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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rm2 International S.a. | LSE:RM2 | London | Ordinary Share | LU1914372336 | ORD USD0.01 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMRM2
RNS Number : 6372A
RM2 International SA
30 September 2015
30 September 2015
RM2 International S.A.
Interim Results
RM2 International S.A. ("RM2" or the "Company"), the vertically-integrated innovator in pallet development, manufacture, supply and management, today announces its unaudited results for the six months ended 30 June 2015.
Financial Highlights
Hot Features
Premium
-- Revenues for the first six months of
2015 of US$1.77 million (H1 2014: US$0.78
million)
-- Loss after tax for the period of US$25.4
million (H1 2014: US$22.2 million)
-- Debt free with cash and cash equivalents
of US$35.9 million at 30 June 2015
-- Production is expected to be not less
than 2.5 million pallets in 2016, with
a production run rate at the end of
the fourth quarter of 2016 of c. 300,000
pallets per month
Operational highlights
-- Senior level customer engagement increased
-- New proposals for roll outs under negotiation
-- Signed contracts with 15 customers including
new contracts in September with two
of the largest packaging companies in
North America
-- Trials with pre-screened customers underway
with nine additional potential customers
-- Three of the largest retailers in North
America have approved the RM2 pallet
for trial by their vendors
Chief Executive Officer, John Walsh, commented:
"As we reported last week, we are delivering a quality, mass-produced product to our customers in ever-increasing volumes which will generate powerful performance for our shareholders."
For further information:
+44 (0)20 8820
RM2 International S.A. 1412
John Walsh, Chief Executive Officer
Jean-Francois Blouvac, Chief Financial
Officer
Ruari McGirr, Head of Planning
and Communication
+44 (0)20 7397
RBC Capital Markets 8900
Tristan Lovegrove
Pierre Schreuder
Ema Jakasovic
+44 (0)20 7638
Citigate Dewe Rogerson 9571
Kevin Smith
Ellen Wilton
Notes to Editors
RM2 International S.A. specialises in pallet development, manufacture, supply and management to establish a leading presence in global pallet supply and improve the supply chain of manufacturing and distribution businesses through the effective and efficient use and management of composite pallets. It is quoted on the AIM market of the London Stock Exchange under the symbol RM2.L.
For further information, please visit www.rm2.com
Chairman's and CEO's Statement
We are pleased to announce RM2's interim results for the six months ended 30 June 2015.
Engagement with senior management of customers has begun to generate an increasing number of proposals for specific implementations and roll out opportunities. We are satisfied with the new proposals for roll outs under negotiation and are pleased with the progress we have made in securing contracts with two of the largest packaging companies in North America, each with the potential for significant expansion.
As previously announced, we continue to develop trial opportunities with additional customers. Trials are only undertaken after a thorough screening process in which the alignment of customer and Company metrics are demonstrated, and since initiating the assessment process, virtually every formal customer trial has led to a contract.
During the period under review, the Company has made significant advances in the development of the BLOCKPal(TM) pallet. Following direct customer feedback, the Company has reassessed the friction coating method and developed a new gel based system to address client concerns. The gel coating provides increased pallet durability, improves client experience including hygiene and health and safety concerns and is also expected to bring efficiencies and cost savings to the manufacturing process. The first gel coating systems are being commissioned, with the balance of the systems expected to be delivered during Q4.
The Company had expected substantial upswing to begin in Q3 2015 and accelerate through Q4. However, as a result of the decision to change to gel coating, announced on 24 September 2015, revenue and production numbers for full year 2015 will be significantly below previous guidance. Based on current contracts and trials as well as discussions underway, the Company is confident of being able to profitably deploy all the pallets produced.
Financial Results
The Company recorded revenues for the first six months of 2015 of US$1.77 million (H1 2014: US$0.78 million) and a loss after tax for the period of US$25.4 million (H1 2014: 22.2 million).
