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Graphene Nano LSE:GRPH London Ordinary Share GB00B9BBJ076 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 14.75p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Chemicals 8.0 -34.1 -28.6 - 17.19

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Date Time Title Posts
07/12/201612:35GRAPHENE NANOCHEM: Producing Graphene & Methyl Esters from Renewable Sources7,769.00
15/11/201613:01High possibility to de-list35.00
14/9/200107:45DEAR ADVFN!!!! RE: YOUR NEW GRAPHS2.00

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DateSubject
07/12/2016
08:20
Graphene Nano Daily Update: Graphene Nano is listed in the Chemicals sector of the London Stock Exchange with ticker GRPH. The last closing price for Graphene Nano was 14.75p.
Graphene Nano has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 17.25p while the 1 year low share price is currently 0p.
There are currently 116,536,536 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Graphene Nano is £17,189,139.06.
01/9/2016
14:08
leedskier: Somewhat unusually: 1. As you know from personal experience, the CEO replies to abrasive emails. 2. The directors have never awarded options. No director has ever sold a share. See above for purchases. 3. There has never been any dilutive fund raising. Were it possible to say the same of other Aim companies, including many run by English johnnies, Aim might not suffer the reputation it does. It is an error to correlate Aim share prices with company performance. BLVN, which is buying back shares almost daily to underpin it's share price, has a market cap of about its cash in the bank and has decent assets, which seemingly have no value. That is the O&G sector in a nutshell. Of course, in common with every other company in the O&G sector, GRPH was hit hard by the 50% fall in oil prices. But it is attempting to remedy that without washing and rinsing shareholders with dilution.
31/8/2016
09:31
leedskier: The Company does not need an extension. There is a period of grace of three months to file accounts following the six months. During that period of grace the shares are suspended.I read the RNS posted at the end of July and I know no more than that.If speculation is of any use, I speculate that the company is:1. Is in the process of selling the assets described in that RNS and/or2. Is awaiting news of a decent order from Scomi from the large order book.For me the most important points are thatIt does file accounts and that when it does and the suspension is listed, the order book supports the share price. Precisely when that will be is of less importance. I recognise that others may wish to trade and the wish for trading to resume as soon as possible.
23/8/2016
08:02
adv rob: It won't affect the late accounts, but will hopefully help the share price.
08/12/2015
10:14
mdvorkin: Being a very illiquid share it is very easy for the few to move the share price with a minimum of sells or buys. My view is that the board are waiting for the Scomi orders before they approach their finance groups for funds in order to deliver the products. Unfortunate for all concerned is where the oil price is today and the fact that the companies that Scomi is working with are probably delaying any decisions. In addition, I believe that the share price has been placed under the 20p mark by the market purely to stop the company from buying shares. If you go back to the 2014 year end results in June, it stated that the company would look towards using something like £6m+ to support the share price. The market immediately took the price down below 20p prior to the AGM. Please, this are purely my take on where we are today. And yes, unfortunately I am still invested and watching the share price fall further today.
22/9/2015
18:31
leedskier: I hope they are attempting to be realistic in current market conditions. The last thing we want is for the company to beat the drum and then under deliver. wskill drew attention to PURE this morning, which the CEO and FD of GRPH were founder directors of and which is now intending to move to the main market. For those not involved with GRPH, who has ever heard of it? It achieved its stunning share price prior to the crash and being food it has weathered much of the storm since, but from a PR point of view, it is very, very quiet. It is the same with many Aim pharma companies too. I think it is a mistake to think that lots of public acclamation and BB noise means a higher share price. It may mean more volatility and if ADVFN is any guide it includes sharp moves to the downside. Which is why I am very happy that this BB is now so quiet. I think we have to be patient and see if GRPH can achieve escape velocity as a company and if it does, its share price will follow. The most important thing, for me, is that having spent lots of money on R&D (and generally I think) to create GRPH and the Platdrill series, it now needs to reduce its CAPEX and expenditure, until the storm passes and try and demonstrate that, like Scomi, it can make Net profits, whatever the market conditions. The European and US financial crisis and the austerity in its wake, rather passed the oil producing Middle East and Asian economies by. I guess the good times in Malaysia just kept on keeping on. An example being that the Malaysian Stock Market was the most successful in Asia until the oil price started falling last summer. So for CEO's and directors of Malaysian based companies, I guess the need to reign in expenditure post 2008, never really arose until this year. The banks there seemed more than happy to keep lending and the Government more than happy to keep spending. Now Malaysia is facing a reality check both economically and politically. This is why Scomi was at pains at its recent AGM to make plain that most of its (and GRPH's) revenue is in USD and comes from outside Malaysia.
