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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Clear Skies Energy Plc | AQSE:STAR.GB | Aquis Stock Exchange | Ordinary Share | GB00BZ042C28 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.20 | 10.91% | 12.20 | 9.94 | 12.90 | 12.20 | 11.00 | 11.00 | 0.00 | 15:29:31 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSTAR
RNS Number : 1365J
Starcom PLC
07 September 2016
7 September 2016
Starcom Plc
("Starcom" or the "Company")
Interim Results
For the 6 months ended 30 June 2016
Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people, announces its interim results for the six months ended 30 June 2016.
Highlights
-- Revenue for the period of $2.5m (H1 2015: $2.6m) -- Gross margin of 38% (FY 2015; 40% and H1 2015:44%) -- Loss for the period after tax reduced to $613,000 (H1 2015: $691,000) -- Successful fundraising of GBP450,000 ($648,000) before expenses -- Launch of Watchlock Pro in June -- Strong sales pipeline for H2
Avi Hartmann, CEO of Starcom, commented "Although first half results are broadly similar to the same period in 2015, there are a number of sales opportunities being pursued, including following the launch of Watchlock Pro, which are expected to lead to a significant improvement in the second half of the year."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Hot Features
Premium
For further information, please
contact:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
+972 5430 70103
Avi Hartmann, CEO +972 3619 9901
Northland Capital Partners Limited 020 3861 6625
Nominated Adviser and Broker
Edward Hutton / David Hignell
(Corporate Finance)
John Howes / Abigail Wayne
(Sales and Broking)
Peterhouse Corporate Finance
Limited
Joint Broker 020 7469 0930
Lucy Williams / Charles Goodfellow
/ Eran Zucker
Leander PR
Financial PR
Christian Taylor-Wilkinson 020 7520 9267
07795 168 157
CHAIRMAN'S STATEMENT
I am pleased to report the unaudited results for the six months period ended 30 June 2016. Revenues were $2,507,000 (2015 H1: $2,634,000), whilst gross margin was 38%, compared to 40% for full year 2015 (2015 H1: 44%). Net loss for the period after tax was $612,677 (2015 H1: $691,312)
During the period, a placing of new shares at 1.5p per share raised GBP450,000 ($648,000) before expenses. This has provided sufficient working capital for the present needs of the Company at its current and near term expected levels of business.
We have directed considerable effort and activity in promoting our range of products this year. We have made some staff changes in our sales and marketing team, as well as the appointment of new distributors in a number of areas. As previously announced, we have also begun a more targeted approach in the USA with a new office in Miami and a small dedicated team is now in place. We know this will take time to develop fully, but already in a relatively short period of time we have engaged with a number of potential new customers. Several pilots are now in progress and we are making product adjustments, where needed, based on the feedback received. We are therefore hopeful that we will begin to make serious inroads into this market with a number of local partners.
We have also succeeded in making progress with some major insurance companies in the US and Europe, which are beginning to recognise the benefits of our products as means of better protecting valuable cargoes and are therefore prepared to offer financial benefits to their customers to encourage the use of our products. Achieving this recognition has been a long term aim of the Company and it is pleasing to see our efforts coming to fruition which should hopefully boost demand.
The first half results include $845,000 of SAS revenues which continue to show growth. These SAS revenues were not at their full potential in the first half due to customer delays in activating the software. We believe this will be rectified in the second half, resulting in further growth in SAS revenues. For this reason, and due to the dominance of the Helios Standard in the sales mix (which we are working to change as explained below), there was a decrease in total gross margin compared to the corresponding period last year (although a marginal improvement on the second half of last year) . As referred to in previous statements, Helios Standard is in a price-competitive market place and in certain cases we have chosen to accept a lower margin in order to benefit from the monthly ongoing recurring SAS revenues.
Overheads are now stabilised at a lower level than in the past and inventories have reduced since the year end. In addition, recently, we have been able to negotiate better pricing for some of the items manufactured in Taiwan, which should assist in future sales.
