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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Windar Photonics Plc | LSE:WPHO | London | Ordinary Share | GB00BTFR4F17 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.00 | -4.12% | 46.50 | 46.00 | 47.00 | 48.50 | 46.50 | 48.50 | 77,597 | 14:54:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Meas & Controlling Dev, Nec | 1.85M | -1.08M | -0.0192 | -24.48 | 26.3M |
From Apr 2019 to Apr 2024
TIDMWPHO
RNS Number : 6057H
Windar Photonics PLC
09 June 2017
9 June 2017
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Windar Photonics plc
("Windar" or the "Company")
Final Results and Notice of Annual General Meeting
Windar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to announce its final results for the year ended 31 December 2016.
FY2016 Highlights
-- Revenue growth in 2016 of 26 per cent to EUR1.2 million (2015: EUR0.9 million), after deferring EUR0.2m of revenue due to the timing of deliveries. Actual despatches in 2016 amounted to EUR1.4m, an increase on 2015 of 48% -- Gross profit increased by 113 per cent to EUR0.6 million (2015: EUR0.3 million) -- The Group held cash balances at the end of the year of EUR783,166 (2015: EUR593,907) Current cash and debtors, net of factoring, is in excess of EUR600,000 -- Good progress with several of our OEM test programmes edging closer to turbine platform design contracts with a potential to have a significant impact on the Company's prospects and activity level -- Expanded product features to include detection of Turbulence Intensity, Wind Shear Intensity and Wake Intensity, adding additional wind turbine optimisation opportunities -- Implemented a new strategic approach to the IPP market segment by appointing seven new non-exclusive distributors to increase our market presence and at the same time reduce operating expenditure -- Reduction of the loss from operations in 2016 due to cost reduction in the second half of 2016 -- Further equity support received during the year of GBP1.9 million
Post period highlights
-- Acceleration of revenue growth from 2016 with revenue and new orders as per the end of April 2017 already exceeding the full year revenue in 2016 -- Further increased our non-exclusive distribution network to include 15 distributors worldwide at the end of May 2017 -- Continued reduction of the loss from operation in 2017 due to increased revenue and further reductions at the operating expenditure level
Jørgen Korsgaard Jensen, CEO of Windar, commented:
"2016 was a year with many challenges but at the same time many opportunities. We added important new capabilities to our product range opening up even further wind turbine optimisation opportunities using our products, and even though not contributing to our overall revenue growth in 2016, we made significant progress within several OEM test programmes in the year. These programmes are essential to supporting our long term revenue targets. Within the IPP market segment we also made important progress in 2016 which has continued into 2017 where we have seen strong growth especially in Asia. In the second half of 2016 we reviewed our overall operating expenses in the Group, which is the primary reason for the improved operational performance in the second half of 2016 which improvements have continued in 2017.
The Company is now looking to build upon its proven technology and pipeline of opportunities and is pleased with the progress made already in 2017. The Board remains confident for 2017 and for the future."
Notice of Annual General Meeting
Windar also today gives notice that its Annual General Meeting ("AGM") will be held at the offices of Cantor Fitzgerald Europe, One Churchill Place, Canary Wharf, London E14 5RB at 10.00 a.m. on 5 July 2017.
The Annual Report and Accounts and Notice of AGM will be posted to shareholders today and will be available shortly from the Company's website, www.windarphotonics.com.
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45 24344930 Cantor Fitzgerald Europe Andrew Craig Nominated Adviser and Broker Richard Salmond +44 20 7894 7000
Chairman's statement
Dear Shareholders,
For the full year ending 31 December 2016, the Group achieved revenue of EUR1.2 million (2015 EUR0.9 million) after deferring EUR0.2m of revenue due to the timing of deliveries. Actual despatches in 2016 amounted to EUR1.4m, an increase on 2015 of 48%.
We also achieved a reduction in our net loss for the year to EUR3.2 million (2015 EUR3.8 million) which included depreciation, amortisation and warrant costs of EUR0.7 million (2015 EUR0.7 million). The net loss for the second half of 2016 was reduced sharply compared to the same period in 2015 to a net loss of EUR1.3 million (2015 EUR2.3 million).
