LORD Lords Group Trading Plc

 

 

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.  Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

 

10 September 2024

 

 

Lords Group Trading plc

('Lords', the 'Company' or the 'Group')

 

Interim Results

 

Lords (AIM:LORD), a leading distributor of building materials in the UK, today announces its unaudited Interim Results for the six months ended 30 June 2024 ('H1 2024' or the 'Period').

 

H1 2024 Highlights

 

·      Group revenue of £214.2 million (H1 2023: £222.6 million)

·      Group like-for-like¹ revenue decreased by 6.1% due to the challenging economic backdrop and previously announced market disruption within Plumbing and Heating relating to the Clean Heat Market Mechanism ('CHMM') deferral

·      Gross margin broadly in line with prior period and ahead of FY23 reflecting focus on customer service excellence

·      Decisive management actions taken on overhead costs expected to deliver annualised savings of £2.6 million in FY 2025

·      FY 2023 acquisitions successfully integrated and rebranded

·      Adjusted EBITDA² 16.6% lower at £12.6 million (H1 2023: £15.1 million)        

·      Plumbing and Heating division ('P&H') continuing to benefit from the UK's commitment to sustainable living, with sales of Air Source Heat Pumps up 492%

·      Interim dividend of 0.32 pence per share, scaled in line with earnings per share (H1 2023: 0.67 pence per share)

·      Well positioned to deliver operational gearing from a recovery in the market

 

 

	Note	H1 2024	H1 2023	Change
Revenue		£214.2m	£222.6m	(3.8)%
Gross margin		20.2%	20.4%	(20) bps
Adjusted EBITDA	17	£12.6m	£15.1m	(16.6)%
Adjusted EBITDA margin		5.9%	6.8%	(90) bps
Adjusted operating profit	17	£7.1m	£10.2m	(30.7)%
Adjusted diluted earnings per share	10	1.57p	3.30p	(52.4)%
Dividend per share		0.32p	0.67p	(52.2)%
Operating profit		£4.5m	£8.1m	(44.4)%
Diluted earnings per share		0.39p	2.28p	(82.9)%

 

 

Shanker Patel, Chief Executive Officer of Lords, commented:

 

"Trading conditions have remained challenging throughout the first half of 2024 with like-for-like (LFL) revenue 6.1% lower. The introduction and subsequent deferral of the Clean Heat Market Mechanism (CHMM) disrupted the Plumbing and Heating market and we experienced a 15% LFL revenue reduction in the first quarter, but a stronger second quarter resulted in a resilient first half with divisional revenue 3.2% down overall.

 

"In this challenging market, management has remained focused on optimising capital allocation and operating efficiency, with actions taken on costs expected to deliver annualised overhead savings of £2.6 million in FY2025. The Group's resilience and strategy of maintaining gross margin is testament to our outstanding colleagues and our focus on excellent customer service.

 

"The Board welcomes the new government's support for the sector and the recent interest rate reduction which is widely expected to lead to improved conditions for the UK construction market. The Group's focus on operational efficiency and working capital management will ensure that we are well positioned for any market recovery. In the medium term, the Group is well placed in a highly fragmented and essential repair, maintenance and improvement ('RMI') market, to grow the Group's market share organically and through selective, valued-added acquisitions which will become more attractive as the market returns. We are encouraged by the growth in Renewable product sales and believe this could be an additional near-term growth lever.

 

"Whilst the outlook for the Construction sector is beginning to improve, the Board is not expecting any change to trading conditions in the second half of 2024 and, recognising the important Autumn season ahead, particularly in Plumbing and Heating, expect that Adjusted EBITDA, will be in line with management expectations."

 

FOR FURTHER ENQUIRIES:

 

Lords Group Trading plc	Via Burson Buchanan
Shanker Patel, Chief Executive Officer	Tel: +44 (0) 20 7466 5000
Stuart Kilpatrick, Chief Financial Officer
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)	Tel: +44 (0)20 7220 0500
Ben Jeynes / Dan Hodkinson (Corporate Finance)
Julian Morse / Henry Nicol / Charlie Combe (Sales and ECM)

 

Berenberg (Joint Broker) Matthew Armitt / Richard Bootle / Detlir Elezi	Tel: +44 (0)20 3207 7800
Burson Buchanan	Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Stephanie Whitmore / Abby Gilchrist	LGT@buchanan.uk.com

 

Percentages are based on underlying, not rounded, figures.

