Financial Statements
For the year ended 31 December 2024
Registered number: 12214576
Company Information
Contents
Strategic report
For the year ended 31 December 2024
The directors have pleasure in presenting the strategic report for the year ended 31 December 2024.
The Principal activity of the Company during the year was the manufacture of electric and hydrogen powered buses and related aftermarket activities.
The directors consider the results for the 12 month period to be in line with expectations. In the 12 month period ended 31 December 2024, the Company made a profit on ordinary activities before taxation of £31,079,943 (2023: loss of £10,191,792 as restated) and had net assets of £35,292,209 (2023: net assets of £8,391,606 as restated). Earnings before interest, tax, depreciation and amortisation were £38,917,844 (2023: £1,509,154). Earnings in the second half year were considerably higher than the first half year’s earnings.
During 2024 Bamford Bus Company Ltd has continued to implement its expansion plans, whilst simultaneously investing heavily in research and development in line with strategy. The Company achieved year on year revenue growth in 2024 of 77%. The Company has a proven track record in innovative engineering and design and 2024 has seen the successful launch of a left hand drive hydrogen fuel cell bus compliant with all German regulations. This bus adds to our full complement of both single deck and double deck variants across all drives-lines - diesel, hydrogen fuel cell and battery electric. As the bus industry accelerates its transition to zero emissions, the Company has successfully managed a corresponding shift in the skills of its workforce, with many more employees having electrical engineering and Hydrogen gas engineering expertise. Continued investment in our people remains a priority and is key to retaining our competitive advantage.
The Company expects the number of buses it produces to further increase in 2025.
The directors consider the results for the 12 month period to be in line with expectations. In the 12 month period ended 31 December 2024, the Company made a profit on ordinary activities before taxation of £31,079,943 (2023: loss of £10,191,792 as restated) and had net assets of £35,292,209 (2023: net assets of £8,391,606 as restated). Earnings before interest, tax, depreciation and amortisation were £38,917,844 (2023: £1,509,154). Earnings in the second half year were considerably higher than the first half year’s earnings.
During 2024 Bamford Bus Company Ltd has continued to implement its expansion plans, whilst simultaneously investing heavily in research and development in line with strategy. The Company achieved year on year revenue growth in 2024 of 77%. The Company has a proven track record in innovative engineering and design and 2024 has seen the successful launch of a left hand drive hydrogen fuel cell bus compliant with all German regulations. This bus adds to our full complement of both single deck and double deck variants across all drives-lines - diesel, hydrogen fuel cell and battery electric. As the bus industry accelerates its transition to zero emissions, the Company has successfully managed a corresponding shift in the skills of its workforce, with many more employees having electrical engineering and Hydrogen gas engineering expertise. Continued investment in our people remains a priority and is key to retaining our competitive advantage.
The Company expects the number of buses it produces to further increase in 2025.
Page 1
Strategic report (continued)
For the year ended 31 December 2024
The directors consider that the principal risks and uncertainties faced by the Company fall into the following categories:
Economic risk
The risk of increased interest rates and/or inflation and fluctuations in exchange rates may have an adverse impact on profitability. The Company monitors the macro economic environment on a regular basis and if required will enter into hedge contracts to mitigate the risk.
Credit risk
The Company has built strong relationships with all of its key customers and has well developed credit control processes. Appropriate credit terms, taking into consideration credit ratings and past payment performance, are agreed with all customers. These are amended from time to time if circumstances change.
Competition and market risk
The directors of the Company consider competition risk through close attention to quality and customer service levels. The Company monitors domestic and global market information and its sales prospects on an ongoing basis to anticipate demand. The Company strives to ensure that its product and technological development, manufacturing capacity, supply chain capability and anticipated future customer demands are all aligned.
People in our business
The success of the Company has been achieved by the contribution of its staff. Whilst loss of skill and expertise is identified as a principle risk in the business, the Company’s moderate level of turnover of staff reflects the commitment of the Company to provide good terms and conditions of employment and a positive and safe working environment with internal opportunities for development and progression. The Company seeks to balance the interests of all staff and other stakeholders in the business in a fair and consistent manner. The Company’s high level of growth has generated a large number of new jobs. There have been challenges in filling all vacancies in the local labour market due to low unemployment rates and in some areas skills shortages. The Company has therefore had to supplement its current workforce with overseas workers as well as some contract staff.