The Group held cash balances at the end of the year of EUR783,166 (2015: EUR593,907).
During the year the Group raised GBP1.9 million before expenses in three tranches. In addition to the capital raising during the year the Group put in place a factoring facility with an initial facility of up to EUR400,000 with an intention to increase the facility up to EUR1.5 million, as the Group made further progress with orders. At the year end the Group had drawn down EUR239,528 from this facility. The Group is also pleased to have financed the sale of 20 LiDAR units in China with Denmark's export credit agency, Eksport Kredit Fonden ("EKF").
In 2015 the Group successfully completed the development of its WindVision(TM) systems (four beam LiDAR system), to sit alongside the proven two beam WindEye(TM) LiDAR system. This development work included the introduction of new electronic and beam switching technology platforms. In 2016 we successfully completed the migration of that same technology platform into our existing WindEye(TM) product line, which has aligned and simplified all of Windar's products.
In the second half of 2016 the Group concentrated its development resources towards wind turbine integration and turbine optimisation solutions. By far the most important development in 2016 was the start of our new wake detection and turbine optimisation programme launched in conjunction with several International Research Institutes. This has already led to new orders and test programmes initiated with both existing and new OEM and IPP customers for both our WindEye(TM) and WindVision(TM) systems. The Wake detection and turbine optimisation programme is financially supported by an Energy Technology Development and Demonstration Program ("EUDP") in conjunction with the project partner Danish Technological University, Department of Wind Energy and includes a combined cash grant of EUR1.0 million over the coming 24 months that is to be split equally between the project partners.
Having initially focused on measuring Wind Direction for optimising Turbine Yaw misalignment, today our product range includes detection of Wind Speed, Wind Gust, Turbulence Intensity, Wind Shear intensity and the above-mentioned Wake Intensity bringing additional opportunities for various turbine optimisation. These additional capabilities (obtained without increasing the cost base of our products) have positioned us favourably with both the OEM and IPP market segments and is expected to support our future growth expectations.
The Group has capitalised its continued cost of investment in technology during the year. This amounts to EUR474,435 (2015: EUR570,087) before grants of EUR48,420 (2015: EUR261,065).
Given our stable and strong LiDAR product platforms, which are increasingly being integrated directly into turbine operating systems, we believe we are well placed to further our progress in both the Original Equipment Turbine Manufacturer ("OEMs") market and also with Independent Power Producers and Wind Farm Owners ("IPPs") with validation and support from the turbine manufacturers.
During 2016 the Group made very important progress in respect of test projects with several major OEMs. Some of these projects have now been ongoing for more than two years, and based on some of these test projects the Board do expect to realise turbine design wins with Windar's LiDAR technology included in the near future. The development of these discussions to the follow-on contract stage are likely to have a significant effect on the Group's prospects and activity levels.
During the second half of 2016 the Group changed its general sales and marketing approach to focus primarily on the IPP market. A key part of the strategic change has been to establish an external non-exclusive regional, distribution network for the Group's LiDAR based products. At the end of 2016 we had entered into seven regional distribution agreements globally and the network has since been expanded to fifteen at the end of May 2017. This strategic approach is intended to increase our global market presence while reducing our overall operating expenses. We have already seen positive signs that this approach is working, with initial orders being received from certain of our partners and their clients, and the Board expects to see the further positive results of this strategic change with increased IPP market penetration in 2017.
2017 has started well with total order intake during the first four months of the year showing an accelerated growth over 2016.
Overall, the Group remains very confident for 2017 and the future, and I would like to take the opportunity to thank the management and staff for their efforts in 2016.
