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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4.00 | 10.00% | 44.00 | 43.00 | 45.00 | 45.00 | 40.00 | 40.00 | 150,630 | 15:34:44 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Meas & Controlling Dev, Nec | 1.85M | -1.08M | -0.0192 | -22.92 | 24.62M |
From Apr 2019 to Apr 2024
TIDMWPHO
RNS Number : 9530J
Windar Photonics PLC
15 September 2016
15 September 2016
Windar Photonics plc
("Windar Photonics" or the "Group")
Unaudited interim report for the six months ended 30 June 2016
Windar Photonics PLC (AIM:WPHO), the technology group that has developed cost efficient and innovative LiDAR wind sensors for use on electricity generating wind turbines announces its unaudited interim results for the six months ended 30 June 2016.
Chairman's Statement
I am pleased to report that the first half of the year has been one of further progress for Windar Photonics across a number of fields. We have continued to make good progress with a number of customer orders announced during the period, including from two large scale utilities in North America, and were able to initiate and complete a number of trials internationally with OEMs and asset owners. OEMs, which supply new turbines into the market, represent an excellent opportunity for the Group to gain significant market traction with the support of globally recognised and widely adopted turbine manufacturers. Asset owners are attracted to the operational and financial benefits of installing Windar Photonics' proprietary LiDAR technologies on their turbines.
At the corporate level, we also welcomed new investors to our share register with the completion of a cash subscription raising approximately GBP1.0 million after costs and agreed a factoring facility with Nordea Bank Denmark AS ("Nordea") of up to EUR400,000 in May 2016. Together, this funding has provided the Group with additional resources to capitalise upon the traction we have witnessed in our target markets.
Revenue for the period amounted to EUR0.8 million compared to the full year revenue in 2015 of EUR0.9 million (EUR0.1 million in the first half year of 2015). Gross profit for the period amounted to EUR0.4 million, which is greater than the full year result for 2015 of EUR0.3 million, and first half year 2015 of EUR0.1 million. In the period the Group incurred a loss before tax of EUR1.83 million (six months ended 30 June 2015: EUR1.56 million) including a non-cash warrant cost of EUR154,415 (2015: EUR103,107) as it invested in building the sales pipeline and technical engagement with customers.
Despite the strong growth in both revenue and gross profit compared to last year, the revenue growth is lower than previously expected due to delays of planned installations within the retro-fit segment in the US and Europe. A number of tests and trial orders, which have been successfully completed, have not yet resulted in the follow-on orders that would be expected and remain under negotiation.
The Group continues to work with selected OEMs and Wind Turbine Control Manufacturers to facilitate LiDAR integration for deployment within the retro-fit market, which resulted in the launch of a new direct turbine integration of the WindEye(TM) LiDAR post the period end. This initial product offering is focused on four specific turbine models with four OEMs and Wind Turbine Control Manufacturers and a potential installed base of around 11,000 turbines internationally. LiDAR integration is of great benefit to the retro-fit end user, taking advantage of optimised wind turbine yaw control and also the ability to utilise wind speed and gust detection with a controller software upgrade package. The OEMs and Wind Turbine Control Manufacturers choosing to integrate Windar Photonics' LiDAR data have also invested in adapting their operating software to allow the Windar Photonics devices to be retrofitted on 4 specific wind turbine models. The Board expects this offering to be a substantial driver for sales to the retro-fit market segments in the years to come, with first orders expected imminently.
The Group continued to work with several major OEMs on the direct integration of its LiDAR devices into OEM wind turbines. These discussions and trials, which are in the final stages of turbine control integrations after very extensive tests of the Group's products, have already resulted in the Group being selected as the preferred LiDAR system supplier to the brand new Eleon 3.4M-118 Wind Turbine. Based on current OEM activities, the Group expects to see further traction with OEM implementation in the foreseeable future.
The Directors believe that orders will continue to be forthcoming as the Group progresses its detailed discussions with these commercial parties and, furthermore, believe that the Group may meet or exceed the level of orders required to meet anticipated 2016 revenues during the remainder of the current year. However, lead times and delivery schedules associated with LiDAR units mean some of the revenue associated with such orders will not be fully recognised in the current year. As such, while the Directors believe that the Group will show strong revenue growth year on year, results for the full year are likely to be below current market expectations. One of the order delays relates to a contract announced in September 2015 with an US utility company for approximately US$900k originally expected to be delivered in the second half of 2016. The controller manufacturer involved with that project has withdrawn from the market, and the US utility company is working with Windar Photonics to find an alternative solution to facilitate delivery.
Despite the widening loss in the first half of the year when compared with 2015, the Group expects a substantially improved result in the second half due to both increased sales and a cost reduction programme. Having maintained inventories of completed devices and long order lead items, the Group expects to be cash flow positive in the second half of the financial year as higher sales activity converts inventory to cash, utilising the Nordea Factoring facility, and with support from the Danish Export Credit Fund. At 30 June 2016, the Group had net cash of EUR0.25 million, the Nordea Factoring facility of EUR0.4 million had still not been utilised, and the Group had current assets, excluding cash, of some EUR2.03 million.
