to $441 per tonne), respectively. As reflected in the chart
above, the Company has historically experienced, and expects to continue to
experience, some quarter-to-quarter variability in production levels of its
primary metals products due to planned summer shutdowns of operations and
other normal planned actions.
Based upon the current consensus for the average LME cash nickel price
for 2002 assumed by analysts in their earnings estimates, which is understood
to be approximately $2.63 per pound, and their consensus prices for 2002 for
Inco's other metals products, the Company is comfortable with the current
First Call consensus estimate for 2002 for Inco's net earnings per share, on a
diluted basis, of $0.48. The Company's policy continues to be that it does not
publicly forecast where nickel and other metals prices will be given the
historic volatility in these prices and the high level of economic uncertainty
that currently exists in many of our key geographic markets. The LME cash
nickel price has averaged $2.75 per pound ($6,054 per tonne) for the January 2
- February 5, 2002 period.
In terms of the current sensitivity of the Company's earnings per share
to changes in nickel prices, for every change of 10 cents, up or down, per
pound in Inco's realized nickel price over a full year, Inco's net earnings
per share over that year would change, up or down, by about 15 cents per
share. As reflected in the chart below, while Inco's financial results are
most sensitive to movements in nickel prices, they are also sensitive to
changes in copper and other prices as well as, on the cost side, changes in
oil prices and in the Canadian-U.S. dollar exchange rate given that a
substantial portion of expenses are incurred in Canadian dollars and the
Company has substantial Canadian dollar denominated liabilities:
2002 SENSITIVITY OF EPS(1) TO CERTAIN
METALS PRICES AND OTHER CHANGES
OVER ONE YEAR (IN U.S.$)
Amount of Change
(up or down) EPS Effect(1)
--------------- ------------
Realized Nickel Price $ 0.10/lb. $ 0.15
Realized Copper Price 0.10/lb. 0.09
Realized Palladium Price(2) 50.00/troy oz 0.03
Realized Platinum Price(2) 50.00/troy oz 0.02
Cdn.-U.S. Exchange Rate 0.01 0.09
Oil Price (West Texas Intermediate) 1.00/bbl 0.002
(1) Inco's basic earnings per common share (not diluted)
(2) Includes the impact of hedging activities as of December 31, 2001
Accounting Changes
Effective January 1, 2001, the Company adopted, retroactively as a change
in accounting policy, a new accounting standard of the Canadian Institute of
Chartered Accountants ("CICA") in respect of earnings per share. This new
standard changes the method in which diluted earnings per share are
calculated. The effect of adopting this new standard on the results for the
fourth quarter of 2000 was a two cent reduction in net earnings per share on a
diluted basis.
Also effective January 1, 2001, the Company adopted, retroactively, a new
accounting standard of the CICA in respect of interim financial statements. As
a consequence, the Company changed its accounting policy, for interim
reporting purposes only, in connection with the timing of recognizing the
costs associated with its planned annual shutdown of operations for
maintenance. Previously, these costs were expensed evenly over the year
whereas under the new standard such costs are expensed in the period in which
they are incurred. The effect of adopting this new standard was to increase
net earnings by $5 million, or three cents per share, in the fourth quarter of
2000. Certain 2000 comparative figures, as noted above, have been restated in
connection with the retroactive adoption of this new accounting standard.
This news release contains forward-looking statements regarding the
Company's nickel, copper and precious metals production levels and costs, its
position as a low-cost producer of nickel, capital expenditures, premiums
realized on its metals prices, sensitivity of financial results to changes in
metals prices, exchange rates and energy and other costs, its Goro and
Voisey's Bay projects, a furnace rebuild at PT Inco, and other issues and
aspects relating to its business and operations. Inherent in those statements
are known and unknown risks, uncertainties and other factors well beyond the
Company's ability to control or predict. Actual results and developments may
differ materially from those contemplated by these statements depending on,
among others, such key factors as business and economic conditions in the
principal markets for the Company's products, the supply and demand for metals
to be produced, deliveries, production levels, production and other
anticipated and unanticipated costs and expenses, metals prices, premiums
realized over London Metal Exchange cash and other benchmark prices, tax
benefits, the Canadian-U.S. dollar and other exchange rates, the timing of the
development of, and capital costs and financing and partnership arrangements
associated with, the Goro and other projects, the timing of the receipt of
governmental and other approvals, political unrest or instability in countries
such as Indonesia, risks involved in mining, processing and exploration
activities, market competition and labour relations and other risk factors
listed from time to time in the Company's reports filed with the U.S.
Securities and Exchange Commission.
************
Audited Condensed Consolidated Financial Statements Are Attached.