John Weston
Chairman
Date 8 June 2017
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARED 31 DECEMBER 2016
Hot Features
Premium
Year ended Year ended
31 December 31 December
. 2016 2015
EUR EUR
Note
Revenue 4 1,196,037 945,905
Cost of goods sold (627,255) (678,524)
Gross profit 568,782 267,381
Administrative expenses (3,804,798) (3,850,187)
Administrative expenses - Costs in
respect of the Introduction and Listing
on AIM - (222,634)
Other operating income 69,074 -
------------------------------------------ ------
Loss from operations (3,166,942) (3,850,440)
Finance expenses 6 (106,882) (100,211)
Loss before taxation (3,273,824) (3,905,651)
Taxation 7 128,109 120,524
Loss for the year (3,145,715) (3,785,127)
Other comprehensive income
Items that will or may be reclassified
to profit or loss:
Exchange (losses)/gains arising
on translation of foreign operations (22,087) 351
------------------------------------------ ------
Total comprehensive loss for the
year attributable to the ordinary
equity holders of Windar Photonics
plc (3,167,802) (3,784,776)
========================= =========================
Loss per share attributable to the
ordinary equity holders of Windar
Photonics plc
Basic and diluted, cents per share 8 (0.08) (0.10)
========================================== ====== ========================= =========================
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016
31 December 31 December
2016 2015
EUR EUR
Note
Assets
Non-current assets
Intangible assets 10 1,183,675 1,120,209
Property, plant & equipment 11 119,421 144,275
Deposits 54,072 98,096
Total non-current assets 1,357,168 1,362,580
-------------------------------- ------ ------------- ------------
Current assets
Inventory 12 993,657 769,624
Trade receivables 13 557,721 795,766
Other receivables 13 289,509 397,168
Prepayments 81,237 75,993
Cash and cash equivalents 14 783,166 593,907
Total current assets 2,705,290 2,632,458
-------------------------------- ------ ------------- ------------
Total assets 4,062,458 3,995,038
-------------------------------- ------ ------------- ------------
Equity
Share capital 17 513,327 487,688
Share premium 17 8,964,224 6,994,646
Merger reserve 2,910,866 2,910,866
Foreign currency reserve (32,628) (10,541)
Retained earnings (10,530,769) (7,702,123)
Total equity 1,825,020 2,680,536
-------------------------------- ------ ------------- ------------
Non-current liabilities
Loans 16 921,751 826,705
-------------------------------- ------ ------------- ------------
Total non-current liabilities 921,751 826,705
Current liabilities
Trade payables 15 603,950 187,655
Other payables 15 240,681 295,839
Deferred revenue 15 226,942 -
Invoice discounting 15 239,528 -
Loans 15 4,586 4,303
------------- ------------
Total current liabilities 1,315,687 487,797
Total liabilities 2,237,438 1,314,502
-------------------------------- ------ ------------- ------------
Total equity and liabilities 4,062,458 3,995,038
-------------------------------- ------ ------------- ------------
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEARED 31 DECEMBER 2016
Year ended Year ended
31 December 31 December
2016 2015
Notes EUR EUR
Loss for the period before taxation (3,273,824) (3,905,651)
Adjustments for:
Finance expenses 6 106,882 100,211
Amortisation 10 366,784 333,614
Depreciation 11 61,034 62,758
Received tax credit 120,305 70,407
Tax paid (22,008) -
Foreign exchange differences (25,898) (354,072)
Warrants expense 317,069 365,494
-------------------------------------- ------ ------------- -------------
(2,349,656) (3,327,239)
Movements in working capital
Changes in inventory (224,033) (521,511)
Changes in receivables 414,296 (442,699)
Changes in trade payables 416,295 (725,629)
Changes in deferred revenue 226,942 -
Changes in other payables (55,158) 175,589
Cash flow from operations (1,571,314) (4,841,489)
-------------------------------------- ------ ------------- -------------
Investing activities
Payments for intangible assets 10 (474,435) (570,087)
Payments for tangible assets 11 (35,635) (175,179)
Grants received 10 48,420 261,065
-------------------------------------- ------ ------------- -------------
Cash flow from investing activities (461,650) (484,201)
-------------------------------------- ------ ------------- -------------
Financing activities
Proceeds from issue of share
capital 2,252,920 -
Costs associated with the issue
of share capital (257,703) -
Proceeds from invoice discounting 239,528 -
Repayment of loans (4,303) -
Proceeds from new loan - 29,802
Interest paid (10,239) (14,367)
Cash flow from financing activities 2,220,203 15,435
-------------------------------------- ------ ------------- -------------
Net increase/(decrease) in cash
and cash equivalents 187,239 (5,310,255)
Exchange differences 2,020 355,566
Cash and cash equivalents at
the beginning of the year 593,907 5,548,596
Cash and cash equivalents at
the end of the year 14 783,166 593,907
-------------------------------------- ------ ------------- -------------
CONSOLIDATED AND COMPANY STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2016
.