12/6/2015
06:42
12bn: er : 9778P Graphene NanoChem PLC 12 June 2015 For Immediate Release 12 June 2015 Graphene NanoChem plc (the "Company" or the "Group") Preliminary unaudited results for the twelve months ended 31 December 2014 Graphene NanoChem (AIM: GRPH), the performance nanochemicals and advanced material company, is pleased to announce its unaudited preliminary results for the 12 months ended 31 December 2014. These results relate to business conducted by the Group, trading as Graphene NanoChem plc (the "Company" or the "Group") Strong Foundation -- Leading provider of graphene nanomaterial enhanced chemical applications -- Employing nanotechnology to enhance chemical performance and enable cost reduction giving a unique value proposition -- Proven success in commercialising chemical applications with expansion into high margin lines -- Partnerships with established industry players accelerate product testing and deployment -- Strong sales channels providing near and long term revenue visibility -- Well positioned to capitalise on the growth potential in the oil and gas ("O&G") market Financial Highlights -- Group revenue increased to a record of GBP48.3 million (2013: GBP31.6 million) with sales up 53% -- Gross Profit of GBP1.6 million (2013: GBP1.3 million) -- Loss before tax of GBP6.8 million (2013: GBP10.2 million) -- Loss per share of 5.7p per share (2012: 11.0p) Other Highlights Business and Operational Highlights * Joint venture agreement with Scomi Oiltools ("Scomi") to expand nanomaterial enhanced oilfield chemicals manufacturing capacity by 2017 to service Scomi's growing market for drilling fluids. Scomi operates in 60 locations across 22 countries worldwide with an existing order book in excess of GBP900 million (April 2014) * 5-year master supply agreement with Scomi for the 50/50 joint venture facility valued at c.GBP117 million commencing 2017 (September 2014) * Marketing joint venture with Fire Creek Resources Ltd, a petroleum drilling specialist company for market expansion into North America (December 2014) * Agreement executed with Petroleum Pipe Company (PPC), a leading global supplier for oilfield pipes and casings to prototype and access market opportunity for the Group's applications offered by Performance Materials (December 2014) * Cooperation agreement with HWV Technologies for the development and commercialisation of an integrated graphene-enhanced water treatment system for the O&G sector (November 2014) * Collaboration agreement with Sync R&D to develop a graphene-enhanced lithium-ion battery prototype for electric buses under the 1 Malaysia Electric Bus programme (October 2014) * 4 new patents filed on its graphene nanomaterials platform and application * First commercial rollout of 2 application lines from the EOR technology platform, supplying to national O&G operator - leading to the 1st profitable quarter for the Group. Post Period Events * Six new oilfield tenders submitted via Scomi in Malaysia, Thailand, Indonesia, Myanmar and Brunei (Q4 2015/Q1 2016 award) * US$28 million contract award for the deployment of PlatDrill with a major national oil and gas company for an initial period of three years, one of the successful six oilfield tenders submitted via Scomi in Q4 2015/Q1 2016 (June 2015) * 9 month testing for the certification of the biodegradable status of the PlatDrill Series successfully completed by the National Institute of Oceanography, India - exceeding industry standard (March 2015) * Product testing with an oil major for a strategic blending programme - expected to be completed by end of 2015 (February 2015) * Final phase of qualification for the change order process in Thailand * Commercial deployment of the Group's Oilfield Recovery Additive, PlatsurF, following an order from Scomi Oiltools for an approcimate 50-well drilling programme in Thailand (March 2015) * Engaged in various stages of product testing, approval and commercial negotiations on both new and ongoing oil fields across 15 countries Commenting on the results, Jespal Deol, Chief Executive Officer, said: "This has been a year of significant progress. We have achieved our stated goals of completing our enhanced oil recovery ("EOR") technology platform and, launched and commercialised innovative solutions and partnered with industry heavyweights to develop new ventures and secure long term sales. Our strategy to develop and commercialize applications in the EOR sector through our nanotechnology platform has produced tangible operational and financial results. We are conscious of the uncertainties in the industry given the recent decline in oil prices, its impact on drilling activities as well as exploration and production investment and there is a marked slow-down in O&G drilling as well as E&P activities in 2015 as operators conserve capital, reprioritise activities and focus on higher margin projects. However, the long term fundamentals of the industry remain strong and, and on the back of our cost-advantaged value proposition, the Group's business is gradually developing with potential sales pipelines in excess of GBP2.1 billion over the next 5 years and the Group remains optimistic about our prospects in the sector. We have laid strong foundations on which to continue to build and drive the Group forward and are now firmly focused on capitalising on the opportunities that are before us. At the same time, the Group remains agile in adapting to industry challenges at its critical period of growth, effecting operational changes to optimize the use of our operational assets. These changes include the right sizing of our low margin Fuel Additive business and focusing our resources on developing and executing the EOR business platform to deliver quality earnings to the Group. Greater efficiency and increased focus on high margins applications have already begun to have a positive impact on our operating cost. A well-capitalised position throughout its period of growth will be advantageous for the Group to realise the full potential within the large and expanding EOR sector and to execute its business plan as well as deliver the high margins envisaged for the Group's solutions as we work on converting ongoing activities into sustainable revenue streams. The Group is in the process of raising additional funds through a corporate exercise and continues to engage with its financial partners to further enhance the Group's financial platform thereby providing us greater flexibility and speed to address and execute our business and growth opportunities. Annual Report and Accounts and Annual General Meeting The Company's annual report and accounts will shortly be sent to shareholders once finalised and made available on the Company's website. The Company's annual general meeting will be held at 10.00 a.m. on 6 July 2015 at Academy House, London Road, Camberley, Surrey GU15 3HL. Chairman's Statement =================================================================== Graphene NanoChem has demonstrated success in leading the race for the commercialisation of nanotechnology and nanomaterials. The Group's chosen focus areas, chemicals and fluids, composite materials and energy storage have large market sizes and represent consistently growing Compound Annual Growth Rate ("CAGR") prospects and above average Gross Domestic Product ("GDP") growth rates. In chemicals and fluids, the Group has focused on the unmet needs of the large oil and gas industry as its first step in its commercialisation process. Graphene NanoChem has undergone fundamental changes to deliver innovation and long term growth platform for the Group. In line with our long term strategy to move up the value chain, we have made significant