Cash and cash equivalents were US$35.9 million at 30 June 2015 (H1 2014: US$115.5 million); cash and cash equivalents were US$20.4 million and the raw material inventory was US$7.9 million at August 31, 2015.
Outlook
As highlighted in the operational update on 24 September, as a result primarily of the decision to change to gel coating, the Company will not achieve the substantial upswing in production that had been expected to begin in Q3 this year and accelerate through Q4. Production is expected to be not less than 2.5 million pallets in 2016, with a production run rate at the end of the fourth quarter of 2016 of c. 300,000 pallets per month. Based on current contracts and trials as well as discussions underway, the Company is confident of being able to deploy profitably all the pallets produced.
Ian Molson, Chairman and John Walsh, Chief Executive Officer
RM2 INTERNATIONAL S.A.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2015
Six months Six months
to 30 to 30 Year to
June 2015 June 2014 31 December
Unaudited Unaudited 2014
Notes (Reclassified) Audited
USD USD USD
Continuing operations
Revenue 5 1,771,391 781,431 2,000,416
Cost of sales 6 (17,187,856) (8,733,328) (21,609,717)
-------------- ------------------ ------------------
Gross profit (15,416,465) (7,951,897) (19,609,301)
Administrative expenses
Selling, General and Administrative
expense 7 (10,287,482) (8,121,785) (18,260,590)
IPO expenses - (4,570,385) (4,570,385)
Other operating expenses 8 (64,014) (758,708) (656,023)
Other operating income 8 740,357 93,874 670,927
-------------- ------------------ ------------------
Operating loss (25,027,604) (21,308,901) (42,425,373)
Impairment of financial
asset -
Finance costs (867,840) (1,143,630) (5,666,397)
Finance income 659,861 311,238 776,629
-------------- ------------------ ------------------
Loss before tax (25,235,583) (22,141,293) (47,315,141)
Income tax (172,828) (93,218) 97,391
-------------- ------------------ ------------------
Loss for the period (25,408,411) i.1. (22,234,511) i.2. (47,217,750)
============== ================== ==================
Other comprehensive income
Other comprehensive income
to be reclassified in
profit or loss in subsequent
periods:
-------------- ------------------ ------------------
Exchange difference on
translation of foreign
operations (1,527,059) 721,780 1,370,822
-------------- ------------------ ------------------
Other comprehensive income
for the year, net of tax (1,527,059) 721,780 1,370,822
Total comprehensive income
for the year (26,935,415) (21,512,731) (45,846,928)
============== ================== ==================
Loss for the year attributable
to:
Parent company shareholders (25,408,411) (22,234,511) (47,217,750)
Total comprehensive income
for the year attributable
to:
Equity holders of the
parent (26,935,415) (21,512,731) (45,846,928)
Losses per share
Basic losses per share
attributable to ordinary
equity holders of the
parent 17 (0.08) (0.07) (0.15)
Diluted losses per share
attributable to ordinary
equity holders of the
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
parent 17 (0.08) (0.07) (0.15)
============== ================== ==================
RM2 INTERNATIONAL S.A.