Share Share Merger Foreign Retained Total
Notes Capital Premium reserve currency earnings
reserve
EUR EUR EUR EUR EUR EUR
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Group
At 1 January 2015 487,688 6,994,646 2,910,866 (10,892) (4,282,490) 6,099,818
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Share option and
warrant costs - - - - 365,494 365,494
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Transaction with
owners - - - - 365,494 365,494
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Comprehensive loss
for the year - - - - (3,785,127) (3,785,127)
Other comprehensive
loss - - - 351 - 351
Total comprehensive
income - - - 351 (3,785,127) (3,784,776)
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
At 31 December 2015 487,688 6,994,646 2,910,866 (10,541) (7,702,123) 2,680,536
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
New shares issued 17 24,558 2,228,362 - - - 2,252,920
New shares issued
in respect of services
rendered 17 1,081 117,845 - - - 118,926
Costs associated
with capital raise - (376,629) (376,629)
Share option and
warrant costs - - - - 317,069 317,069
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Transaction with
owners 25,639 1,969,578 - - 317,069 2,312,286
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Comprehensive loss
for the year - - - (3,145,715) (3,145,715)
Other comprehensive
loss - - - (22,087) - (22,087)
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Total comprehensive
income - - - (22,087) (3,145,715) (3,167,802)
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
At 31 December 2016 513,327 8,964,224 2,910,866 (32,628) (10,530,769) 1,825,020
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Company
At 1 January 2015 487,688 6,994,646 658,279 (7,746) (681,160) 7,451,707
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Share option and
warrant costs - - - - 365,494 365,494
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Transaction with
owners - - - - 365,494 365,494
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Comprehensive loss
for the year - - - - (471,368) (471,368)
Total comprehensive
income - - - - (471,368) (471,368)
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
At 31 December 2015 487,688 6,994,646 658,279 (7,746) (787,034) 7,345,833
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
New shares issued 17 24,558 2,228,362 - - - 2,252,920
New shares issued
in respect of services
rendered 17 1,081 117,845 - - - 118,926
Costs associated
with capital raise - (376,629) (376,629)
Share option and
warrant costs - - - - 317,069 317,069
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Transaction with
owners 25,639 1,969,578 - - 317,069 2,312,286
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Comprehensive loss
for the year - - - - (984,082) (984,082)
Other comprehensive - - - - - -
loss
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
Total
comprehensive
income - - - - (984,082) (984,082)
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
At 31 December 2016 513,327 8,964,224 658,279 (7,746) (1,454,047) 8,674,037
----------------------------------- ------- --------- ------------ ---------- --------- ------------- ----------------------
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER 2016
1. General information
The Company is a public limited company domiciled in the United Kingdom and incorporated under registered number 09024532 in England and Wales. The Company's registered office is 3 More London Riverside, London, SE1 2AQ.
The Group was formed when the Company acquired on 29 August 2014 the entire share capital of Windar Photonics A/S, a company registered in Denmark though the issue of Ordinary Shares.
The financial information set out below does not constitute the company's statutory accounts for 2016 or 2015. Statutory accounts for the years ended 31 December 2016 and 31 December 2015 have been reported on by the Independent Auditors. The Independent Auditors' Reports on the Annual Report and Financial Statements for the years ended 31 December 2016 and 31 December 2015 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2015 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 December 2016 will be delivered to the Registrar in due course.