For further information:
Media Relations: Steve Mitchell (416) 361-7950
Investor Relations: Sandra Scott (416) 361-7758
or www.inco.com
INCO LIMITED
------------
(U.S. dollars in millions)
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
--------------------------------------------
Fourth Quarter Year
2001 2000 2001 2000
-------- -------- -------- --------
(Restated) (Restated)
Net sales $ 463 $ 664 $ 2,066 $ 2,917
-------- -------- -------- --------
Costs and operating expenses
Cost of sales and operating
expenses 368 397 1,414 1,774
Depreciation and depletion 66 68 263 265
Selling, general and administrative 33 28 111 105
Research and development 5 6 20 22
Exploration 6 7 23 23
Currency translation adjustments (3) 9 (39) (15)
-------- -------- -------- --------
475 515 1,792 2,174
-------- -------- -------- --------
Operating earnings (loss) (12) 149 274 743
Interest expense 10 18 56 83
Other income, net (8) (3) (13) (10)
-------- -------- -------- --------
Earnings (loss) before taxes and
minority interest (14) 134 231 670
Income and mining taxes (7) 42 (84) 226
-------- -------- -------- --------
Earnings (loss) before minority
interest (7) 92 315 444
Minority interest (2) 9 10 44
-------- -------- -------- --------
Net earnings (loss) (5) 83 305 400
Dividends on preferred shares (7) (7) (26) (26)
Accretion of notes (1) - (3) -
-------- -------- -------- --------
Net earnings (loss) applicable
to common shares $ (13) $ 76 $ 276 $ 374
-------- -------- -------- --------
-------- -------- -------- --------
Net earnings (loss) per common
share
Basic $ (0.07) $ 0.42 $ 1.52 $ 2.06
-------- -------- -------- --------
-------- -------- -------- --------
Diluted $ (0.07) $ 0.39 $ 1.49 $ 1.89
-------- -------- -------- --------
-------- -------- -------- --------
Common shares outstanding
(weighted average, in thousands)
Basic 182,180 181,794 182,074 181,727
-------- -------- -------- --------
-------- -------- -------- --------
Diluted 182,180 198,886 188,692 205,144
-------- -------- -------- --------
-------- -------- -------- --------
INCO LIMITED
------------
(U.S. dollars in millions)
CONDENSED CONSOLIDATED BALANCE SHEET
------------------------------------
December 31,
2001 2000
-------- --------
Assets
Cash and marketable securities $ 306 $ 193
Accounts receivable 277 310
Inventories 500 520
Other current assets 44 33
-------- --------
Total current assets 1,127 1,056
Property, plant and equipment 8,217 8,352
Other assets 243 268
-------- --------
$ 9,587 $ 9,676
-------- --------
-------- --------
Liabilities and shareholders' equity
Long-term debt due within one year $ 81 $ 78
Accounts payable and accrued liabilities 428 428
Taxes payable 58 185
-------- --------
Total current liabilities 567 691
Long-term debt 759 952
Deferred taxes 2,117 2,401
Post-retirement benefits 451 469
Future removal and site restoration costs 49 47
Minority interest 350 334
Shareholders' equity 5,294 4,782
-------- --------
$ 9,587 $ 9,676
-------- --------
-------- --------
INCO LIMITED
------------
(U.S. dollars in millions)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
Fourth Quarter Year
2001 2000 2001 2000
-------- -------- -------- --------
(Restated)
Operating activities
Earnings (loss)
before minority interest $ (7) $ 92 $ 315 $ 444
Charges not affecting cash
Depreciation and depletion 66 68 263 265
Deferred income and mining
taxes 4 82 (126) 23
Other (14) (47) (45) (81)
Decrease (increase) in non-cash
working capital related to
operations 106 62 (47) 191
-------- -------- -------- --------
155 257 360 842
-------- -------- -------- --------
Investing activities
Capital expenditures (100) (82) (263) (227)
Other - 1 2 10
-------- -------- -------- --------
(100) (81) (261) (217)
-------- -------- -------- --------
Financing activities
Net decrease in borrowings (6) (13) (190) (314)
Common shares issued 1 - 5 4
Notes issued - - 226 -
Preferred dividends paid (7) (7) (26) (26)
Class VBN shares redeemed - (133) - (133)
Other - - (1) (1)
-------- -------- -------- --------
(12) (153) 14 (470)
-------- -------- -------- --------
Increase in cash and
marketable securities 43 23 113 155
Cash and marketable securities at
beginning of period 263 170 193 38
-------- -------- -------- --------
Cash and marketable securities at
end of period $ 306 $ 193 $ 306 $ 193
-------- -------- -------- --------
-------- -------- -------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
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