Products
Helios
The Helios Hybrid is proving a successful product justifying a unit price that is some six times the price of the standard model and recurring fees about twenty times the standard model due to the satellite connections. We have continued to make steady sales of the Standard, Advanced and TT models but also seek to benefit from the more profitable and unique Hybrid model. Market response to the Hybrid is good, including reports on more efficient use of fleets, better safety and more effective tracking procedures.
The arrangements with Pinnacle in Kenya progressed well during the first half but they have been rather slow in installing and connecting the units purchased so far into our systems. This has held back some of the SAS revenues that would have been received in the period as mentioned above. We do anticipate that this will change during the second half of the year.
Watchlock
The new version of the Watchlock known as Watchlock Pro was effectively only launched into the market during July 2016, yet some sales have already been booked following the launch. Its extended battery life and lower cost is expected to appeal to a wider variety of customers. We are also working on an even simpler version to be known as Watchlock 1.5 which we hope to launch before the end of the calendar year. This will be a lighter and even cheaper version of the Watchlock Pro and will incorporate much of the original electronic boards for the earlier Watchlock 1.0 which will enable us to utilise existing component inventory. In addition we have succeeded in selling a number of the earlier versions thus reducing stock of those items.
Tetis
The Tetis is gradually being accepted into the market but sales still remained slow in the first half of the year. Customers mentioned in previous reports are still undergoing further trials with the product and so far have expressed satisfaction with the results. And, as referred to above, we have now achieved recognition by a few major insurers whereby, in the case of valuable cargoes being shipped in containers, the cost of the Tetis is effectively offset by a waiver issued by the insurance company to remove the inspection fees they would otherwise charge. This will make Tetis self-financing which we see as a breakthrough for the Tetis offering. We are working to recruit partners to provide the installation services. We have recently signed a small trial order under this system through our Miami office and are hopeful that larger orders will follow. We have also received very positive interest from distributors in Asia and South America.
Further development of the Tetis has taken place so as to extend battery life in dry reefers and improve the network coverage worldwide by upgrading the modem.
Kylos
The latest addition to the Kylos range is called the Kylos Air which is a monitoring system for the safe delivery of air cargo. This product incorporates light, temperature, accelerometer and new barometric sensors. It complies with the Federal Aviation Administration Regulations which require the cellular's modem to be deactivated on takeoff and reactivated automatically on landing. This has attracted considerable interest and once all necessary approvals have been obtained we are hopeful that orders will follow.
SAS
We are pleased to record increased revenues from the software based tracking service. We offer over 20 new features on our Starcom Online system including the ability to set unit parameters and provide full support in vehicle maintenance. This recurring revenue stream is expected to continue to show further growth.
Financial Report
Group revenues for the period were $2.5m, compared with $2.6m for the six months ended 30 June 2015, a decrease of 5%.
The gross margin for the period was 38% showing a decrease of 6%, compared with 44% for same period in 2015, but a smaller decrease compared to 40% for the full year 2015. The decrease is mainly explained by the price erosion in the Standard Helios as commented on above.
Major savings of 26% in general and administrative expenses were achieved: ($1m in the period compared with $1.35m for the six months ended 30 June 2015). The management salaries in the general and administrative expenses were decreased by $0.2m.
Operating loss decreased to $0.44m (18% of revenues) compared with an operating loss of $0.5m for the six months ended 30 June 2015, an improvement of 11%.
The Group balance sheet showed an increase in trade receivables to $1.5m. In the period ended 30 June 2016. There were no material provisions against debtors. Group inventories for the period were $1.9m, compared to $2.2m as at 31 December 2015, showing a decrease of $0.2m.
Trade payables for the period were $1.4m, compared with $1.3m as at 31 December 2015, showing an increase of $0.1m.
Net cash used in operating activities for the period was $0.2m, compared with the same amount for the six months ended 30 June 2015.
The net loss for the period was $613,000 (2015: $691,000). However, net assets as at 30 June 2016 improved to $3,575,000 (31 December 2015: $3,497,000) reflecting the conversion of convertible unsecured loans into equity during the period and the placing of new shares in March 2016.