2. Going Concern
The consolidated financial statements have been prepared assuming the Group will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations. Based on the Group's latest trading expectations and associated cash flow forecasts, the directors have considered the cash requirements of the Group. The directors are confident that based on the group's forecasts and projections, taking account of possible changes in trading performance, no further funding will be required and are satisfied that the Group has adequate resources to continue in operation for the review period, namely 12 months from the date of these financial statements. It is on that basis they continue to adopt the going concern basis of accounting in preparing these financial statements.
3. Basis of preparation
The consolidated financial statements comprises the consolidated financial information of the Group as at 31 December 2016 and are prepared under the historic cost convention, except for the following:
-- share based payments and warrant cost
The principal accounting policies adopted in the preparation of the financial information are set out below. The policies have been consistently applied to all the periods presented.
The financial statements has been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRSs") issued by the International Accounting Standards Board (IASB) as adopted by the European Union ("adopted IFRSs").
The acquisition of the subsidiary in 2014 was deemed to be a business combination under common control as the ultimate control before and after the acquisition was the same. As a result, the transaction is outside the scope of IFRS 3 and has been included under the principles of merger accounting by reference to UK GAAP.
.
4. Revenue
Revenue arises from:
Year ended Year ended
31 December 31 December
2016 2015
EUR EUR
Sale of product 1,136,840 646,691
Sale of services 59,197 299,214
------------- -------------
1,196,037 945,905
============= =============
5. Segment information
Operation segments are reported as reported to the chief operation decision maker.
The Group has one reportable segment being the sale of LiDAR Wind Measurement and therefore segmental results and assets are disclosed in the consolidated statement of profit or loss and other comprehensive income and consolidated statement of financial position.
In 2016, two customers accounted for more than 10 per cent of the revenue (2015: one customer). The total amount of revenue from these customers amounted to EUR305,639, 20.8% of revenue and EUR154,101, 10.5% of revenue (2015: EUR213,519 or 23 per cent of the revenue)
Revenue by geographical location of customer:
Year Year
ended ended
31 December 31 December
2016 2015
EUR EUR
Europe 133,968 304,775
Americas 376,161 283,787
Asia 685,908 357,343
Revenue 1,196,037 945,905
---------- ------------- --------------------------
Geographical information
The parent company is based in the United Kingdom. The information for the geographical area of non-current assets is presented for the most significant area where the group has operations being Denmark.
As at 31 As at 31
December December
2016 2015
EUR EUR
Denmark 1,303,096 1,264,484
1,303,096 1,264,484
---------- ----------
Non-current assets for this purpose consist of property, plant and equipment and intangible assets.
6. Finance income and expense
Finance expense
Year Year
ended ended
31 December 31 December
2016 2015
EUR EUR
Interest expense on financial liabilities
measured at amortised cost (106,882) (100,211)
Finance expense (106,882) (100,211)
------------------------------------------- -------------- --------------
7. Income tax
Year ended Year ended
31 December 31 December
2016 2015
EUR EUR
(a) The tax credit for the year:
Corporation tax (128,109) (120,524)
------------- -------------
(b) Tax reconciliation
Loss on ordinary activities before
tax (3,273,824) (3,905,651)
------------- -------------
Loss on ordinary activities at
the UK standard rate of corporation
tax 20% (654,765) (781,130)
Effects of:
Expenses non-deductible for tax
purposes 168,233 114,976
Deferred tax not recognised - (9,408)
Depreciation for the period in
excess of capital allowances (9,920) -
Unrecognised tax losses 434,825 817,856
Different tax rates applied in
overseas jurisdictions 83,822 (142,294)
Tax credit on research and development (150,304) (120,524)
------------- -------------
Tax credit for the year (128,109) (120,524)
------------- -------------
The tax credit is recognised as 22 per cent. (2015: 23.5 per cent) of the company's deficit that relates to research and development costs. Companies in Denmark, who conduct research and development and accordingly experience deficits can apply to the Danish tax authorities for a payment equal to 22 per cent. (2015 23.5 per cent) of deficits relating to research and development costs up to DKK 25 million.
(c) Deferred tax - Group
In view of the tax losses carried forward there is deferred tax available on losses of approximately EUR2,174,230 (2015: EUR1,572,060) which has not been recognised in these Financial Statements. This contingent asset will be realised when the Group makes sufficient taxable profits in the relevant Company.