 

¹ Like-for-like sales is a measure of growth in sales, adjusted for new, divested and acquired locations such that the periods over which the sales are being compared are consistent.

² Adjusted EBITDA is EBITDA (defined as earnings before interest, tax, depreciation, amortisation and impairment charges) but also excluding exceptional items, and share-based payments.

 

Notes to editors:

 

Lords is a specialist distributor of building, plumbing, heating and DIY goods. The Group principally sells to local tradesmen, small to medium sized plumbing and heating merchants, construction companies and retails directly to the general public.

 

The Group operates through the following two divisions:

 

Merchanting: supplies building materials and DIY goods through its network of merchant businesses and online platform capabilities. It operates both in the 'light side' (building materials and timber) and 'heavy side' (civils and landscaping), through 31 locations in the UK.

 

Plumbing and Heating: a specialist distributor in the UK of plumbing and heating products to a UK network of independent merchants, installers and the general public. The division offers its customers an attractive proposition through a multi-channel offering.  The division operates over 17 locations enabling nationwide next day delivery service.

 

Lords was established over 35 years ago as a family business with its first retail unit in Gerrards Cross, Buckinghamshire.  Since then, the Group has grown to a business operating from 48 sites.

 

Chief Executive Officer's Review

 

On behalf of the Board, I am pleased to report our Interim Results for the six months ended 30 June 2024.

 

Overview

 

Revenue in the first half of 2024 was 3.8% lower at £214.2 million (H1 2023: £222.6 million). Like-for-like ('LFL') revenue, which adjusts for branches that were not part of the Group in the whole of the comparator period, was 6.1% lower than the first half of 2023.

 

Gross margins were in line with the first half of 2023 at 20.2% (H1 2023: 20.4%) but showed an increase on FY 2023 (20.0%) and FY 2022 (19.7%).

 

Adjusted EBITDA of £12.6 million (H1 2023: £15.1 million) reflected the reduction in LFL revenue and the impact of the Clean Heat Market Mechanism ('CHMM') on our Plumbing and Heating division, particularly in the first quarter, traditionally one of its busiest.

 

Merchanting

 

Merchanting revenue was 4.4% lower in the H1 2024 at £104.6 million (H1 2023: £109.4 million). The Group acquired Chiltern Timber and Alloway Timber during FY 2023 and after adjusting for their contribution, LFL revenue was 9.3% lower. Whilst our businesses are primarily focused on the more resilient RMI sector, brands such as AW Lumb, Hevey and MAP have exposure to the new build sector which has impacted performance in H1 2024.

 

Our focus on customer service excellence is demonstrated by a small improvement in gross margin despite the challenging competitive market.

 

The division renegotiated the terms of its Park Royal branch lease in the first half of 2024 due to the landlord's intention to redevelop the property at the expiry of the lease in 2026. In doing so, it exchanged certainty of vacant possession for improved terms and flexibility. This resulted in a gain of £1.7 million in the period with nil rental going forward, allowing the business flexibility to relocate during a three and half year period following the agreement.

 

Alloway Timber, acquired in September 2023 as a business requiring turnaround, has now been fully integrated into the Group and rebranded as Lords Builders Merchants ('LBM').  Four of its five sites in the South-East of England have been fully refurbished, management has been strengthened and greater emphasis placed on business development. Although we are confident that the steps we have taken will result in the business contributing positively to profit in 2025, as previously advised, the business has required more attention than we anticipated, especially in these difficult trading conditions. Similarly, Chiltern Timber, which we acquired in April 2023, has also been successfully integrated into LBM and is trading well in relation to the market with sales growth of 3.2% in H1 2024.

 

Costs to serve the business were slightly lower on a LFL basis, as inflation increases were offset by efficiencies and Adjusted EBITDA was 10.2% lower at £7.6 million (H1 2023: £8.4 million).

 

Plumbing and Heating

 

The introduction of the CHMM resulted in price increases from 1 January 2024, which were passed onto customers. In advance of this, customers stocked up and our Plumbing and Heating division experienced increased demand in the final quarter in 2023. This reversed in the first quarter of 2024 and in traditionally one of the division's stronger quarters, LFL revenue was down on prior period comparative by 15.1%.