investments into a growth platform over the last 18 months - specifically, in completing the development of the EOR technology platform for nano-enhanced oil recovery applications and more recently, in building the sustainable market access for long term growth. We embarked on our journey in 2014 with confidence in the overall progress of Graphene NanoChem in the EOR technology platform, not least with the addition of a new range of innovative applications for EOR, execution of strong go-to-market partnerships and joint ventures as well as expansion of our patents portfolio. Our strategy of introducing innovative, cost effective platform based performance applications to meet growing market needs on partnership based go-to-market channels are starting to bear fruit. We achieved our inflection point in Q4 2014 with the commercial deployment of two applications from our EOR technology platform marking the transitional shift of Graphene NanoChem into the strategic high margin business platform. Momentum remains strong from successful trials and most importantly, in the field performance of our commercially deployed applications as we continue to focus on the higher margin EOR technology platform and in particular concentrating our efforts today in realising and executing sale opportunities through our joint venture partners. Our partnership model combined with the successful commercial deployment and field performance of our applications has significantly helped in accelerating market access for our applications and in building industry presence. To date, the EOR technology platform comprises seven innovative applications which represent a comprehensive end-to-end solution from the drill bit to the tank. I am also pleased to report the recent receipt of biodegradable status by our flagship application, the PlatDrill Series from the Council of Scientific & Industrial Research - National Institute of Oceanography India. This strongly validates the superior environmental profile of our applications and corroborates the Group's commitment in providing green applications, which in turn, equips the Group with an impermeable competitive edge in the industry. We have been working closely with our joint venture partners in going through the staged process of incorporating our applications into their existing order book, currently valued at close to GBP1 billion as well as through joint participation in new oilfield tenders and projects in building a sustainable long-term business in this space. Through our joint venture partners, Scomi Oiltools, Graphene NanoChem is today participating in 6 oilfield tenders across the Emerging Markets with 3 new tenders in the pipeline for this year. It is expected that new contract wins in the next 6 months from the current tenders will generate sustained sales growth for our business moving forward. Change order processes for our applications are actively ongoing for select existing key contracts of our joint venture partners as we continue to close opportunities from our joint venture partners' order books. The Group is progressing well in several test programmes with top-tiered national and international oil and gas companies for the formulation and blending of our applications to improve the performance and environmental profiles of the incumbent applications, providing us with tremendous potential opportunity in expanding our geographical reach and revenue base once successfully completed. The global market size of EOR technology platform is currently valued at approximately US$38.0 billion and growing, with a 29% CAGR backed by strong demand for cost effective high performance applications to address recovery challenges. The Board joins me in the confidence that Graphene NanoChem is well positioned to capitalise on the opportunities in the EOR technology platform. We still have some work to do in order to ensure that we are well prepared and positioned to realise and transform the growth opportunities into quality revenues and profitability. The Board has set the following key financial targets by 2018: GBP improve revenue growth with quality earnings targeting CAGR of 25%; GBP focus on gradual gross margins increase to 25% by 2018; GBP returns on capital earnings of 15%; and GBP reduce net debt to less than 2 x EBITDA. Over the last few years, North American shale oil activity has taken off at a frenetic pace which has resulted in a reshaping of the supply chain for hydrocarbons. Advances in fracking and horizontal drilling have enabled the transformation of the supply chain to the extent that this has created an imbalance to the world's oil and gas supply and demand curves. Accordingly, with the dramatic decline of oil prices, the global oil and gas fraternity has been feeling financial restraints, thus have cut expenditures with lowering of profitability expectations. The scale of the price decline has resulted in a cautious outlook for all companies in this sector and this has inevitably led to a delay in programmes scheduled for early 2015. Despite the subdued consensus of the short-term oil market, we remain confident in the long-term fundamentals for oil and gas industry. Our unique applications, with a global footprint through Scomi, will enable us to manage the downturn and attract opportunities within this environment. Notwithstanding the above, we believe that with Scomi's customer base comprising major international oil companies and national oil companies coupled with their dominant market position in the Middle East and Asia Pacific, we will see activity levels resuming in due course to those seen in 2014. We remain confident in the long term future of the business and the opportunity for Graphene NanoChem to develop a strong platform to become a significant player in the EOR technology platform and the Group will continue to consider a variety of strategic options Tan Sri Dato' Sri Abi Musa Asa'ari bin Mohamed Nor Non-Executive Chairman ------------------------------------------------------------------- CEO's Review ====================================================================== Executing Long Term Opportunities For Sustained Growth ====================================================================== Nanotechnology has the potential to introduce revolutionary changes in several areas of the O&G industry from upstream to midstream to downstream. The Group has continued to demonstrate success in leading the race for the commercialisation of nanotechnology and nanomaterials and has successfully managed to advance its strategic vision of developing technology platforms to introduce a step-change in increasing recovery rates and reducing costs in oil recovery, thereby delivering value to both the Group's customers and the Group. Technology Platform Readiness ====================================================================== The core to Graphene Nanochem's business model is a "develop once, use many times" approach for its platform applications. This is followed by continuous uprates to maintain competitiveness and is especially significant for the O&G industry. The Group's EOR technology platform has validated our primary investment thesis of improving our applications' performances significantly when compared to conventional products and this, combined with the accolades received on the greenness of our platform technologies, provides the Group with a powerful value proposition. In short, "better applications, safer to use at no extra cost" is the Group's marketing mantra. The Group is able to offer its EOR technology platform applications in components or as a full platform. The EOR technology platform is a natural step-up expansion for the Group in its focus