(d) Deferred tax - Company
In view of the tax losses carried forward there is a deferred tax of approximately EUR252,441 (2015: EUR223,051) which has not been recognised in these Financial Statements. This contingent asset will be realised when the company can demonstrate future profit against which the losses will be able to be used.
8. Loss per share
The loss and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
Year ended Year ended
31 December 31 December
2016 2015
EUR EUR
Loss for the year (3,145,347) (3,785,127)
------------- -------------
Weighted average number of ordinary
shares for the purpose of basic earnings
per share 38,950,108 38,166,377
Basic loss and diluted, cents per share (0.08) (0.10)
------------- -------------
There is no dilutive effect of the warrants as the dilution would reduce the loss per share.
9. Dividends
No dividends were proposed by the Group during the period under review (2015: EURNil).
10. Intangible assets
Development
projects
Group EUR
Cost
---------------------------------- ------------
At 1 January 2015 1,775,208
------------------------------------ ------------
Additions - internally developed 570,087
Grants received (261,065)
Exchange differences (4,373)
At 31 December 2015 2,079,857
------------------------------------ ------------
Additions - internally developed 474,435
Grants received (48,420)
Exchange differences 7,862
------------------------------------ ------------
At 31 December 2016 2,513,734
------------------------------------ ------------
Accumulated amortisation
At 1 January 2015 627,698
------------------------------------ ------------
Charge for the year 333,614 Exchange differences (1,664) ------------------------------------ ------------ At 31 December 2015 959,648 ------------------------------------ ------------ Charge for the year 366,784 Exchange differences 3,627 ------------------------------------ ------------ At 31 December 2016 1,330,059 ------------------------------------ ------------ Net carrying value ---------------------------------- ------------ At 1 January 2015 1,147,510 ------------------------------------ ------------ At 31 December 2015 1,120,209 ------------------------------------ ------------ At 31 December 2016 1,183,675 ------------------------------------ ------------
The Group has received Research and Development Grants from Energiteknologisk Udvikling og Demonstration Projekt of EUR48,420 (2015: EUR261,065) in respect of the capitalised research and development. The Group has the ability to claim a further EUR388,393 (2015: EUR5,000) of grants in future years in respect of on-going Research and Development.
11. Property, plant & equipment
Plant and
equipment
Group EUR
Cost
-------------------------- -----------
At 1 January 2015 51,463
---------------------------- -----------
Additions 175,179
Exchange differences (214)
At 31 December 2015 226,428
Additions 35,635
Exchange differences 870
---------------------------- -----------
At 31 December 2016 262,933
---------------------------- -----------
Accumulated depreciation
At 1 January 2015 19,474
---------------------------- -----------
Charge for the year 62,758
Exchange differences (79)
At 31 December 2015 82,153
Charge for the year 61,034
Exchange differences 325
---------------------------- -----------
At 31 December 2016 143,512
---------------------------- -----------
Net carrying value
-------------------------- -----------
At 1 January 2015 31,989
---------------------------- -----------
At 31 December 2015 144,275
---------------------------- -----------
At 31 December 2016 119,421
---------------------------- -----------
12. Inventory
Group
As at As at
31 December 31 December
2016 2015
EUR EUR
Raw material 496,442 471,877
Work in progress 110,654 267,153
Finished goods 386,561 30,594
------------------ ------------- -------------
Inventory 993,657 769,624
------------------ ------------- -------------
The cost of inventory sold and recognised as an expense during the year was EUR627,255 (2015: EUR678,524).