Consolidated Statement
of Financial Position
For the year six months
ended 30 June 2015 30 June
30 June 2014 31 December
2015 Unaudited 2014
Notes Unaudited Restated Audited
USD USD USD
Assets
Non-current assets
Property, plant & equipment
- others 9 35,710,996 22,706,731 26,260,546
Property, plant & equipment
- pallet pool 10 10,844,909 264,588 2,754,506
Investment property 1,371,279 1,572,263 1,396,512
Intangible assets 11 3,006,148 4,569,210 3,606,693
50,933,332 29,112,792 34,018,257
Current assets
Inventory 12 15,985,591 3,945,946 7,017,188
Trade and other receivables 13 5,179,826 3,642,582 3,889,105
Other current financial
assets 74,310 81,850 59,548
Prepayments 808,044 634,901 2,830,642
Restricted cash 2,027,062 - 2,149,975
Cash and cash equivalents 35,860,977 115,549,118 82,882,794
-------------- ------------------ --------------------
59,935,811 123,854,397 98,829,252
Total assets 110,869,142 152,967,189 132,847,509
============== ================== ====================
Equity and liabilities
Equity
Issued capital 16 3,230,302 3,217,772 3,227,772
Share premium 16 219,357,851 219,357,851 219,357,851
Retained earnings (143,021,951) (92,630,301) (117,613,540)
Share based payment
reserve 18,339,362 16,343,324 16,958,803
Foreign currency translation
reserve (128,322) 749,695 1,398,737
Treasury Stock (3,424) - -
--------------
Equity attributable
to parent company shareholders 97,773,818 147,038,341 123,329,623
Non-current liabilities
Interest bearing loans
and borrowings 14 2,030,092 2,338,804 2,053,541
Deferred tax liabilities 251,493 556,192 403,286
--------------
2,281,585 2,894,996 2,456,827
Current liabilities
Interest bearing loans
and borrowings 14 18,860 84,657 28,573
Trade and other payables 15 9,789,422 2,654,073 6,160,275
Deferred income 634,004 16,857 678,397
Current tax liabilities 371,453 278,265 193,814
10,813,739 3,033,852 7,061,059
Total liabilities 13,095,324 5,928,848 9,517,886
Total equity and liabilities 110,869,142 152,967,189 132,847,509
============== ================== ====================
RM2 INTERNATIONAL S.A.
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2015
Attributable to parent company shareholders
Foreign Share
currency based
Share Share Retained translation Treasury payment Total
capital premium earnings reserve Shares reserve equity
USD USD USD USD USD USD USD
As at 31
December
2013 (audited) 1,561,828 31,134,458 (100,836,892) 27,915 - 15,743,333 (52,369,358)
================= ========== ============= ============== ============= ========= =========== =============
Loss for the
year - - (22,234,511) - - - (22,234,511)
Other
comprehensive
income - - - 721,780 - - 721,780
----------------- ---------- ------------- -------------- ------------- --------- ----------- -------------
Total
comprehensive
income - - (22,234,511) 721,780 - (21,512,731)
Absorption of
losses (30,441,102) 30,441,102 - - - -
Shares issued in
the period 1,655,944 223,097,977 - - - - 224,753,921
Transaction
costs
on capital
operations (4,433,482) - - - - (4,433,482)
Non-cash share
based payments - - - - - 599,991 599,991
Transactions
with
shareholders 1,655,944 188,223,393 30,441,102 - - 599,991 220,920,430
As at 30 June
2014
(unaudited) 3,217,772 219,357,851 (92,630,301) 749,695 - 16,343,324 147,038,341
Loss for the
year - - (24,983,239) - - - (24,983,239)
Other
comprehensive
income - - - 649,042 - - 649,042
----------------- ---------- ------------- -------------- ------------- --------- ----------- -------------
Total
comprehensive
income - - (24,983,239) 649,042 - (24,334,197)
Shares issued in
the period 10,000 - - - - - 10,000
Non-cash share
based payments - - - - - 615,479 615,479
Transaction with
shareholders 10,000 - - - - 615,479 625,479
As at 31
December
2014 (audited) 3,227,772 219,357,851 (117,613,540) 1,398,737 - 16,958,803 123,329,623
Loss for the
period - - (25,408,411) - - - (25,408,411)
Other
comprehensive
income - - - (1,527,059) - - (1,527,059)
----------------- ---------- ------------- -------------- ------------- --------- ----------- -------------
Total
comprehensive
income - - (25,408,411) (1,527,059) - (26,935,470)
Absorption of - - - - - - -
losses
Shares issued in
the period 2,530 - - - - - 2,530
Repurchase of
shares
into treasury - - - - (3,424) - (3,424)
Non-cash share
based payments - - - - - 1,380,559 1,380,559
Transaction with
shareholders 2,530 - - - (3,424) 1,380,559 1,379,665
As at 30 June
2015
(unaudited) 3,230,302 219,357,851 (143,021,951) (128,322) (3,424) 18,339,362 97,773,818
================= ========== ============= ============== ============= ========= =========== =============
RM2 INTERNATIONAL S.A.