Appointment of new Director
Mr Udi Shenig joined us as Chief Financial Officer in June 2015. We are pleased that the Board has now resolved to appoint Udi to the Board of Starcom with immediate effect.
Outlook
As in previous years, we expect most of the second half revenues to fall into the fourth quarter. Although results in the first half of this year are essentially similar to those of last year, the size and quality of the sales pipeline and the level of maturity of the new products are both significantly stronger by comparison. There are some fairly significant sales opportunities being examined both in the US and elsewhere.
The UK decision on Brexit has had no direct impact on the Company's sales which are denominated primarily in US dollars or Euros. While decision processes around the world have all tended to slow down in line with lower economic activity, we remain cautiously confident that second half revenues should comfortably exceed the first half and therefore that annual revenues will exceed last year's. We also expect the gross margin to improve as SAS revenues normalise. We believe the investment we have made over the last two years in creating the new and more unique products to distinguish ourselves from the competition and reduce price sensitivity will pay dividends. With our wider suite of products now being accepted into the market, we expect further growth into 2017.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. Dollars in thousands
June 30 December
31
Note 2016 2015 2015
--------- --------- --------
Unaudited Unaudited Audited
--------- --------- --------
ASSETS
NON-CURRENT ASSETS:
Property, plant and equipment,
net 332 358 359
Intangible assets, net 42,624 2,462 2,611
Income Tax Authorities 28 - 67
Total Non-Current Assets 2,984 2,820 3,037
----- ----- -----
CURRENT ASSETS:
Inventories 1,955 2,877 2,202
Trade receivables 1,514 2,200 1,343
Other receivables 60 203 44
Income Tax Authorities - 58 -
Short-term deposit 66 103 63
Cash and cash equivalents 46 204 90
Total Current Assets 3,641 5,645 3,742
----- ----- -----
TOTAL ASSETS 6,625 8,465 6,779
===== ===== =====
LIABILITIES AND EQUITY
EQUITY
3,575 4,400 3,497
----- ---------------- -----
NON-CURRENT LIABILITIES:
Long-term loans from banks 517 722 570
Related parties 6 - - 153
Notes payable - - 26
----- ---------------- -----
517 722 749
CURRENT LIABILITIES:
Short-term bank credit 264 421 270
Short-term loans and current
maturities of long-term
loans 332 281 316
Convertible unsecured loans - - 91
Trade payables 1,422 2,144 1,330
Shareholders and related
parties 6 377 306 347
Other payables 138 191 179
----- ---------------- -----
Total Current Liabilities 2,533 3,343 2,533
----- ---------------- -----
TOTAL LIABILITIES AND EQUITY 6,625 8,465 6,779
===== ================ =====
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. Dollars in thousands
Year Ended
Six Months Ended December
June 30 31
Note 2016 2015 2015
--------- --------- ----------
Unaudited Unaudited Audited
--------- --------- ----------
Revenues 2,507 2,635 5,131
Cost of sales (1,555) (1,482) (3,065)
---------
Gross profit 952 1,153 2,066
Operating expenses:
Research and development,
net (54) (67) (115)
Selling and marketing (295) (236) (615)
General and administrative (1,045) (1,349) (2,906)
Other income - - 10
--------- --------- ----------
(1,394) (1,652) (3,626)
--------- --------- ----------
Operating loss (442) (499) (1,560)
Net finance expenses 7 (120) (192) (199)
--------- --------- ----------
Loss before taxes on
income (562) (691) (1,759)
Taxes on income from
previous years (51) - -
--------- --------- ----------
Total comprehensive
loss for the period (613) (691) (1,759)
========= ========= ==========
Loss per share:
Basic and diluted loss
per share (in dollars) 5 (0.005) (0.01) (0.02)
========= ========= ==========
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
U.S. Dollars in thousands
Capital
Share Reserve
Capital Premium Capital for Share-based Accumulated
* on Shares Reserve payment Earnings Total
------------ ----------- -------- ----------------- ------------------ --------
(Unaudited)
Balance- January
1, 2016 - 7,094 89 407 (4,093) 3,497
Proceeds from
issued share
capital, net
of expenses