 

During March 2024, the government deferred the introduction of the CHMM, and increased administration time was incurred as the manufacturer's price increases had to be returned. Having seen the destocking hit sales in the first quarter, the second quarter resumed to more normal trading resulting in a first half LFL fall of only 3.2% at £109.6 million (H1 2023: £113.2 million).

 

Gross margin decreased from 14.5% to 13.2% in the period as the market disruption and manufacturer promotions impacted the mix of boilers sold and associated heating products.

 

Overheads were reduced by £0.3 million compared to the first half of 2023 and Adjusted EBITDA fell by £1.6 million to £5.0 million (H1 2023: £6.6 million) in the period.

 

Mr Central Heating, our digitally led P&H trade counter business, continued to develop recent branch openings in Edinburgh and West Bromwich, with both expected to contribute in line with normal timeframes in the second half of 2024. With a strong digital proposition and a broad product range, further selective branch openings will drive organic growth as the market improves.

 

Our P&H range recently broadened after signing an exclusive distribution agreement, with the World's largest boiler manufacturer, Navien, providing 24-hour availability to over 2,500 independent plumbers merchants. In addition, we are commencing distribution of the Viessmann Climate Solutions' portfolio of gas boilers, Heat Pumps and commercial heating solutions. In continuation of our strategy of product group diversification, P&H are starting to distribute Termotechnik radiators, who make up approximately 30% of the UK radiator market.

 

Renewables

 

The Group supports the initiatives aimed at the decarbonisation of housing stock and is well placed to serve this market through its branch network in both divisions. In H1 2024, air source heat pump (ASHP) revenue increased by 492% and related renewable products, including controls, under floor heating and air conditioning grew strongly. The Group recently agreed an exclusive distribution agreement with South Korean manufacturer, Clivet, to distribute its ASHPs. We continue to look for organic and acquisitive opportunities within the product category where our product knowledge and related system design can differentiate.

 

Operational efficiencies

 

I am proud of my 900 colleagues, who have strived to maintain our excellence in customer service throughout this challenging period and worked hard to delivery operational efficiencies that will optimise our financial performance once the underlying market conditions improve. Our teams achieved improvements in working capital whilst maintaining high levels of service and reduced administration costs by c. 2% on a LFL basis, which will benefit operational gearing in advance of a market recovery.

 

Strategic development

 

In addition to the organic opportunities to develop our existing brands into new geographies, expand their product range and enhance their digital and direct routes to market, there is a significant consolidation opportunity to combine independent merchants and distributors within the fragmented UK building supplies sector where Lords Group Trading has less than 1% market share.  Our selective approach to acquisitions and focus on delivering value to shareholders combined with tight control of costs and working capital gives the Board confidence that the Group will benefit from an improvement in market conditions.

 

Environmental, social and governance (ESG)

 

The Group's environmental footprint continues to be a priority for our management teams. We have increased accountability in the divisions and across local and regional brands, agreeing reduction plans and incentivised targets.  Emissions data for 2022 and 2023 has now been collated in line with the Task Force on Climate-related Financial Disclosures ('TCFD') and progress in 2024 includes solar panel installations, hydrotreated vegetable oil fuel trials and electric forklifts as replacements are required.  Our updated environmental policy was published on our website early in 2024.

 

As previously reported, Chris Day stepped down from the Board on 17 May 2024 to take up a new opportunity and we thank him for his service.  On 4 June 2024, Stuart Kilpatrick joined the Board as Chief Financial Officer.

 

Outlook

 

The Board welcomes the new government's support for the sector and the recent interest rate reduction which is widely expected to lead to improved conditions for the UK construction market. The Group's focus on operational efficiency and working capital management will ensure that we are well positioned for any market recovery. In the medium term, the Group is well placed in a highly fragmented and essential repair, maintenance and improvement ('RMI') market, to grow the Group's market share organically and through selective, valued-added acquisitions which will become more attractive as the market returns. We are encouraged by the growth in Renewable product sales and believe this could be an additional near-term growth lever.