to deliver innovative, high-value and high margin applications in attractive sectors that will ensure sustained global growth in the years ahead. The Group views this strategy as an evolution of the preceding two years in executing its applications and business development efforts focused on strategic growth markets. Three major feats were achieved by the Group in driving the growth of its EOR technology platform to date: GBP the completion of a full suite of integrated EOR applications' lines servicing different constituents of an EOR process, enabling the Group to offer holistic solutions for EOR technology platform and the broader oilfield category; GBP two key partnerships via joint venture with well-established industry players, accelerating market access and providing the Group with strong sales channels with immediate and long term revenue visibility; and GBP the commencement of commercial sales and successful field deployment of three of its EOR applications. Fundamental to this is the differentiated value proposition of our applications in enabling superior performance and cost reduction in EOR technology platform. Graphene NanoChem today enjoys a unique market position in this highly specialized industry segment with strong barriers to entry. With capital expenditure and applications development largely complete, the focus now is on building market presence, driving long term revenue and enhancing margins. The large order books of our joint venture partners provide clear revenue visibility and we are focused on developing and closing sale opportunities. The Group's 2014 results demonstrated good underlying progress with revenues from continuing operations increased by 53%. This is substantiated further by the first commercial sales of its EOR applications, validating the Group's strategy of expanding into the lucrative upstream oil and gas sector through innovative solutions aligned to capture value for short, mid and long term applications across the value chain. The Group will continue to focus in building value for its growth platform and anticipates that a significant portion of the Group's revenue in the next 3 years will be attributable to the EOR technology platform. This is in line with our long term strategy of achieving quality revenue streams through focused allocations of our operational assets in quality earnings from higher margin applications to improve the overall revenue profile and achieve profitability for the Group. Industry ====================================================================== EOR. Decline in production rate of mature and maturing oilfields worldwide and lack of "easy-oil" reserves resulting in the need to develop unconventional fields under harsh and difficult operating conditions provides huge opportunities for the Group's cost effective performance solutions, further enhanced now by the drop in oil prices. The EOR market is expected to grow from a current approximate value of $38.0 billion to US$516.7 billion by 2023 on the back of the following industry megatrends: GBP demand for cost effective high performance applications to address drilling and recovery challenges; GBP decline in oil price supporting demand for high performance applications across the industry value chain to: * reduce operating cost; * improve operational efficiency; and * reduce costly non-productive time; GBP industry regulatory shifts to address health, safety and environmental issues, creating strong demand for performance green applications. The oil price drop from US$95.44 per barrel at the start of the year to US$53.27 at its close has resulted in strong demand for O&G operators for high performance cost effective solutions to reduce drilling cost. The strengthening of the industry supply chain management due to the drop in oil price is also creating an opening in the otherwise "close" market for entry of innovative products as O&G operators continue to explore alternative technological applications to reduce drilling costs. Anchored on cost and performance benefits, the Group's EOR applications are specifically designed to address key industry challenges to improve operational efficiency, reduce non-productive time in complex operating environments and provide overall cost savings to our customers. With primary operations in Malaysia, the Group is also well positioned to address opportunities in thirteen EOR Projects, announced by Malaysia's national oil company, PETRONAS, valued at over US$14 billion over the next 10 years. Joint Ventures ====================================================================== Acceleration of growth through value-add industry partnerships remains the key ethos of Graphene NanoChem as we continue stepping up the pace of our go-to-market channels through joint ventures. Our strategic 50/50 joint venture with the Scomi Group ("Scomi JV") has proved to be materially enhancing and mutually benefitting. The Scomi JV brings together the Group's unique technological applications for EOR with Scomi's captive customer base as well as its global presence and well established market and distribution infrastructure to capture opportunities in the Emerging Markets. The Scomi Group services over 50 international and national O&G operators in more than 60 locations worldwide. Through the Scomi JV, the Group is able to significantly minimise its marketing cost and adoption risk by leveraging on Scomi's captive market base as well as brand to accelerate the commercial deployment of its applications. To this end, the Group is working closely with Scomi: GBP in building the joint venture platform within Scomi's existing order book through what we call a "change order process" with O&G operators that enable substitution of our applications in Scomi's existing O&G contracts; and GBP in positioning the joint venture platform as well as the Group's applications in new oilfield tenders and projects participated by the Scomi Group. The Scomi JV envisages further the setting up of a 30,000 per annum manufacturing facility by the joint venture platform as part of its expansion plan moving forward and the Group is looking at the new joint venture facility coming into operation in 2017 ("JV Facility") in tandem with the anticipated order book growth. In Q4 2014, a marketing joint venture agreement was executed with Fire Creek Resources Ltd ("Fire Creek"), a Canadian based petroleum and oilfield development specialist in unconventional drilling in North America and Europe ("Fire Creek JV"). The Fire Creek JV provides the Group with the opportunity to build presence and pursue opportunities in the O&G sector in North America where we believe there will be strong demand for advanced performance-based applications offered by the Group to address challenges associated with the thriving and expanding fracking industry. Market Progress ---------------------------------------------------------------------- -- EOR Business. Strong industry partnerships with established industry players is providing the Group with significant market access for our EOR applications as well high revenue visibility and strong growth and expansion opportunities. -- Following from the Joint Venture Agreement executed with Scomi and completion of extensive testing protocols with a national O&G operator, the Group secured the first commercial orders for its Drilling Additive application of its EOR technology platform in the second half of the year with the aim of bringing the Group's EOR technology platform to the industry front for adoption and sales growth. -- The field deployment success with the Drilling Additive applications has enabled the initiation of currently ongoing change order process protocol, expected