- see Note 1(a)3 - 588 - - - 588
Conversion of
convertible
unsecured loans
- see Note 1(a)2 - 101 - - - 101
Share based
payment - - - 2 - 2
Comprehensive
loss for the
period - - - - (613) (613)
-----------------
Balance- June
30, 2016 - 7,783 89 409 (4,706) 3,575
============= =========== ======== ================= ================== ========
(Unaudited)
Balance- January
1, 2015 - 6,240 89 373 (2,334) 4,368
Proceeds from
issued share
capital, net
of expenses - 701 - - - 701
Share based
payment - - - 22 - 22
Comprehensive
loss for the
period - - - - (691) (691)
-----------------
Balance- June
30, 2015 - 6,941 89 395 (3,025) 4,400
============= =========== ======== ================= ================== ========
(Audited)
Balance- January
1, 2015 - 6,240 89 373 (2,334) 4,368
Proceeds from
issued share
capital, net
of expenses - 701 - - - 701
Conversion of
convertible
unsecured loans - 153 - - - 153
Share based
payment - - - 34 - 34
Comprehensive
loss for the
year - - - - (1,759) (1,759)
-----------------
Balance- December
31, 2015 - 7,094 89 407 (4,093) 3,497
============= =========== ======== ================= ================== ========
* An amount less than one thousand.
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. Dollars in thousands
Six Months Ended Year Ended
June 30 December
31
2016 2015 2015
--------- --------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES: Unaudited Unaudited Audited
--------- --------- ----------
Comprehensive loss (613) (691) (1,759)
Adjustments to reconcile net
loss to net cash used in operating
activities:
Depreciation and amortization 218 149 343
Interest expense and exchange
rate differences 10 100 33
Equity settled option-based
payment expense 2 22 34
Capital loss - - 3
Changes in assets and liabilities:
Decrease in inventories 247 505 1,180
Decrease (Increase) in trade
receivables (171) (264) 600
Decrease (Increase) in other
receivables (16) (89) 70
Decrease (Increase) in Income
Tax Authorities 39 (2) (11)
Increase (Decrease) in trade
payables 92 (23) (837)
Increase (Decrease) in other
payables (41) 32 20
Net cash used in operating
activities (233) (261) (324)
--------- --------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (11) (1) (88)
Proceeds from sales of property,
plant and equipment - - 46
Increase (Decrease) in short-term
deposits (3) (2) 38
Purchase of intangible assets (193) (261) (567)
Net cash used in investing
activities (207) (264) (571)
--------- --------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (repayment of)
short-term bank credit, net (6) 99 (39)
Proceeds from a convertible
debenture - - 218
Repayment of Short-term loans
from banks - (89) (89)
Receipt of long-term loans 104 158 255
Increase (Decrease) in notes
payable (26) - 26
Repayment from (proceeds to)
shareholders and related parties 81 (68) 126
Repayment of long-term loans (141) (127) (316)
Consideration from issue of
shares (see Appendix B) 384 701 701
--------- --------- ----------
Net cash provided by financing
activities 396 674 882
--------- --------- ----------
Increase (Decrease) in cash
and cash equivalents (44) 149 (13)
Net foreign exchange difference - (48) -
Cash and cash equivalents at
the beginning of the period 90 103 103
--------- --------- ----------
Cash and cash equivalents at
the end of the period 46 204 90
========= ========= ==========
Appendix A - Additional Information
Interest paid during the period (20) (28) (50)
========= ========= ==========
Appendix B - Non-cash financing
activities
Issuance of shares to related
parties (in payment of current 204 - -
period salaries )
Conversion to shares of convertible
unsecured loans 101 - -
===== === ===
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
STARCOM Plc
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. Dollars in thousands
NOTE GENERAL INFORMATION
1 -
a. The Reporting Entity
1. Starcom plc ("the Company") was
incorporated
in Jersey on November 28, 2012. The
Group
specializes in easy-to-use practical
wireless solutions that combine
advanced
technology, telecommunications and
digital
data for the protection and management
of people, fleets of vehicles,
containers
and assets and engages in production,
marketing, distribution, research and
development of G.P.S. systems.