Economic risk
The risk of increased interest rates and/or inflation and fluctuations in exchange rates may have an adverse impact on profitability. The Company monitors the macro economic environment on a regular basis and if required will enter into hedge contracts to mitigate the risk.
Credit risk
The Company has built strong relationships with all of its key customers and has well developed credit control processes. Appropriate credit terms, taking into consideration credit ratings and past payment performance, are agreed with all customers. These are amended from time to time if circumstances change.
Competition and market risk
The directors of the Company consider competition risk through close attention to quality and customer service levels. The Company monitors domestic and global market information and its sales prospects on an ongoing basis to anticipate demand. The Company strives to ensure that its product and technological development, manufacturing capacity, supply chain capability and anticipated future customer demands are all aligned.
People in our business
The success of the Company has been achieved by the contribution of its staff. Whilst loss of skill and expertise is identified as a principle risk in the business, the Company’s moderate level of turnover of staff reflects the commitment of the Company to provide good terms and conditions of employment and a positive and safe working environment with internal opportunities for development and progression. The Company seeks to balance the interests of all staff and other stakeholders in the business in a fair and consistent manner. The Company’s high level of growth has generated a large number of new jobs. There have been challenges in filling all vacancies in the local labour market due to low unemployment rates and in some areas skills shortages. The Company has therefore had to supplement its current workforce with overseas workers as well as some contract staff.
Financial key performance indicators
The directors consider the following measures to be important indicators of the underlying performance of the business:
Page 2
Strategic report (continued)
For the year ended 31 December 2024
From the perspective of the directors, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the Company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following:
∙the likely consequences of any decision on the long term financial health of the Company;
∙the interests of the Company's employees;
∙the need to foster the Company's business relationships with customers, suppliers and other parties;
∙the impact of the Company's operations on the community and the environment;
∙the need for the Company to maintain a reputation for high standards of business conduct; and
∙the need to act fairly as between members of the Company.
For the Company the above are cornerstone values and inform all decisions and activities. The Company conducts its business at all times with integrity and in full accordance with the law and all applicable regulations as well as its own internal polices, procedures and principles.
The Board of Directors of the Company, both individually and together, confirm that during the period ended 31 December 2024 they have acted in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act). The following paragraphs summarise how the directors fulfil their duties:
∙As the board of directors, our intention is to behave responsibly and through supervision ensure that management operates the business in a responsible manner.
∙As the board of directors, we are committed to openly engage with our shareholders. It is important to us that shareholders understand and agree with our strategy and objectives for the Company and this is achieved through clear communication and discussion at regular meetings and through routine reporting.
∙As our services expand and the scale of the business grows, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the Company faces. For details of our principal risks and uncertainties, please see previous paragraphs of our strategic report.
∙Our employees are vital to the services provided by the Company. We aim to be a responsible employer in our approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees’ performance and develop talent while ensuring the Company operates as efficiently as possible. The health and safety of our employees is of paramount important to us.
∙In order to continue to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers.
This report was approved by the board on 30 September 2025 and signed on its behalf.
Page 3
Directors' report
For the year ended 31 December 2024
The directors present their report and the audited financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £23,900,603 (2023 - loss £9,792,712 as restated).
A dividend of £12,000,000 (2023 - £Nil) was proposed during the year.
The directors who served during the year were:
The directors plan to continue the Company's current activities.
Page 4
Directors' report (continued)
For the year ended 31 December 2024
The company spent £9,584,359 (2023: £2,180,615) on research and development activities in the period of which £7,251,043 (2023: £Nil) was capitalised.
During the period the policy of providing employees with information about the Company has continued. Employees are encouraged to present their suggestions and views on the Company's performance and areas of improvement, which are cascaded to the wider workforce. Communication briefs have been held and email communication bulletins have been distributed when appropriate along with the use of social media.