With the groundwork already laid with the success of the trial programmes, the highest priority for the Group is to convert the potential sales into firm orders. Martin Rambusch's greatest strength lies in his sales ability. As a result the Board has asked Martin to step down as CEO and from the Board, and for him to focus full time on driving the sales effort as Chief Commercial Director. Jørgen Korsgaard Jensen, founder and currently part time CTO of the Group, has assumed the role of interim CEO with immediate effect until such time as a new CEO is identified.
Based upon current traction with our customers and a varied product offering, the Directors believe that that the Group is well positioned to show substantial growth and ultimately profitability over the coming years. The Board looks forward to providing further updates in due course.
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45 2168 9476 Cantor Fitzgerald Europe Andrew Craig Nominated Adviser and Broker Richard Salmond +44 (0)20 7894 7000
http://investor.windarphotonics.com
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six Year
ended months ended
30 June ended 31 December
2016 30 June 2015
2015
(unaudited) (unaudited) (audited)
Note EUR EUR EUR
Revenue 775,813 145,075 945,905
Cost of Goods Sold (375,946) (11,548) (678,524)
Gross profit 399,867 133,527 267,381
Administrative expenses (2,175,327) (1,768,652) (4,204,259)
Foreign exchange on
change of functional
currency - 340,632 354,072
Administrative expenses
- Cost in respect of
the Introduction and
Listing on AIM - (216,637) (222,634)
Loss from operations (1,775,460) (1,511,130) (3,805,440)
Finance expenses (51,209) (46,729) (100,211)
Loss before taxation (1,826,669) (1,557,859) (3,905,651)
Taxation 59,223 51,750 120,524
Loss for the period (1,767,446) (1,506,109) (3,785,127)
Other comprehensive
income
Items that will or
maybe reclassified
to profit or loss:
Exchange losses arising
on translation of foreign
operations (3,676) (2,197) 351
Total comprehensive
loss for the period (1,771,122) (1,508,306) (3,784,776)
========================== ============== =========================
Loss per share for
loss attributable to
the ordinary equity
holders of Windar Photonics
plc
Basic, cents per share 2 (4.60) (3.95c) (9.92c)
-------------------------- -------------- -------------------------
Diluted, cents per
share (4.60) (3.95c) (9.92c)
-------------------------- -------------- -------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016
As at As at As at
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
Notes EUR EUR EUR
Assets
Non-current assets
Intangible assets 1,202,791 1,078,900 1,120,209
Property, plant &
equipment 131,802 130,615 144,275
Deposits 92,182 74,033 98,096
Total non-current
assets 1,426,775 1,283,548 1,362,580
------------------------------ ------ ------------------- ------------ --------------------
Current assets
Inventory 3 943,216 849,702 769,624
Trade receivables 4 710,662 313,124 795,766
Other receivables 4 313,199 605,106 397,168
Prepayments 66,351 26,030 75,993
Cash and cash equivalents 254,795 2,777,947 593,907
Total current assets 2,288,223 4,571,909 2,632,458
------------------------------ ------ ------------------- ------------ --------------------
Total assets 3,714,998 5,855,457 3,995,038
------------------------------ ------ ------------------- ------------ --------------------
Equity
Share capital 5 498,853 487,688 487,688
Share premium 7,962,366 6,994,646 6,994,646
Merger reserve 2,910,866 2,910,866 2,910,866
Foreign currency
reserve (14,217) (13,089) (10,541)
Accumulated loss (9,315,154) (5,671,833) (7,702,123)
Total equity 2,042,714 4,708,278 2,680,536
------------------------------ ------ ------------------- ------------ --------------------
Non-current liabilities
Loans 6 876,220 759,364 826,705
------------------------------ ------ ------------------- ------------ --------------------
Total non-current
liabilities 876,220 759,364 826,705
------------------------------ ------ ------------------- ------------ --------------------
Current liabilities
Trade and other payables 7 526,474 253,227 187,655
Other liabilities 265,142 134,588 295,839
Loans 4,448 - 4,303
------------------------------ ------ ------------------- ------------ --------------------
Total current liabilities 796,064 387,815 487,797
------------------------------ ------ ------------------- ------------ --------------------
Total liabilities 1,672,284 1,147,179 1,314,502
------------------------------ ------ ------------------- ------------ --------------------
Total equity and liabilities 3,714,998 5,855,457 3,995,038
------------------------------ ------ ------------------- ------------ --------------------
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX
MONTHSED 30 JUNE 2016
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
EUR EUR EUR
Loss for the period
before tax (1,826,669) (1,557,859) (3,905,651)
Adjustments for:
Finance expenses 51,209 46,729 100,211
Provision for bad
debts 115,000 - -
Amortisation 166,997 164,200 333,614
Depreciation 28,331 52,434 62,758
Tax received/(paid) (18,629) - 70,407
Foreign exchange
difference - (340,632) (354,072)