to be completed in 2H of 2015, for the adoption of our applications under Scomi's current contracts with the O&G operator as well as the opportunity for the incorporation of the Group's technology application in new oilfield tenders and projects. The strong field performance of Drilling Additives applications has generated positive awareness and strong industry interest in the Group's EOR technology platform. -- On the back of the commercial deployment success, the Group has participated in six new oilfield tenders in the region entered into by the Scomi Group in the 1H of 2015 with several O&G operators which include oil supermajors. Successful award of these tenders, currently valued in excess of USD100 million, would result in the growth of long term sales volume for the Group and the expansion of the geographical footprint of the Group into Emerging Markets as we continue to build and generate stronger track record in this market. Contract duration for the various oilfield tenders range from 2 - 5 years and results from tenders submitted is expected by Q4 2015 with 2016 being the primary delivery year. The Group is today pleased to announce the successful contract award of one of these tenders valued by the Group at US$28 million with product deployment expected to commence in Q4 2015 for an initial period of three years. The Group is also expected to participate in 3 new additional tenders through the Scomi Group in 2H of 2015. The Group is currently engaged in technical and commercial testing on our applications which are at various stages of testing, approvals and commercial negotiations in various locations as shown below: Location Number of Companies ------------- ------------------------------------- Malaysia 9 oil majors including 4 supermajors companies Thailand 2 national oil companies and 2 international oil companies Indonesia 2 supermajors and 3 national oil companies Myanmar 2 national oil companies and 1 independent oil company Vietnam 1 independent oil company Brunei 2 national oil companies India 2 national oil companies Turkmenistan 2 international oil companies United Arab 1 independent oil company Emirates Saudi Arabia 1 national oil company Oman 1 oil major Egypt 1 international oil company Algeria 1 oil major France 1 supermajor oil company Australia Several oil majors ------------- ------------------------------------- -- Fuel Additive Business. In line with growing demand, sales of our fuel additive applications to our long term customers increased by 39% to GBP43.8 million in FY2014. The growth in demand is also driven by the increase of the domestic biofuels blending by the government from 5% to 7% in Q4 2014. The Group currently holds approximately 17% of the Malaysian biofuels market. In 2014, the Fuel Additive business constituted 91% of the Group's revenue mix. -- Whilst market demand is expected to grow for this business segment, as with other high volume commodity applications, there is a limited cap for margin growth and the performance of the business will be primarily driven by the cost of feedstock. With the increased focus on fixed cost improvements and quality earnings from higher margin applications, the Group intends to right-size and reduce the revenue mix from the lower margin Fuel Additive business. This would enable focused allocation of operational assets in quality earnings from higher margin applications moving forward and improve the overall revenue profile for the Group. Strategic Initiatives ====================================================================== -- A major operational milestone for the Group is the signing of a testing agreement with a European oil major in Q1 2015 for the potential blending of the incumbent product with our PlatDrill Series to improve its environmental profile. Testing by the oil major is currently ongoing and expected to be completed by Q4 2015. The programme has the specific objective of targeting deployment into a strategic market with stringent environmental criteria. The success of the blending programme will provide the Group with global market reach and will increase the sales growth for the PlatDrill Series via the sales and distribution channel of the oil major. -- The Group is also currently working with a national oil company in the region on a similar basis, designed however to improve the performance of the incumbent products by virtue of the superior operating performance of our graphene-enhanced PlatDrill Series. Testing is currently ongoing and expected to be completed in H1 2015. -- In less than a year since its entry into the market, our applications are already generating strong market traction and industry interest. The above initiatives provide a strong testament of the unique value proposition of our technology platform in terms of technical and environmental performance. Standards and Qualifications ====================================================================== After 9 months of rigorous testing, the PlatDrill Series has been effectively classified as "readily" biodegradable with a non-toxic ranking by the National Institute of Oceanography, India. At 84.81%, the biodegradation level of the PlatDrill Series is 25% above the minimum standard specified by the Organisation of Economic Cooperation and Development Guidelines. The "readily" biodegradable classification validates the unique value proposition of the PlatDrill Series in meeting both the technical and environmental performance of modern day drilling requirements, helping the industry reduce its environmental risks and overall drilling costs from waste treatment savings. In addition, it also reinforces the Group's commitment in providing green applications to the industry and providing a strong technology platform for the potential deployment of the PlatDrill Series into highly environmentally regulated markets such as the Gulf of Mexico. Intellectual Property ====================================================================== -- The Group remains committed in having a broad differentiated and patent protected technology platform as a key component to its business strategy. We strengthened our position as the innovation leader in graphene-enhanced chemicals in significant ways this year. In line with its technological progress in the development of the EOR technology platform, the Group filed four new patents in 2014, covering catalysts and nanomaterials production as well as the nanomaterials dispersion process into oilfield chemicals, with each innovation adding distinct technical advantages and benefits to our business platform. -- The proprietary skills and expertise acquired and developed by the Group in graphene dispersion has enabled the Group to expand its horizon in adopting other forms and types of nanomaterials to suit end application needs and requirements to broaden its applications portfolio development and enhancement potential. The Group's developmental efforts are strictly aligned to address commercial opportunities and capture end-application value that will contribute to the bottom line growth for the Group. -- The Group's technological focus in the next three years will be to continue: GBP to optimize and enhance its production processes by continuously investing in new technologies and high value processing upgrades either internally developed or through acquisition and licensing model for its EOR technology platform; GBP to enhance and further diversify our applications portfolio offering of its EOR technology platform; GBP to carry out ongoing developmental work on select graphene nanomaterials applications in energy and composites that will complement the business as well as provide the next growth platform