Our strategy prioritises growth, driven by continued development of our technological product offering for current and new customers, bringing new customers to the business and developing targeted markets overseas. To do this we focus on developing and nurturing strong customer relationships and reacting quickly to market demands.
We value and work in partnership with our supply chain and have multi year contracts in place with some key suppliers. We ensure we adhere to prompt payment policy and work closely with our suppliers to ensure quality throughout the manufacturing process.
We value and work in partnership with our supply chain and have multi year contracts in place with some key suppliers. We ensure we adhere to prompt payment policy and work closely with our suppliers to ensure quality throughout the manufacturing process.
There are no branches of the Company outside the United Kingdom.
Page 5
Directors' report (continued)
For the year ended 31 December 2024
Intensity measurement
We have chosen the Intensity measurement as emissions in tonne of CO2 per bus manufactured (1,016 (2023: 623). This was chosen as it is a useful figure for the organisation and will allow comparison with other businesses within the manufacturing sector.
Energy efficiency action
Bamford Bus Company Limited is committed to reducing our carbon emissions. We are tracking our carbon footprint and are developing a NET Zero strategy. Some of the current initiatives include:
We have chosen the Intensity measurement as emissions in tonne of CO2 per bus manufactured (1,016 (2023: 623). This was chosen as it is a useful figure for the organisation and will allow comparison with other businesses within the manufacturing sector.
Energy efficiency action
Bamford Bus Company Limited is committed to reducing our carbon emissions. We are tracking our carbon footprint and are developing a NET Zero strategy. Some of the current initiatives include:
∙Manual shut down procedures each evening of plant and machinery in place.
∙Review of feasibility of automatic controls.
∙Solar power installation following recommendations in feasibility study planned for 2025.
∙LED lighting rollout continues in factory areas.
∙Waste management improvements continue - Cardboard baling, improved segregation and collaboration with suppliers to reduce packaging.
∙Energy efficient equipment – New energy efficient variable speed compressor installed. New energy efficient paint booth installed. Additional one planned for 2025.
∙Considering further upgrades.
Methodologies used
We have followed the 2024 UK Government reporting guidance. We used the 2024 UK Government Conversion Factors to complete the calculations for Company Reporting.
Page 6
Directors' report (continued)
For the year ended 31 December 2024
Under Schedule 7.1A of 'Large and Medium—Sized Companies and Groups (Accounting and Reporting) Regulations 2008', the Company has elected to disclose the following directors' report information in the Strategic Report:
∙Principal activities and business review;
∙Principal risks and uncertainties
∙Financial key performance indicators; and
∙Section 172 reporting.
In April 2025, the Company signed a £150m finance agreement with HSBC.
There have been no other significant events affecting the Company since year end.
There have been no other significant events affecting the Company since year end.
The auditors, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 30 September 2025 and signed on its behalf.
Page 7
Independent auditors' report to the members of Bamford Bus Company Limited
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
Page 8
Independent auditors' report to the members of Bamford Bus Company Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Page 9
Independent auditors' report to the members of Bamford Bus Company Limited (continued)
Page 10
Independent auditors' report to the members of Bamford Bus Company Limited (continued)
In response to these principal risks, our audit procedures included but were not limited to:
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants &
Statutory Auditors
Page 11
Statement of comprehensive income
For the year ended 31 December 2024
Page 12
Balance sheet
As at 31 December 2024
The financial statements were approved and authorised for issue by the board on 30 September 2025 and were signed on its behalf.
The notes on pages 17 to 41 form part of these financial statements.
Page 13
Statement of changes in equity
For the year ended 31 December 2024
Page 14
Statement of cash flows
For the year ended 31 December 2024
Page 15
Statement of cash flows (continued)
For the year ended 31 December 2024
Analysis of Net Debt
For the year ended 31 December 2024
Page 16
Notes to the financial statements
For the year ended 31 December 2024
Bamford Bus Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is North Bailey House, 12 New Inn Hall Street, Oxford, United Kingdom, OX1 2RP. The address of the principal place of business is 201 Galgorm Road, Ballymena, Co. Antrim, BT42 1SA.