Consolidated Statement
of Cash Flows
For the six months ended Year
30 June 2015 Six months Six months ended
to 30 to 30 31 December
June 2015 June 2014 2014
(MORE TO FOLLOW) Dow Jones Newswires
September 30, 2015 02:03 ET (06:03 GMT)
Notes Unaudited Unaudited Audited
Cash flows from operating USD
activities USD USD
Loss before tax (25,235,583) (22,141,293) (47,315,141)
Adjustment to reconcile
profit before tax to net
cash flows
Amortisation and depreciation
of non-current assets 2,567,701 751,217 2,961,340
Provision for bad debts 90,750 - -
Non-cash share based charges 1,380,559 599,991 1,215,470
Transaction costs on capital
operations, including
IPO - 4,570,385 4,570,385
Finance income (67,166) (311,328) (332,634)
Finance expenses 25,608 528,487 822,896
Unrealised foreign exchange
gains 817,728 1,217,084 2,631,708
Net loss/(gain) on disposal
of Property, Plant and
Equipment ("PPE") and
intangible assets (421,682) 79,130 82,775
Variation in working capital
(Increase)/decrease in
inventory (8,968,403) (2,421,154) (5,492,396)
Decrease/(increase)/in
trade and other receivables 642,028 (2,117,850) (4,557,881)
Increase/(decrease) in
trade and other payables 3,509,526 (2,548,010) 2,247,291
Decrease/(increase)/ in
restricted cash - (2,149,975) (2,149,975)
Income tax paid (90,450) (137,270) (809,493)
Net cash flows from operating
activities (25,749,384) (24,080,586) (46,125,654)
Cash flows from investing
activities
(Increase)/decrease in
intangible assets - (851,788) (1,065,674)
(Increase)/decrease in
PPE in the course of commissioning (8,666,039) - (5,510,766)
(Increase)/decrease in
other PPE (2,819,557) (9,662,972) (9,799,439)
(Increase)/decrease in
pallet pool (8,842,115) - (2,466,928)
Loans granted to third
parties (14,762) (15,872) 6,430
Finance income received 67,166 311,328 332,634
Net cash flows from investing
activities (20,275,247) (10,219,304) (18,503,743)
Cash flows from financing
activities
Issuance of capital 16 2,530 224,753,921 224,763,920
Purchase of treasury shares (3,424) - -
Transaction costs on capital
operations, charged against
share premium account. - (4,433,482) (4,433,482)
Transaction costs on capital
operations, including
IPO - (4,570,385) (4,570,385)
Proceeds from other and
related party borrowings 70,284 21,436 28,277
Repayment of other and
related party borrowings (28,273) (338,918) (360,573)
Finance Costs (25,608) (294,009) (308,359)
Settlement of loans and
costs following IPO
Repayment of other and
related party borrowings - (24,700,000) (24,700,000)
DPEI Warrant settlement - (40,000,000) (40,000,000)
Interest paid on borrowings - (804,712) (804,712)
Fees in relation to loans - (6,175,000) (6,175,000)
Net cash flows from financing
activities 15,509 143,458,851 143,439,688
Net change in cash and
cash equivalents (46,009,182) 109,158,961 78,810,289
============= ============= ==============
Increase/decrease in cash
and cash equivalents (46,009,182) 109,158,961 78,810,289
Cash and cash equivalents
at 1 January 82,882,794 4,193,136 4,193,136
Exchange adjustment of
cash and cash equivalents (1,012,635) 47,046 (120,631)
------------- ------------- --------------
Cash and cash equivalents
at end of period 35,860,977 113,399,143 82,882,794
============= ============= ==============
RM2 INTERNATIONAL S.A.