for the Group. New Applications Development ====================================================================== In Q4 2014, the Group executed a product development and collaboration agreement with Sync R&D to develop and integrate a graphene-enhanced lithium-ion battery for a prototype electric shuttle bus, expanding further our pipeline of innovation projects and creating the foundation for its potential next phase of growth. Development is currently at early stage and progressing. OUTLOOK ====================================================================== We are conscious of the uncertainties in the industry given the recent decline in oil prices, its impact on drilling activities as well as exploration and production investment and there is a marked slowdown in O&G drilling as well as E&P activities in 2015 as operators conserve capital, reprioritise activities and focus on higher margin projects. However, the long term fundamentals of the industry remain strong and, and on the back of our cost-advantaged value proposition, the Group's business is gradually developing with potential sales pipelines in excess of GBP2.1 billion over the next 5 years and the Group remains optimistic about our prospects in the sector. The recent decline in oil prices provides an advantageous market environment for the Group on the back of demand by O&G operators for cost cutting measures and better performance from oilfield service companies. The strengthening of the industry supply chain management is also creating an opening in the otherwise "closed" market for entry of innovative applications as O&G operators continue to explore alternative technological applications to reduce drilling costs. The partnership with Scomi with a broad mix of customers anchored on national oil companies in the region provides marginal insulation from the industry downturn, with the majority of the reduction in industry activity effecting international and independent operators. Management perceives significant market opportunities for the EOR technology platform that should result in a growing order book and incremental growth opportunities as award of new tenders begin to kick in. At the same time, the Group remains agile in adapting to industry challenges at its critical period of growth, effecting operational changes to optimize the use of our operational assets. These changes include the right sizing of our low margin Fuel Additive business and focusing our resources on developing and executing the EOR business platform to deliver quality earnings to the Group. Greater efficiency and increased focus on high margins applications have already begun to have a positive impact on our operating cost. A well-capitalised position throughout its period of growth will be advantageous for the Group to realise the full potential within the large and expanding EOR sector and to execute its business plan as well as deliver the high margins envisaged for the Group's solutions as we work on converting ongoing activities into sustainable revenue streams Dato' Jespal Deol Chief Executive Officer ---------------------------------------------------------------------- Business Overview ================================================================== Graphene NanoChem is a graphene commercialisation company that designs, formulates, manufactures and markets a range of graphene-enhanced applications, from chemicals to performance materials, with improved performance characteristics when compared to conventional products. The Group is strategically focused in the O&G sector as its first commercialisation platform and currently operates three distinct business platforms: GBP the Advanced Chemicals Division: Our core revenue generating technology platform operating in the O&G sector, where the goal is to deliver sustained growth in attractive market segments through quality earnings from high margin applications. The Advanced Chemicals division today consists of the Fuel Additive business and the EOR Chemical-based Technology platform. GBP the Performance Materials Division: Our EOR Materials-based Technology platform focusing on tools and capital based solutions within the O&G sector, specifically in supplying water treatment applications and nano-enhanced polymer coating applications for O&G pipes and casings. GBP the Advanced Materials Division: Our growth enabler technology platform where we focus on the use of graphene nanomaterials to advance innovation to drive future business growth for the Group in strategic areas. ------------------------------------------------------------------ Financial Review ================================================================ Overview ================================================================ The Group achieved revenues of GBP48.3m for the year, up 53% year on year through contracted sales to tier 1 oil and gas customers namely Shell and Chevron. The Group's focus to establish a technology platform offering for the oil and gas industry in the near term and subsequent suite of high margin products was achieved during the year for both the performance chemicals and performance materials platforms. The Group recorded a gross profit of GBP1.6m for the year and the turnaround to profitability was achieved despite a feedstock price anomaly for the year that affected the margins of the fuel additive business. Our focus on deploying the technology platforms in conjunction with our JV partner Scomi Oiltools in a manner consistent with the introduction of a new cost effective platform based performance applications, delayed the roll out and therefore sales volumes, resulting in a pre-tax loss for the year of GBP6.8m. Our joint venture with Scomi Oiltools during the year provides the Group with an offtake arrangement for 135,000MT over a 5 year period for the PlatDrill Series post the completion of the joint venture facility. The PlatDrill Series forms part of the Group's performance chemicals suite of products. The joint venture further offers the Group access to Scomi Oiltools' existing order book valued close to GBP1 billion. The marketing arrangement with Fire Creek, a Canadian based petroleum and oilfield development specialist for unconventional drilling in North America and Europe offers the Group the opportunity to further expand its global reach therein increase future revenues. To meet the demands of growing market opportunities with an identified sales pipelines of GBP2.1 billion, we need a strong balance sheet and we will explore various options available to us from the capital markets. Operations ================================================================ During the year, the Group completed the 50/50 joint venture with the Scomi Group and the upgrade to the Senawang multi-functional specialty chemicals plant using the Group's proprietary nanotechnology. Similar to previous years, we continue to receive support from the Government of Malaysia in the form of government guarantees for loans, subsidised interest payments, potential grants for capital expenditure on selected projects, and tax holidays. The EOR technology platform is a natural step-up expansion for the Group in its focus to deliver innovative, high-value and high margin applications in attractive sectors that will ensure sustained global growth in the years ahead. The Group views this strategy as an evolution of the preceding two years in executing its applications and business development efforts focused on strategic growth markets. Selling and general administrative expenses increased by 9% from the previous year to approximately GBP3.6m in line with budgeted expectations. The general administrative expenses reduced by GBP0.1m from the