The Company fully owns Starcom G.P.S.
Systems Ltd., an Israeli company that
engages in the same field, and Starcom
Systems Limited, a company in Jersey.
The Company's shares are admitted for
trading on London's Stock Exchange
Alternative
Investment Market ("AIM").
Address of the official Company office
in Israel of Starcom G.P.S. Systems
Ltd.
is:
33 Jabotinsky St., Migdal Hateomim 1,
Ramat Gan, Israel.
Address of the Company's registered
office
in Jersey of Starcom Systems Limited
is:
13-14 Esplanade, St Helier, Jersey JE1
1BD.
2. During January and February 2016,
the Company issued a total of 4,564,270
Ordinary Shares in connection with the
company's unsecured convertible loan
facility (the "Loan Facility") with YA
Global Master SPV Ltd, on the
conversion
of $100,000 loan principal and accrued
interest (amounting in aggregate to
$101,458
(GBP70,401)).
3. During March 2016 the Company raised
GBP 450 ($648) thousand before
expenses,
of which $204 thousand were issued to
related parties in order to partially
set off their credit balances.
b. Definitions in these financial statements:
1. International Financial Reporting Standards
(hereinafter: "IFRS") - Standards and
interpretations adopted by the International
Accounting Standards Board (hereafter:
"IASB") that include international financial
reporting standards (IFRS) and international
accounting standards (IAS), with the addition
of interpretations to these Standards
as determined by the International Financial
Reporting Interpretations Committee (IFRIC)
or interpretations determined by the Standards
Interpretation Committee (SIC), respectively.
2. The Company - Starcom Plc.
3. The subsidiaries - Starcom G.P.S. Systems
Ltd. And Starcom Systems Limited.
4. Starcom Jersey - Starcom Systems Limited.
5. Starcom Israel - Starcom G.P.S. Systems
Ltd.
6. The Group - Starcom Plc. and the
Subsidiaries.
7. Related party - As determined by
International
Accounting Standard No. 24 in regard
to related parties.
NOTE BASIS OF PREPARATION AND CHANGE IN THE GROUP'S
2 - ACCOUNTING POLICIES
a. Basis of preparation
The interim consolidated financial statements
have been prepared in accordance with generally
accepted accounting principles for the preparation
of financial statements for interim periods,
as prescribed in International Accounting
Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial information
should be read in conjunction with the annual
financial statements as of 31 December,
2015 and for the year ended on that date
and with the notes thereto.
The significant accounting policies applied
b. in the annual financial statements of the
Company as of December 31, 2015 are applied
consistently in these interim consolidated
financial statements.
Use of estimates and judgments
The preparation of financial statements
in conformity with IFRS requires management
of the Company to make judgments, estimates
and assumptions that affect the application
of accounting policies and the reported
amounts of assets, liabilities, income
and expenses. Actual results may differ
from these estimates.
The judgment of management, when implementing
the Group accounting policies and the
basic assumptions utilized in the estimates
that are bound up in uncertainties are
consistent with those that were utilized
to prepare the annual financial statements.
NOTE SIGNIFICANT EVENTS AFTER THE REPORTED PERIOD
3 -
Issue of Shares and Mobilization of Capital
On July 19, 2016 the Company granted its
directors options to subscribe for 4,400,000
new Ordinary Shares at 5p per share. The
options vest 3 years after grant, except
for the case of 2,000,000 options, where
the vesting period is 2 years. Any unexercised
options expire at the end of 10 years from
grant.