Notes (unaudited) to the Interim Consolidated Financial Information
1 Corporate information
RM2 International S.A. (the "Company") is a limited company (société anonyme) incorporated and domiciled in Luxembourg with the registration number B132.740. The registered office is located at Rue de la Chapelle 5, L1235 Luxembourg. The Company is the ultimate parent entity of the RM2 Group (the "Group").
The Group is principally engaged in manufacturing, leasing and selling shipping pallets and in providing related logistical services.
This unaudited interim consolidated financial information does not constitute statutory accounts.
2 Basis of preparation
This unaudited interim consolidated financial information is prepared in compliance with AIM Rule 18. As unaudited interim consolidated financial information, it does not include all the information required in annual financial information, and should be read in conjunction with the Group's historical financial information for the year ended 31 December 2014.
The accounting policies and basis of preparation adopted are consistent with those followed in the preparation of the Group's historical financial information for the year ended 31 December 2014. None of the newly applicable IFRS standards and amendments has had an impact on the Group's interim consolidated financial information.
Early adopted standards
The Group did not early-adopt any new or amended standards and does not plan to early-adopt any of the standards issued but not yet effective
Reclassification
The June 2014 figures have been reclassified to re allocate the production costs as costs of sales rather than as part of the Selling, General and Administrative expense. The production facility only undertakes manufacturing operations and therefore its operating costs are considered as cost of sales rather than any administrate expenses. Cost of sales is higher than the revenue, reflecting the under absorption of costs into goods sold and the pallet pool. The effect of the reclassification in June 2014 is to increase the cost of sales by $6,604,022 and to reduce Selling, General and Administrative expenses by the same amount.
3 Significant accounting judgements, estimates and assumptions
When preparing the unaudited interim consolidated financial information, Management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgments, estimates and assumptions made by Management, and will seldom equal the estimated results.
The judgments, estimates and assumptions applied in the interim consolidated financial information, including the key sources of estimation uncertainty, were the same as those applied in the Group's historical financial information for the year ended 31 December 2014.
4 Significant events and transactions
In accordance with Disclosure Transparency Rules 4.2.7(1) and 4.2.7(2), the Company herewith includes a statement of important events during the first six months of the year and a description of principal risks and uncertainties for the remaining six months.
The engagement with senior management of customers, which was reported by the Company in June, has begun to generate proposals for specific implementations and roll out opportunities. The Company has recently signed contracts with two of the largest packaging companies in North America, each with the potential for significant expansion. This brings total contracted customers to 15, the vast majority in leasing contracts (as opposed to pallet sales contracts). The Company is currently conducting trials with nine additional potential customers.
Direct feedback from customers has highlighted the need to change the friction coating method from powder coating to a gel-based system. The gel coating addresses customers' health, hygiene and safety needs better, increases durability over the life cycle of the pallet and is also expected to bring efficiencies and cost savings to the manufacturing process. The first gel coating systems are being commissioned, with the balance of the systems expected to be delivered during Q4.
As a result primarily of the decision to change to gel coating, the Company will not achieve the substantial upswing in production that had been expected to begin in Q3 this year and accelerate through Q4. This means that revenue and production numbers for the full year will be significantly below previous guidance.
5 Segmental reporting
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The Group has only one operating segment for the disclosure of revenue, being the production, the sale and the rental of pallets including related logistical services. Asset allocation decisions are based on a single, integrated investment strategy, and the Group's performance is evaluated on an overall basis. The Group's revenue analysis, however, is broken down by revenue stream as disclosed below.
Operating segment is reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the chief executive officer.
The internal reporting of the Group's assets, liabilities and performance is prepared on a consistent basis with the measurement and recognition principles of IFRS.