13. Trade and other receivables
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2016 2015 2016 2015
EUR EUR EUR EUR
Trade receivables 557,721 795,766 - -
-------------------------------------- ------------- ------------- ------------- -------------
Less: provision for impairment
of trade receivables - - - -
-------------------------------------- ------------- ------------- ------------- -------------
Trade receivables - net 557,721 795,766 - -
Intragroup receivables - - 813,237 2,582,968
-------------------------------------- ------------- ------------- ------------- -------------
Total financial assets other
than cash and cash equivalents
classified as loans and receivables 557,721 795,766 813,237 2,582,968
-------------------------------------- ------------- ------------- ------------- -------------
Tax receivables 150,336 120,524 - -
Restricted cash 30,609 - - -
Other receivables 108,564 276,644 20,922 16,163
Total other receivables 289,509 397,168 20,922 16,163
Total trade and other receivables 847,230 1,192,934 834,159 2,599,131
-------------------------------------- ------------- ------------- ------------- -------------
Classified as follows:
Current Portion 847,230 1,192,934 834,159 2,599,131
-------------------------------------- ------------- ------------- ------------- -------------
Restricted cash represents 10% on the amounts due from debtors and financed under the terms of export credit agreement and is held by Danske Bank until such time as the customer has paid in full. Once payment is made the cash will be transferred into the group's unrestricted cash.
The ageing of the trade receivables as at 31 December 2016 is detailed below:
Group
2016 2015
EUR EUR
Neither past due nor impaired: 407,616 683,792
Past due but not impaired:
0 to 30 days 21,261 48,293
30 to 60 days 8,601 2,294
60 to 90 days - -
Over 90 days 120,243 61,387
-------- --------
557,721 795,766
======== ========
There is no material difference between the net book value and the fair values of trade and other receivables due to their short term nature.
Other classes of financial assets included within trade and other receivables do not contain impaired assets.
Maturity analysis of the financial assets, including trade debtors, restricted cash and other receivables, classified as financial assets measured at amortised cost, is as follows (the amounts shown are undiscounted and represent the contractual cash-flows):
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2016 2015 2016 2015
EUR EUR EUR EUR
Up to 3 months 557,721 795,766 - -
Within 12 months 139,173 276,644 834,159 2,599,131
------------------ ------------- ------------- ------------- -------------
696,894 1,072,410 834,159 2,599,131
------------------ ------------- ------------- ------------- -------------
14. Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise the following balances with original maturity less than 90 days:
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2016 2015 2016 2015
EUR EUR EUR EUR
------------- ------------- ------------- -------------
Cash at bank 783,166 593,907 251,310 470,185
------------- ------------- ------------- -------------
15. Trade and other payables
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2016 2015 2016 2015
EUR EUR EUR EUR
Invoice discounting 239,528 - - -
Trade payables 603,950 187,655 98,210 551
Other payables 240,681 295,839 - 26,860
Current portion of Nordea
loan 4,586 4,303 - -
Total financial liabilities,
excluding non-current loans
and borrowings classified as financial liabilities measured at amortised cost 1,088,745 487,797 98,210 27,411 --------------------------------- ------------- --------------------------------------- ------------------------------ --------------- Deferred revenue 226,942 - - - --------------------------------- ------------- --------------------------------------- ------------------------------ --------------- Total trade and other payables 1,315,687 487,797 98,210 27,411 --------------------------------- ------------- --------------------------------------- ------------------------------ --------------- Classified as follows: Current Portion 1,315,687 487,797 98,210 27,411 --------------------------------- ------------- --------------------------------------- ------------------------------ ---------------
The amounts included within bank overdrafts represents an invoice discounting arrangement and is secured upon the trade debtors to which the arrangement relates.
There is no material difference between the net book value and the fair values of current trade and other payables due to their short term nature.
Maturity analysis of the financial liabilities, classified as financial liabilities measured at amortised cost, is as follows (the amounts shown are undiscounted and represent the contractual cash-flows):
Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2016 2015 2016 2015
EUR EUR EUR EUR
Up to 3 months 1,143,039 484,546 98,210 27,412
Within 12 months 172,648 3,251 - -
------------------ ------------- ------------- ------------- -------------
1,315,687 487,797 98,210 27,412
------------------ ------------- ------------- ------------- -------------
16. Borrowings
The carrying value and fair value of the Group's borrowings are as follows:
Group
Book and fair value
As at As at
31 December 31 December
2016 2015
Loans EUR EUR
Growth Fund 900,743 801,207
Nordea Ejendomme 25,594 29,801
Current portion of Nordea Loan (4,586) (4,303)
Total non-current financial liabilities
measured at amortised costs 921,751 826,705
----------------------------------------- ------------- -------------
The Growth Fund borrowing from the Danish public institution, Vækstfonden, bears interest at a fixed rate of 12 per cent. The borrowing is a bullet loan with maturity in June 2020. The Group may at any point in time either repay the loan in part or in full or initiate an annuity repayment scheme over four years. If an annuity repayment scheme is initiated, the interest rate will be reduced to 8 per cent in the repayment period.