NOTE 4 INTANGIBLE ASSETS, NET
-
Total
--------
Cost:
Balance as of
January 1 2016 3,588
Additions during
the year 193
Balance as of
June 30 2016 3,781
--------
Accumulated Depreciation:
Balance as of January
1 2016 (775)
Depreciation during
the year (180)
Balance as of
June 30 2016 (955)
--------
Impairment of
assets (202)
Net book value
as of June 30
2016 2,624
========
Total
--------
Cost:
Balance as of January
1 2015 3,021
Additions during
the year 261
Balance as of June
30 2015 3,282
--------
Accumulated Depreciation:
Balance as of January
1 2015 (507)
Depreciation during
the year (111)
Balance as of June
30 2015 (618)
--------
Impairment of assets (202)
--------
Net book value as
of June 30 2015 2,462
========
Total
--------
Cost:
Balance as of January
1 2015 3,021
Additions during
the year 567
Balance as of December
31 2015 3,588
--------
Accumulated Depreciation:
Balance as of January
1 2015 (507)
Depreciation during
the year (268)
Balance as of December
31 2015 (775)
--------
Impairment of assets (202)
--------
Net book value as
of December 31 2015 2,611
========
NOTE SHARE CAPITAL
5 -
a. Composition - as of June 30 2016 common
stock of no par value, authorized 135,830,680
shares; issued and outstanding - 135,830,680
shares.
b. A Company share grants to its holder
voting rights, rights to receive dividends
and rights to net assets upon dissolution.
c. See Note 1(a).
d. Weighted average number of shares used
for calculation of basic and diluted
loss per share:
June 30 December
31
2016 2015 2015
-------------- ------------ ------------
Number 120,917,468 86,412,499 91,965,928
============== ============ ============
NOTE 6 SHAREHOLDERS AND RELATED PARTIES
-
a. Related parties that own the controlling
shares in the Group are:
Mr. Avraham Hartman (15.2%), Mr. Uri
Hartman (16.3%), Mr. Doron Kedem
(16.3%).
b. Short-term June 30 December
balances: 31
2016 2015 2015
------ ------ ---------
Credit balance (119) (306) (213)
Loans (258) - (287)
------ ------ ---------
(377) (306) (500)
====== ====== =========
c. Transactions: Six Months Ended Year Ended
June 30 December
31
2016 2015 2015
---------- --------- -------------
Total salaries,
services rendered
and related
expenses for
shareholders 187 274 474
========== ========= =============
NOTE 7 NET FINANCE EXPENSES
-
Six Months Ended Year Ended
June 30 December
31
2016 2015 2015
--------- -------- -----------
Interest income - - 1
Interest to
banks and others (22) (31) (58)
Exchange rate
differences (52) (104) (27)
Bank charges (38) (50) (73)
Interest to
related parties - - (21)
Interest to
suppliers (8) (7) (21)
Net finance
expenses (120) (192) (199)
========= ======== ===========
NOTE 8 SEGMENTATION REPORTING
-
Segments' differentiation policy:
The Company's management has defined its
segmentation policy based on the financial
essence of the different segments. This
refers to services versus goods, delivery
method and allocated resources per sector.
On this basis, the following segments were
defined:
Segment information regarding the reported
segments:
Sets SAS Accessory Other Total
-------- ---------- --------------- -------- ----------
Period Ended
30.06.2016:
Segment revenues 1,547 845 25 90 2,507
Cost of sales (1,364) (89) (22) (80) (1,555)
-------- ---------- --------------- -------- ----------
Gross profit 183 756 3 10 952
Operating expenses (1,394)
----------
Operating loss (442)
Period Ended
30.06.2015:
Segment revenues 1,757 793 34 51 2,635
Cost of sales (1,410) (34) (7) (31) (1,482)
-------- ---------- --------------- -------- ----------
Gross profit 347 759 27 20 1,153
Operating expenses (1,652)
----------
Operating loss (499)
Year Ended 31.12.2015:
Segment revenues 3,238 1,608 60 225 5,131
Cost of sales (2,634) (200) (48) (183) (3,065)
-------- ---------- --------------- -------- ----------
Gross profit 604 1,408 12 42 2,066
Operating expenses (469) (220) (8) (33) (730)
-------- ---------- --------------- -------- ----------
Operating profit
before general
and administrative
expenses 135 1,188 4 9 1,336
-------- ---------- --------------- -------- ----------
Unattributed
general and
administrative
expenses and
other expenses (2,896)
----------
(1,560)
==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BCGDCSBGBGLL
(END) Dow Jones Newswires
September 07, 2016 02:00 ET (06:00 GMT)
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