previous year in tandem with the stream lining of operations and selling and distribution expenses increased by GBP0.4m, consistent with the increase in revenues for the year. Finance costs decreased by GBP0.1m from GBP2.6m in 2013 to GBP2.5m in 2014. This was predominantly due to the reduction of a term loan of the Group's subsidiary, Platinum Performance Chem Sdn Bhd, and was achieved through the offsetting of fixed deposits of GBP3.7m secured by the lending bank against the existing term loan. Depreciation & amortization decreased by GBP0.6m from GBP3.0m in 2013 to GBP2.4m in 2014. The lower amortization is the result of a reduction of yearly amortization by GBP0.5m for an intangible asset that had been impaired prior to 2013 to which the yearly amortization had not been reduced accordingly in 2013. Capital expenditure during the year amounted to GBP4.7m in line with the upgrade of the Senawang multi-functional specialty chemicals facility, and product development cost of GBP3.9m was incurred leading to the commercial ready status of six performance products. We will continue to develop products to further enhance the technology platform offering with judicious utilization of capital. Available cash and cash equivalents at the year-end are GBP2.2m to be utilized for continued operations and we have a debt to equity ratio of 1:1. The Group will continue to engage with its financial partners to further enhance the Group's financial platform thereby providing us greater flexibility and speed to address and execute our business and growth opportunities. 2015 Outlook Ever mindful of stakeholder value, we will strive to further enhance the foundations of the Group through further joint venture partnerships, enhancement of the existing technology platform, and conversion of identified sales pipelines into solid revenue streams. Sushil Sidhu Finance Director ---------------------------------------------------------------- Consolidated Statement of Comprehensive Income For the year ended 31 December 2014 2014 2013 Notes GBP'000 GBP'000 Restated Continuing operations Revenue 6 48,324 31,600 Cost of sales (46,741) (32,903) ------------- ------------- Gross profit/(loss) 1,583 (1,303) Other income 7 181 1 Selling and distribution expenses (889) (531) Administrative expenses 8 (2,738) (2,840) Finance income 10 10 168 Finance costs 10 (2,474) (2,626) Depreciation and amortisation (2,438) (3,019) ------------- ------------- Operating loss (6,765) (10,150) Share of loss in a joint venture 4 (22) - ------------- ------------- Loss before tax (6,787) (10,150) Income tax credit 11 96 223 ------------- Loss for the year attributable to the owners of the parent (6,691) (9,927) ------------- ------------- Other comprehensive loss: items that may be subsequently reclassified to profit or loss Net exchange differences on translating foreign operations (121) (3,670) ------------- ------------- Total other comprehensive loss, net of tax (121) (3,670) ------------- ------------- Total comprehensive loss (6,812) (13,597) ============= ============= (Loss) per share - Basic and diluted 12 (5.74)p (10.97)p ============= ============= The above items relate entirely to continuing operations. Consolidated Statement of Financial Position As at 31 December 2014 2014 2013 Notes GBP'000 GBP'000 Restated Assets Non-current assets Property, plant and equipment 13 39,354 36,953 Goodwill 14 3,171 3,176 Intangible assets 14 11,284 8,013 Investment in a joint venture 4 56 - 53,865 48,142 ------------- ----------- Current assets Inventories 15 1,486 3,070 Trade and other receivables 16 5,641 4,633 Cash and cash equivalents 17 2,227 7,368 9,354 15,071 ------------- ----------- Total assets 63,219 63,213 ------------- ----------- Liabilities Current liabilities Trade and other payables 18 3,861 2,019 Borrowings 19 18,884 11,550 ------------- 22,745 13,569 ------------- ----------- Non-current liabilities Borrowings 19 11,557 13,803 Deferred tax liability 20 1,202 1,298 12,759 15,101 ------------- ----------- Total liabilities 35,504 28,670 ------------- ----------- Net assets 27,715 34,543 ============= =========== Equity Share capital 21 23,307 23,307 Share premium account 22 139,639 139,639 Reverse acquisition reserve 22 (99,305) (99,305) Translation reserve 22 (3,791) (3,670) Irredeemable Convertible Preference Shares 23 2,249 2,265 Accumulated losses (34,384) (27,693) Total Equity 27,715 34,543 ============= =========== Consolidated Statement of Changes in Equity For the year ended 31 December 2014 Equity Component Share Reverse of Share Premium Acquisition Translation Accumulated Preference Capital Account Reserve Reserve Losses Shares Total Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2013 1,664 12,089 1,732 - (17,766) 2,689 408 Total comprehensive income: ------------- ------------- ------------ ------------- ------------- ------------ ------------- Loss for the financial year - - - - (10,025) - (10,025) Foreign currency translation differences - - - (3,329) - (330) (3,659) ------------- ------------- ------------ ------------- ------------- ------------ ------------- - - - (3,329) (10,025) (330) (13,684) Transactions with owners: ------------- ------------- ------------ ------------- ------------- ------------ ------------- Issuance of ordinary shares 4,643 27,857 - - - - 32,500 Share issue costs - (2,307) - - - - (2,307) Adjustment arising from reverse acquisition 17,000 102,000 (104,883) - - - 14,117 ------------- ------------- ------------ ------------- ------------- ------------ ------------- 21,643 127,550 (104,883) - - - 44,310 Prior year adjustment - - 3,846 (341) 98 (94) 3,509 At 31 December 2013 23,307 139,639 (99,305) (3,670) (27,693) 2,265 34,543 Total comprehensive income: ------------- ------------- ------------ ------------- ------------- ------------ ------------- Loss for the financial year - - - - (6,691) - (6,691) Foreign currency translation differences - - - (121) - (16) (137) ------------- ------------- ------------ ------------- ------------- ------------ ------------- - - - (121) (6,691) (16) (6,828) At 31 December 2014 23,307 139,639 (99,305) (3,791) (34,384) 2,249 27,715 ============= ============= ============ ============= ============= ============ ============= All reserves are attributable to the equity holders of the parent company. Consolidated Statement of Cash Flows For the year ended 31 December 2014 2014 2013 GBP'000 GBP'000 Restated Cash Flows From Operating Activities Loss before taxation (6,787) (10,150) Adjustments for: Depreciation of property, plant and equipment 1,907 2,061 Amortisation of intangible assets 531 958 Gain on disposal of property, plant and equipment (8) - Interest income (10) (168) Property, plant and equipment written off 129 - Impairment of tangible fixed assets - 1,760 Share of loss in a joint venture 22 - Finance costs 2,474 2,626 ----------- ------------- Operating loss before working capital changes (1,742) (2,913) (Increase)/Decrease in : Trade and other receivables (1,007) (2,258) Inventories 1,584 (501) Increase /(Decrease) in : Trade and other payables 1,842 (2,499) ----------- ------------- Cash Generated From/(Used In) Operations 677 (8,171) Net interest paid (2,464) (2,544) Net Cash Used In Operating Activities (1,787) (10,715) ----------- ------------- Cash Flows From Investing Activities Purchase of intangible assets (3,859) (1,780) Purchase of property, plant and equipment (4,720) (5,410) Proceed from disposal of property, plant and equipment 8 - Net cash arising from reverse acquisition - 4,366 Subscription of shares in a joint venture (78) - Net Cash Used In Investing Activities (8,649) (2,824) ----------- ------------- Cash Flows From Financing Activities