The loan from Nordea Ejendomme is in respect of amounts included in the fitting out of the offices in Denmark. The loan is repayable over the 6 years and matures in November 2021 and carries a fixed interest rate of 6 per cent.
Both Loans are denominated in Danish Kroner.
The Company had no borrowings.
17. Share capital
On 6 May 2016 the Company issued 800,002 ordinary shares of 1 pence each for cash consideration at GBP1.10 per share and 85,500 ordinary shares of 1 pence each at GBP1.10 for the satisfaction of fees.
On 26 September 2016 the Company issued 710,018 ordinary shares of 1 pence for cash consideration at 67.5 pence per share.
On 19 December 2016 the Company issued 522,082 ordinary shares of 1 pence for cash consideration at 94 pence per share.
Authorised EUR
Shares at 1 January 2016 38,166,377 487,688
---------------------------- ------------ ---------
Shares at 31 December 2016 40,283,979 513,327
---------------------------- ------------ ---------
Number of EUR
shares issued
and fully
paid
Shares at 1 January 2016 38,166,377 487,688
-------------------------------------- --------------- ---------
Issue of shares for cash 2,032,102 24,558
Issue of shares for the satisfaction
of fees 85,500 1,081
Shares at 31 December 2016 40,283,979 513,327
-------------------------------------- --------------- ---------
At 31 December 2016 the share capital comprises 40,283,979 shares of 1 pence each.
Warrants
Warrants are granted to Directors and employees. In 2014, warrants were issued to Martin Rambusch, John Weston and Simon Barrell, all Directors in the Company. The Group has no legal or constructive obligation to repurchase or settle the warrants in cash. The warrants are exercisable immediately from time of grant and lapse at 31 December 2017 but the directors have to remain employed to be able to exercise the warrants so on that basis the charge is being recognised over the periods ending 31 December 2017.
Warrants are valued using the Black-Scholes pricing model and no performance conditions are included in the fair value calculations. The risk free rate was 1.15%. The expected volatility is based on historical volatility of the AIM market over the last two years and is estimated to be 40%. The average share price during the year was 89.8 pence (2015:100 pence). At the year end the Company had the following warrants outstanding:
Number of warrants
-----------------------
At At
31 December 31 December Exercise
price
2015 Granted 2016 (GBP pence) Exercise date
29/08/14 to
1,520,956 - 1,520,956 35.44 31/12/17
08/12/14 to
75,000 - 75,000 100 31/12/17
1,595,956 - 1,595,956
============= ======== =============
18. Contingencies and Commitments
The total future value of the minimum lease payment is due as follows:
2016 2015
EUR EUR
Not later than one year 11,743 11,743
Later than one year and not
later than five years 245,494 345,917
Later than five years - -
-------- --------
257,237 357,660
-------- --------
All leasing commitments are in respect of property leased by the Group. The terms of property leases vary from country to country, although they all tend to be tenant repairing with rent reviews every 2 to 5 years and many have break clauses.
19. Related Party Transactions
Jørgen Korsgaard Jensen and Johan Blach Petersen are directors and shareholders of O-Net Wavetouch Denmark A/S (Wavetouch). Wavetouch has during the year rented office space from Windar Photonics A/S, the amount payable during the year to Windar was EUR22,565 (2015: EURNil). There were no amounts outstanding at the year end from Wavetouch (2015:EUR Nil).
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSWEFAFWSESM
(END) Dow Jones Newswires
June 09, 2017 02:00 ET (06:00 GMT)
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