 

Whilst the outlook for the Construction sector is beginning to improve, the Board is not expecting any change to trading conditions in the second half of 2024 and, recognising the important Autumn season ahead, particularly in Plumbing and Heating, expect that Adjusted EBITDA, will be in line with management expectations.

 

 

 

Shanker Patel

Chief Executive Officer

10 September 2024

 

 

 

 

Financial Review

 

Our financial objectives during these challenging market conditions have been to maintain our focus on customer service, maintain or improve gross margins, maximise our efficiency in delivering our services and to manage working capital and cash.

 

Revenue

 

H1 2024 revenue was 3.8% lower at £214.2 million (H1 2023: £222.6 million), as businesses acquired in FY 2023 contributed 2.3% to revenue in H1 2024.

 

In Plumbing and Heating ('P&H'), H1 2024 revenue was 3.2% lower than H1 2023 due to the impact as described above by the uncertainty surrounding the CHMM, with a stronger second quarter mitigating performance.  Merchanting, which also had a stronger second quarter, was 4.4% behind H1 2023 but after adjusting for businesses acquired in FY 2023, LFL revenue was 9.3% lower.

 

Operating performance

 

Gross margins overall held up well at 20.2% (H1 2023: 20.4%) with improvement in Merchanting offset by a reduction in P&H as the CHMM led to changes in product mix within boilers and in ancillary products.

 

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was 16.6% lower at £12.6 million (H1 2023: £15.1 million) due to the effect of high levels of operational gearing within the business. Costs to serve the business continue to be tightly managed and after excluding the impact of businesses acquired during 2023, administrative expenses on a LFL basis were c. 2% lower.  Full time equivalent employees totalled 890 at 30 June 2024, 7% lower than at 30 September 2023.

 

 

	Merchanting		Plumbing and Heating		Group
	H1 2024	H1 2023	H1 2024	H1 2023	H1 2024	H1 2023
Revenue (£m)	104.6	109.4	109.6	113.2	214.2	222.6
Adjusted EBITDA (£m)	7.6	8.4	5.0	6.6	12.6	15.1
Adjusted EBITDA margin (%)	7.3%	7.7%	4.5%	5.8%	5.9%	6.8%

 

 

Whilst revenue in P&H was resilient, the market disruption referred to above, impacted gross margin and although overheads were tightly managed, Adjusted EBITDA margin declined from 5.8% to 4.5% in the period.  During 2024, following the redesignation of the local area by the local authorities, an agreement was negotiated with the landlord at the Park Royal branch in the Merchanting division, to remove future uncertainty of tenure at that site.  The negotiation resulted in a lease surrender premium of £1.7 million included within other income in the period, which arises from a commercial negotiation to balance the benefit of securing the site in the short term whilst compensating for anticipated disruption and potential loss of trade as the business looks for a potential alternative location in the next three and a half years.

 

Amortisation increased by 15.6% to £6.1 million (H1 2023: £5.3 million) due to the five sites acquired with Alloway Timber adding to amortisation on right of use assets.  Depreciation was similar to the prior period at £1.2 million (H1 2023: £1.3 million).  Adjusted operating profit was £7.1 million (H1 2023: £10.2 million) and statutory operating profit was £4.5 million (H1 2023: £8.1 million).

 

Exceptional costs in the period were £0.5 million (H1 2023: £0.2 million) comprising £0.3 million of redundancy, system and wider integration costs of businesses previously acquired and £0.2 million relating to deferred consideration.  In the first half of 2023, exceptional items of £0.2 million related to the cost of business combinations (£0.3 million), partly offset by a profit on disposal of business of £0.1 million.

 

Net finance costs

 

Net finance costs were £3.4 million (H1 2023: £2.5 million), with £0.3 million of the increase due to the higher interest rates in 2024, which were on average 100bps higher than in 2023.  Additionally, the average level of borrowings was higher in the first half of 2024.  The interest expense associated with the Group's leases was also £0.2 million higher at £1.3 million (H1 2023: £1.1 million) due to the additional Alloway Timber branches.

 

 

Profit before tax and earnings per share

 

Adjusted profit before tax, which excludes exceptional items, share-based payments, acquisition related charges, including amortisation of intangible assets and impairment, was £3.7 million (H1 2023: £7.7 million).  Statutory profit before tax for the period was £1.1 million (H1 2023: £5.6 million).