Issuance of ordinary shares - 32,500 Share issue costs - (2,307) Net proceeds/(repayment of) from borrowings 5,088 (8,821) Advance repayment to shareholders - (714) Advance repayment to directors - (25) Net Cash Generated From Financing Activities 5,088 20,633 ----------- ------------- Net (Decrease)/Increase In Cash and Cash Equivalents (5,348) 7,094 Cash and Cash Equivalents at beginning of year 7,368 485 Effect of exchange rate differences 207 (211) Cash and Cash Equivalents at end of year (note 17) 2,227 7,368 =========== ============= The accompanying accounting policies and notes form an integral part of these financial statements. Notes to the Financial Statements For the year ended 31 December 2014 1 General information Graphene Nanochem Plc is a public limited company incorporated and domiciled in England. In 2013, the Company was formed through the reverse takeover of Platinum Nanochem Sdn. Bhd. ("PNC") by Biofutures International plc ("Biofutures") where GBP32.5 million was raised through a placing of 23.2 million ordinary shares with new investors. The enlarged group's shares were readmitted to the AIM market on 26 March 2013 under the name of Graphene Nanochem plc. The consolidated financial statements are presented as a continuation of the financial statements of Platinum Nanochem Sdn. Bhd. The consideration transferred was calculated after determining the fair value of the assets and liabilities of Biofutures at the transfer date. The consideration comprises the value of the additional shares that would need to have been purchased in Biofutures to acquire the entire share capital. The consideration transferred was not calculated based on the share price of the listed shell at the date of the acquisition as trading in the shares of the listed shell was suspended at that time. All other transaction costs have been treated as post transaction cost in profit or loss. The consideration transferred was calculated after determining the fair value of the assets and liabilities of Biofutures at the transfer date. The consideration comprises the value of the additional shares that would need to have been purchased in Biofutures to acquire the entire share capital The share capital and share premium at the period end represent the equity structure of the legal parent including the equity instruments issued by the legal parent to effect the transaction. This has been effected by the creation of another reserve to reflect the reverse acquisition. The Company and its subsidiaries are involved in the design, formulation and manufacturing of intermediate and performance chemicals and advanced nano-materials. These consolidated financial statements have been approved for issue by the Board of Directors on 5 June 2015. 2 Summary of significant accounting policies 2.1 Basis of preparation These consolidated financial statements of the Group are for the year ended 31 December 2014. They have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The consolidated financial statements have been prepared under the historical cost convention except where accounting standards require the use of fair values. The financial statements of the Company have been prepared using the UK Generally Accepted Accounting Principles (UKGAAP). The significant accounting policies set out below have been consistently applied, except where stated. Prior year adjustment During the reverse takeover exercise highlighted in Note 1, the holders of the Redeemable Cumulative Convertible Preference Shares ("RCCPS") of PNC agreed to sell their RCCPS together with the interest accrued in PNC's financial statements to Biofutures in consideration of new shares allotted by Biofutures to facilitate the readmission of the enlarged new shares in Biofutures to the AIM market. After the completion of reverse takeover exercise in 2013, the RCCPS were owned by PNC's new holding company, Biofutures. At 31 December 2013 this change in ownership had not been reflected and the RCCPS and the interest accrued were not eliminated during the preparation of consolidated financial statements, in addition they were omitted when preparing the reverse acquisition reserve calculation. On this basis, the consolidated financial statements for the year ended 31 December 2013 have been restated to reflect the elimination of the RCCPS, reversal of interest accrued and reversal of deferred tax that arose from the RCCPS as well as a recalculation of the reverse acquisition reserve. The comparatives of the current year financial statement are restated as follows; Consolidated Statement of Comprehensive Income for year ended 31 December 2013 31 December Adjustments 31 December 2013 2013 As previously As Restated reported GBP'000 GBP'000 GBP'000 Finance Income 82 86 168 -------------- ------------ ------------ Operating loss (10,236) 86 (10,150) -------------- ------------ ------------ Loss before tax (10,236) 86 (10,150) Income tax credit 211 12 223 -------------- ------------ ------------ Loss for the year attributable to the owner of the parent (10,025) 98 (9,927) -------------- ------------ ------------ Other comprehensive loss: item that may be subsequently
12/4/2015
12:53
plunger2: I see we've been squabbling again; probably reflecting deep seated grumpiness at the GRPH share price. I still say PGs are of no value to GRPH. They may be officially present but they certainly seem to be unofficially absent. Also they have many dogs in their stable besides this one. Could we do any worse without them? As to the City, the total sloppiness around AiM is ample evidence of its slide. AiM is dying on its feet and nothing happens. I hope I have the sense to never put anything other than token money near it again - EVER EVER EVER! JMHO
23/3/2015
23:48
leedskier: It was a rights issue. The convertible bonds were to be sold to shareholders. It was announced in July 2014. Hence with the value of the shares so low, offering a discount of 10 to 35% of last July's share price was hardly attractive given the share price has fallen 50% since last July. No-one is going to participate in a CB rights issue where the price is 15% higher than the company's current share price. The company is hardly going to offer a 35% discount of today's share price. This from the article last July ... when the discount was mentioned ... the discount was at 10 to 35% of the then share price (or some later date to be determined -- envisaged in Q2/2015). “The convertible bonds are convertible into new Scomi Energy shares at the option of the convertible bond holders at a conversion price, which will be at a discount of between 10% and 35% to the five-day volume weighted average market price of Scomi Energy shares on a price-fixing date to be determined later,” the company said. http://www.thestar.com.my/Business/Business-News/2014/07/31/Scomi-Energy-plans-to-raise-RM1405mil-Part-of-proceeds-will-be-used-to-repay-bridging-loan/?style=biz http://www.theedgemarkets.com/my/article/scomi-energy-aborts-proposed-rights-issue-raise-rm14051m
04/9/2014
11:16
earnestwipplethwaiteiii: That's fine, but I'd prefer to focus on the "...substantial increases...from 2015". A functional stock market, as we all know, should be a leading indicator of future prospects - typically looking six months ahead. However, this being AIM, and therefore dysfunctional, one can of course not rely on such cosy nostrums. In a just world, now would mark the start of a sustained recovery in the GRPH share price, assuming the company's projections to be accurate.
19/8/2014
17:38
cnx: GRPH share price being influenced by general market only
Graphene Nano share price data is direct from the London Stock Exchange
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