2.Accounting policies
Page 17
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 18
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Page 19
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Page 20
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 21
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 22
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Provisions are charged as an expense to the profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Page 23
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Estimating allowance for slow moving and obsolete inventory
Management evaluates the realisability of inventory and sales patterns on a case by case basis and makes adjustments to the inventory provision based on an analysis of the historical usage on individual inventory items together with information on post year end trading.
Estimating allowance for impairment of trade debtors
The directors estimate the allowance for doubtful trade debtors based on an assessment of specific accounts where the directors have objective evidence, comprising a default in payment terms or significant financial difficulty, that certain customers are unable to meet their financial obligations.
Estimating useful lives of tangible fixed assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of those assets.
Estimating future warranty costs
Provision for the expected warranty obligation are provided on certain products the Company sells as part of its principal activities. The warranty spend is reviewed annually, and this is used in estimating the estimated future provision required under the contractual obligations of the warranty products.
The Company estimates the future warranty costs based on a number of factors which include historical costs of claims by type of product, anticipated trends in costs based on market trends, and volume of claims based on the age profile and type of product. An increase/(decrease) in the average percentage of claims for all products within the warranty provision as presented by 0.1% would result in an increase/(decrease) of the warranty provision by £2,688,000/(£2,688,000).
Other key assumptions in the warranty provision relate to market trends and data relating to the technological advancement of certain electrification technology.
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Notes to the financial statements
For the year ended 31 December 2024
Page 26
Notes to the financial statements
For the year ended 31 December 2024
Page 27
Notes to the financial statements
For the year ended 31 December 2024
Page 28
Notes to the financial statements
For the year ended 31 December 2024
Page 29
Notes to the financial statements
For the year ended 31 December 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
Page 30
Notes to the financial statements
For the year ended 31 December 2024
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Page 31
Notes to the financial statements
For the year ended 31 December 2024
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Page 32
Notes to the financial statements
For the year ended 31 December 2024
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Page 33
Notes to the financial statements
For the year ended 31 December 2024
Subsidiary undertakings (continued)
Page 34
Notes to the financial statements
For the year ended 31 December 2024
Page 35
Notes to the financial statements
For the year ended 31 December 2024
Page 36
Notes to the financial statements
For the year ended 31 December 2024
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Page 37
Notes to the financial statements
For the year ended 31 December 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,087,076 (2023: £1,577,709). Contributions totaling £342,933 (2023: £228,057 ) were payable to the fund at the balance sheet date and are included in creditors.
Page 38
Notes to the financial statements
For the year ended 31 December 2024
There have been no other significant events affecting the Company since year end.
The ultimate parent of the Company is HydraB Power Limited , a company registered in England and Wales, with a registered office as North Bailey House, 12 New Inn Hall Street, Oxford, OX1 2RP.
The ultimate controlling party isJ Bamford .
The ultimate controlling party is
Comparative information has been reclassified where necessary to conform to the current financial year. There was no impact on reported profit for the year ended 31 December 2023, or on retained earnings as at 1 January 2024, or on net assets as at 31 December 2024.
Page 39
Notes to the financial statements
For the year ended 31 December 2024
The prior year financial information to 31 December 2023 has been restated to correct an error relating to the recognition of revenue. This error has resulted in a number of corrections which also impact Cost of Sales, Inventory, Sales Product Warranty Provision and Taxation.
In addition, the prior year financial information to 31 December 2023 has been restated to correct an error relating to the incorrect recognition of capitalised development costs.
The impact on net assets as at 1 January 2023 and shareholders funds was £nil.
The following sections of the financial statements have been corrected for the year ended 31 December 2023 which incorporate the tax impact of the above adjustments.
In addition, the prior year financial information to 31 December 2023 has been restated to correct an error relating to the incorrect recognition of capitalised development costs.
The impact on net assets as at 1 January 2023 and shareholders funds was £nil.
The following sections of the financial statements have been corrected for the year ended 31 December 2023 which incorporate the tax impact of the above adjustments.
Statement of comprehensive income:
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Page 40
Notes to the financial statements
For the year ended 31 December 2024
Balance sheet:
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In addition, the following key areas of the cashflow statement have been corrected to reflect the adjustments noted above:
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Page 41