 

Adjusted diluted earnings per share was 1.57 pence (H1 2023: 3.30 pence).  Basic diluted earnings per share was 0.39 pence (H1 2023: 2.28 pence).

 

Dividend

 

The Board has carefully considered the interests of all of its stakeholders and based on first half financial performance, has scaled the interim dividend in line with the change in adjusted earnings per share.  Whilst the Board considers this a prudent approach, its dividend policy through the cycle will continue to be progressive as the market recovers. The interim dividend of 0.32 pence per ordinary share (H1 2023: 0.67p) will be paid on 11 October 2024 to shareholders on the register at the close of business on 20 September 2024. The Company's ordinary shares will therefore be marked ex-dividend on 19 September 2024.

 

Cash flow

 

The Group typically experiences a seasonal outflow in working capital in the first half of the year which reverses in the second half.  Whilst the Group made good progress in reducing stock and debtor days, in the first half of 2024, a drop in payables, which were higher in December 2023 due to the market reaction to the CHMM in Plumbing and Heating, resulted in a net outflow of £6.7 million (H1 2023: outflow of £16.2 million).  Boiler supply issues in the first half of 2023 exacerbated the seasonal outflow in the first half of 2023.  Cash generated by operations was £5.4 million (H1 2023: outflow of £1.4 million). Investing activities included deferred consideration of £0.5 million (H1 2023: £3.5 million) related to two acquisitions and financing activities included £1.1 million (H1 2023: £1.1 million) to buy out non-controlling interests.

 

Capital expenditure of £2.6 million (H1 2023: £4.4 million) in the period included £0.9 million (H1 2023: £2.2 million) in scheduled payments for the George Lines branch near Heathrow.  Other significant capex included £0.5 million to refurbish the Alloway branches acquired in 2023, and the rollout of a new ERP system within the Plumbing and Heating division.

 

After financing and investing activities, net debt (defined as borrowings less cash and cash equivalents, and before recognising lease liabilities) increased by £7.8 million (H1 2023; £18.6 million) since the end of the year to £36.3 million (H1 2023: £38.0 million).

 

Debt financing and liquidity

 

The Group has banking facilities with a syndicate of HSBC, NatWest and BNP Paribas.  The facilities comprise a £70.0 million revolving credit facility ('RCF') and a £25.0 million receivables financing facility. Entered into in April 2023, the RCF includes a £20.0 million accordion option and both facilities run for an initial three years, with two one-year extension options.  The accordion and extension options are subject to lender approval.

 

In May 2024, the Group exercised its extension option under the banking facilities agreement such that the RCF has now been extended from its initial three-year term by 12 months to expire on 5 April 2027.

 

The Group had substantial headroom of £47.5 million (H1 2023: £49.6 million) within its debt facilities at the period end, and a further £11.9 million of accessible cash (H1 2023: £7.4 million).

 

 

Working capital

 

Inventories decreased by £7.9 million compared to 30 June 2023 and by £2.0 million since year end.  The reduction reflects the continued focus on inventory optimisation, but also industry wide boiler supply issues described earlier at 30 June 2023. The 30 June 2024 balance equated to 46 days of stock (30 June 2023: 53 days).

 

Current trade and other payables at £79.6 million were £3.4 million higher than 30 June 2023 (£76.2 million), representing trade creditor days of 49 (30 June 2023: 45 days).  Current trade and other receivables of £69.2 million remained broadly in line with the prior year balance of £69.0 million, resulting in trade debtor days of 38 relative to 37 at 30 June 2023.

 

 

Non-current assets

 

Intangible assets of £44.8 million were £1.4 million lower than at 31 December 2023 (£46.2 million). Software additions of £0.5 million in relation to an ERP upgrade in the Plumbing and Heating division, were offset by the amortisation charge of £1.8 million (H1 2023: £1.7 million).

 

 

Leases that are recorded on the balance sheet as right of use assets, with a corresponding lease liability, relate to properties, cars and distribution vehicles.  The right-of-use asset in the balance sheet at 30 June 2024 was £42.5 million (31 December 2023: £47.4 million).  The reduction comprises amortisation for the period of £4.3 million, and a £2.2 million reduction as a result of the lease surrender agreement at the Park Royal site within the Merchanting division.