There were no changes in the reportable segments during the year.
The diversification of the Group's customer portfolio is limited presently. During the period there was 1 customer who represent more than 10% of the Group's revenues.
Turnover
Six months Six months Year ended
to 30 to 30 31 December
June 2015 June 2014 2014
Unaudited Unaudited Audited
Sold, leased pallets
and logistical services 1,032,049 9,984 444,125
Third-party tracking
services 739,342 771,447 1,556,291
----------- ----------- -------------
1,771,391 781,431 2,000,416
=========== =========== =============
Geographical information
The parent company is based in Luxembourg. The information for the geographical area of non-current assets are presented for the most significant areas where the group has operations, being Luxembourg (country of domicile), the rest of Europe and North America.
Six months Six months Year ended
to 30 to 30 31 December
June 2015 June 2014 2014
Unaudited Unaudited Audited
Luxembourg 2,247,274 2,653,080 3,451,895
Rest of Europe 8,095,908 8,310,165 7,055,336
North America 40,590,150 18,149,546 23,511,029
----------- ----------- -------------
50,933,332 29,112,792 34,018,257
=========== =========== =============
Non-current assets for this purpose consist of property, plant and equipment, investment properties and intangible assets.
6 Cost of sales
Six months Six months Year ended
to 30 to 30 31 December
June 2015 June 2014 2014
Unaudited Unaudited Audited
Cost of goods sold -
Blockpal 152,668 - 271,952
Cost of goods sold -
services 162,384 136,879 283,013
Amortization of pallet
pool 619,244 25,722 88,258
Cost of software, licenses
and services 734,892 653,649 1,393,418
Factory absorption 14,485,152 5,950,373 16,767,957
Other 1,033,516 1,966,705 2,805,119
----------- ----------- -------------
17,187,856 8,733,328 21,609,717
=========== =========== =============
Factory absorption is the variance between the recorded cost to produce pallets and the standard expected cost to produce pallets. The standard cost is used to calculate the value of pallets produced for purposes of inventory and assets. The total cost of the production facility for which the total manufacturing capacity is circa 3 million pallets was not fully absorbed by production in the year and the under absorption is shown as a cost of sales. In addition, the factory absorption ratio was significantly negatively impacted by reduced pallet production attributable to the move from the Dixie road facility to the larger Ontario facility and the commissioning and ramp-up time associated with the on-streaming of new capital equipment.
7 Selling, General and Administrative Expense
Six months Six months Year ended
to 30 to 30 31 December
June 2015 June 2014 2014
Unaudited Unaudited Audited
Corporate costs 1,102,090 1,920,758 4,532,516
Selling and distribution
costs 3,997,019 3,125,551 6,614,849
Non-cash share based
payment 1,380,559 599,991 1,215,470
Depreciation 772,420 274,975 1,362,317
Other 3,035,394 2,200,508 4,535,438
10,287,482 8,121,785 18,260,590
=========== =========== =============
8 Other operating income and expenses
Other operating income Six months Six months Year ended
to 30 to 30 31 December
June 2015 June 2014 2014
Unaudited Unaudited Audited
Net gain/ (loss) on
disposal of PPE 421,682 (76,972) 1
Rental income 153,683 167,752 329,450
Other 164,992 3,094 341,476
----------- ----------- -------------
Total other operating
income 740,357 93,874 670,927
=========== =========== =============
Other operating expenses Six months Six months Year ended
to 30 to 30 31 December
June 2015 June 2014 2014
Unaudited Unaudited Audited
Direct operating expenses
on rental-earning investment