 

Non-current liabilities

 

Trade and other payables relate to deferred consideration liabilities.  The liability has reduced since the year end by £1.7 million reflecting the scheduled payments on the acquisition of the non-controlling interest of Hevey Building Supplies and in relation to the acquisition of AW Lumb (£0.5 million).

 

 

Stuart Kilpatrick

Chief Financial Officer

 

10 September 2024

 

 

Consolidated statement of comprehensive income

For the six months ended 30 June 2024

 

		30 June		30 June		31 December
		2024		2023		2023
		(unaudited)		(unaudited)		(audited)
	Note	£'000		£'000		£'000
Revenue		214,150		222,552		462,601
Cost of sales		(170,929)		(177,153)		(370,238)
Gross profit		43,221		45,399		92,363
Other operating income		2,069		349		766
Distribution expenses		(2,231)		(2,174)		(5,057)
Administrative expenses		(30,494)		(28,517)		(61,252)
Adjusted EBITDA	17	12,565		15,057		26,820
Depreciation		(1,195)		(1,294)		(2,610)
Amortisation of right-of-use-assets		(4,283)		(3,538)		(7,699)
Adjusted Operating Profit	17	7,087		10,225		16,511
Share based payments		(301)		(211)		(513)
Exceptional items	7	(484)		(165)		(2,849)
Amortisation of acquired intangibles		(1,814)		(1,736)		(3,515)
Impairment charge		-		-		(501)
Operating profit		4,488		8,113		9,133
Finance income		142		99		196
Finance expense	8	(3,523)		(2,623)		(6,356)
Profit before taxation		1,107		5,589		2,973
Taxation	9	(355)		(1,699)		(1,273)
Profit for the period		752		3,890		1,700
Other comprehensive income		-		-		--
Total comprehensive income		752		3,890		1,700
Total comprehensive income for the period attributable to:
Owners of the parent company		651		3,839		1,382
Non-controlling interests		101		51		318
		752		3,890		1,700
Earnings per share
Basic earnings per share (pence)	10	0.39		2.35		0.84
Diluted earnings per share (pence)	10	0.39		2.28		0.82

 

The results for the period arise solely from continuing activities.

The condensed financial statements should be read in conjunction with the accompanying notes.

 

 

 

 

 

Consolidated statement of financial position

As at 30 June 2024

 

		30 June		30 June		31 December
		2024		2023		2023
		(unaudited)		(unaudited)		(audited)
	Note	£'000		£'000		£'000
Non-current assets
Intangible assets	11	44,845		44,600		46,205
Property, plant and equipment	12	20,479		20,707		20,233
Right-of-use assets	13	42,510		42,301		47,364
Other receivables		192		337		200
Investments		180		30		180
		108,206		107,975		114,182
Current assets
Inventories		47,323		55,184		49,292
Trade and other receivables		69,195		69,029		81,171
Cash and cash equivalents		11,881		7,409		19,811
		128,399		131,622		150,274
Total assets		236,605		239,597		264,456
Current liabilities
Trade and other payables		(79,649)		(76,205)		(98,915)
Borrowings	14	(9,851)		(6,334)		(9,507)
Lease liabilities	15	(7,663)		(9,289)		(7,815)
Current tax liabilities		(568)		(2,032)		(7)
Total current liabilities		(97,731)		(93,860)		(116,244)
Non-current liabilities
Trade and other payables		(2,638)		(6,847)		(5,917)
Borrowings	14	(37,686)		(39,080)		(38,239)
Lease liabilities	15	(40,010)		(37,273)		(43,953)
Other provisions		(1,427)		(1,353)		(1,565)
Deferred tax		(7,019)		(7,085)		(7,373)
Total non-current liabilities		(88,780)		(91,638)		(97,047)
Total liabilities		(186,511)		(185,498)		(213,291)
Net assets		50,094		54,099		51,165
Equity
Share capital		829		828		828
Share premium		28,412		28,293		28,293
Merger reserve		(9,980)		(9,980)		(9,980)
Share-based payment reserve		1,127		707		1,009
Retained earnings		27,976		32,889		29,386
Equity attributable to owners of the parent company		48,364		52,737		49,536
Non-controlling interests		1,730		1,362		1,629
Total equity		50,094		54,099		51,165