properties 12,934 36,246 101,119
Other 51,080 722,462 554,904
----------- ----------- -------------
Total other operating
expenses 64,014 758,708 656,023
=========== =========== =============
9 Property, plant and equipment- other
Land & Plant Manufacturing Total
Building & Equipment equipment
in commissioning
USD USD USD USD
Cost
As at 31 December
2013 (audited) 1,942,669 12,824,716 3,537,463 18,304,848
Additions - 9,662,972 - 9,662,972
Disposals (136,068) - - (136,068)
Other / transfers 3,433 (3,433) - -
Exchange differences (3,964) (29,943) - (33,907)
---------- ------------- ------------------ ------------
As at 30 June 2014
(unaudited) 1,806,070 22,454,312 3,537,463 27,797,845
Additions 110,702 25,766 5,510,766 5,647,234
Disposals 14,406 - - 14,406
Other / transfers (3,433) 3,433 - -
Exchange differences (190,578) (870,451) - (1,061,029)
---------- ------------- ------------------ ------------
As at 31 December
2014 (audited) 1,737,167 21,613,060 9,048,229 32,398,456
Additions - 3,241,239 8,666,039 11,907,278
Exchange differences 89,704 (1,010,749) (324,687) (1,245,732)
---------- ------------- ------------------ ------------
As at 30 June 2015
(unaudited) 1,826,871 23,843,550 17,389,581 43,060,002
========== ============= ================== ============
Depreciation and impairment
As at 31 December
2013 (audited) 178,274 979,453 3,537,463 4,695,190
Depreciation charge
for the period 36,173 431,049 - 467,222
Disposals (56,938) - - (56,938)
Other / transfers 572 (572) - -
Exchange differences (47) (14,312) - (14,359)
---------- ------------- ------------------ ------------
As at 30 June 2014
(unaudited) 158,033 1,395,618 3,537,463 5,091,114
Depreciation charge
for the period 17,753 1,270,243 - 1,287,996
Disposals 18,050 - - 18,050
Other / transfers (572) 572 - -
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September 30, 2015 02:03 ET (06:03 GMT)
Exchange differences (21,818) (237,433) - (259,251)
---------- ------------- ------------------ ------------
As at 31 December
2014 (audited) 171,447 2,429,000 3,537,463 6,137,910
Depreciation charge
for the period 32,240 1,153,426 - 1,185,666
Exchange differences (530) (99,436) - (99,966)
---------- ------------- ------------------ ------------
As at 30 June 2015
(unaudited) 203,157 3,482,990 3,537,463 7,223,610
========== ============= ================== ============
Net book value
As at 30 June 2015
(unaudited) 1,527,488 20,331,390 13,852,118 35,710,997
========== ============= ================== ============
As at 31 December
2014 (audited) 1,565,720 19,184,060 5,510,766 26,260,546
========== ============= ================== ============
As at 30 June 2014
(unaudited) 1,648,037 21,058,694 - 22,706,731
========== ============= ================== ============
10 Property, plant and equipment - Pallet pool
Pallet
Pool
USD
Cost
As at 31 December
2013 (audited) 419,153
Additions -
As at 30 June 2014
(unaudited) 419,153
Additions 2,466,928
As at 31 December
2014 (audited) 2,886,081
Additions 8,842,115
As at 30 June 2015
(unaudited) 11,728,197
===========
Depreciation and impairment
As at 31 December
2013 (audited) 43,317
Depreciation charge
for the period 111,248
As at 30 June 2014
(unaudited) 154,565
Depreciation charge
for the period (22,990)
As at 31 December
2014 (audited) 131,575
Depreciation charge
for the period 751,713
As at 30 June 2015
(unaudited) 883,288
===========
Net book value
As at 30 June 2015
(unaudited) 10,844,909
===========
As at 31 December
2014 (audited) 2,754,506
===========
As at 30 June 2014
(unaudited) 264,588
===========
11 Intangible assets
Software Trade Customer Acquired Goodwill Total
names relationships licences
and
similar
intangible
assets
USD USD USD USD USD USD
Cost
As at 31 December
2013 (audited) 1,964,184 163,682 491,046 47,033 1,130,872 3,796,817
Additions 851,789 - - - 851,789
Exchange differences 80,109 6,675 20,027 - 46,122 152,933
---------- --------- --------------- ------------ ---------- ----------
As At 30 June
2014 (unaudited) 2,896,082 170,357 511,073 47,033 1,176,994 4,801,539
Additions - - - 250,000 - 250,000
Exchange differences (216,475) (15,029) (45,090) - (103,841) (380,435)
---------- --------- --------------- ------------ ---------- ----------
As at 31 December
2014 (audited) 2,679,607 155,328 465,983 297,033 1073,153 4,671,104
Additions - - - - - -
Exchange differences 32,010 1,856 5,567 - 12,819 52,252
---------- --------- --------------- ------------ ---------- ----------
As At 30 June
2015 (unaudited) 2,711,617 157,184 471,550 297,033 1,085,972 4,723,356
========== ========= =============== ============ ========== ==========
Depreciation
and impairment
As at 31 December
2013 (audited) - - - 45,233 - 45,233
Amortization
charge for the
period 133,973 11,164 33,493 1,200 - 179,830
Exchange differences 5,449 455 1,362 - - 7,266
---------- --------- --------------- ------------ ---------- ----------
As at 30 June
2014 (unaudited) 139,422 11,619 34,855 46,433 - 232,329
Amortization
charge for the
period 753,709 19,443 58,331 599 - 832,082
---------- --------- --------------- ------------ ---------- ----------
As at 31 December
2014 (audited) 893,131 31,062 93,186 47,032 - 1,064,411
Amortization
charge for the
period 421,670 45,855 137,566 - - 605,090
Exchange differences 41,009 1,675 5,023 - - 47,707
---------- --------- --------------- ------------ ---------- ----------
As at 30 June
2015 (unaudited) 1,355,810 78,592 235,775 47,032 0 1,717,208
========== ========= =============== ============ ========== ==========
Net book value
As at 30 June
2015 (unaudited) 1,355,807 78,592 235,775 250,001 1,085,972 3,006,148
========== ========= =============== ============ ========== ==========
As at 31 December
2014 (audited) 1,786,476 124,266 372,797 250,001 1,073,153 3,606,693
========== ========= =============== ============ ========== ==========
As at 30 June
2014 (unaudited) 2,756,660 158,738 476,218 600 1,176,994 4,569,210
========== ========= =============== ============ ========== ==========
The goodwill arises from the acquisition of Equipment Tracking Limited in 2013.
12 Inventories
30 June 30 June 31 December
2015 Unaudited 2014 Unaudited 2014
Audited
Raw Materials 7,314,957 2,759,664 3,108,970
Work in progress 2,761,851 1,103,947 1,448,422
Finished goods-pallets 5,908,783 82,335 2,459,796
---------------- ---------------- -----------------------
Total Inventories 15,985,591 3,945,946 7,017,188
================ ================ =======================
13 Trade and other receivables
30 June 30 June 31 December
2015 Unaudited 2014 Unaudited 2014
Audited
Trade receivables 1,491,809 220,020 648,353
Income tax receivables 3,178 44 2,275
Other tax receivables 2,845,690 2,033,312 2,179,364
Other receivables 839,149 1,389,206 1,059,113
---------------- ---------------- ------------
Total trade and other
receivables 5,179,826 3,642,582 3,889,105
================ ================ ============
14 Interest-bearing loans and borrowings
As at As at As at
30 June 30 June 31December
2015 2014 2014
Unaudited Unaudited Audited
Effective Maturity USD USD USD
interest date
rate
Non-current interest-bearing
loans and borrowings
CHF 2,100,000 Bank 30 November
loan 2.4% 2015 2,020,661 2,328,583 2,021,220
(The loan is secured
by a mortgage on
the building held
by the Group in Switzerland.)
Hire purchase liabilities
in excess of one
year 9,431 10,221 33,321
Total non-current
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