Warrants expense 154,415 116,766 365,494
----------------------------- -------------- --------------- -----------------
(1,329,346) (1,518,362) (3,327,239)
Movements in working
capital
Changes in inventory (173,592) (601,589) (521,511)
Changes in receivables,
prepayments and
deposits 147,905 (92,336) (442,699)
Changes in trade
payables 338,819 (660,056) (725,629)
Changes in other
payables (30,697) 14,338 175,589
Cash flow (used
in) operations (1,046,911) (2,858,005) (4,841,489)
----------------------------- -------------- --------------- -----------------
Investing activities
Payments for intangible
assets (251,888) (97,992) (570,087)
Grants received - - 261,065
Payments for tangible
assets (9,507) (151,130) (175,179)
Cash flow (used
in) investing activities (261,395) (249,122) (484,201)
----------------------------- -------------- --------------- -----------------
Financing activities
Proceeds from issue
of share capital 1,231,664 - -
Costs associated
with the issue of
share capital (252,779) - -
Net change in long
term borrowing (814) 42,300 29,802
Finance expenses (880) (46,729) (14,367)
----------------------------- -------------- --------------- -----------------
Cash flow from
financing activities 977,191 (4,429) 15,435
----------------------------- -------------- --------------- -----------------
Net (decrease)/increase
in cash and cash
equivalents (331,115) (3,111,556) (5,310,255)
Exchange differences (7,997) 340,907 355,566
Cash and cash equivalents
at the beginning
of the period 593,907 5,548,596 5,548,596
Cash and cash equivalents
at the end of the
period 254,795 2,777,947 593,907
----------------------------- -------------- --------------- -----------------
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS
ED 30 JUNE 2016
Share Share Merger Foreign Accumulated Total
Capital Premium reserve currency Losses
reserve
EUR EUR EUR EUR EUR EUR
--------------------- ------------ ------------ ---------- ---------- -------------- --------------
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 - - - - 116,766 116,766
--------------------- ------------ ------------ ---------- ---------- -------------- --------------
Transaction
with owners - - - - 116,766 116,766
--------------------- ------------ ------------ ---------- ---------- -------------- -------------- Comprehensive loss for the period - - - - (1,506,109) (1,506,109) Other comprehensive income - - - (2,197) - (2,197) Total comprehensive income - - - (2,197) (1,506,109) (1,508,306) At 30 June 2015 487,688 6,994,646 2,910,866 (13,089) (5,671,833) 4,708,278 Share option and warrant costs - - - - 248,728 248,728 Transaction with owners - - - - 248,728 248,728 --------------------- ------------ ------------ ---------- ---------- -------------- -------------- Comprehensive loss for the period - - - - (2,279,018) (2,279,018) Other comprehensive loss - - - 2,548 - 2,548 --------------------- ------------ ------------ ---------- ---------- -------------- -------------- Total comprehensive income - - - 2,548 (2,279,018) (2,276,470) At 31 December 2015 487,688 6,994,646 2,910,866 (10,541) (7,702,123) 2,680,536 New shares issued 10,084 1,102,654 - - - 1,112,738 Costs associated with capital raise - (252,779) - - - (252,779) New shares issued in respect of services rendered 1,081 117,845 - - - 118,926 Share option and warrant costs - - - - 154,415 154,415 --------------------- ------------ ------------ ---------- ---------- -------------- -------------- Transaction with owners 11,165 967,720 - - 154,415 1,133,300 --------------------- ------------ ------------ ---------- ---------- -------------- -------------- Comprehensive loss for the period - - - - (1,767,446) (1,767,446) Other comprehensive loss - - - (3,676) - (3,676) --------------------- ------------ ------------ ---------- ---------- -------------- -------------- Total comprehensive income - - - (3,676) (1,767,446) (1,771,122) At 30 June 2016 498,853 7,962,366 2,910,866 (14,217) (9,315,154) 2,042,714 --------------------- ------------ ------------ ---------- ---------- -------------- -------------- 1. BASIS OF PREPARATION
The financial information for the six months ended 30 June 2016 and 30 June 2015 does not constitute the Group's statutory financial statements for those periods with the meaning of Section 434(3) of the Companies Act 2006 and has neither been audited or reviewed pursuant to guidance issued by the Auditing Practices Board. The annual financial statements of Windar Photonics Plc are prepared in accordance with International Financial Reporting Standards as endorsed by the European Union ("IFRS"). The principal accounting policies used in preparing the Interim financial statements are those that the Group expects to apply in its financial statements for the year ended 31 December 2016 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 December 2015.
The comparative financial information for the year ended 31 December 2015 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2015 have been filed with the Registrar of Companies. The Independent Auditor's Report on the Annual Report and Financial Statements for 2015 was unqualified, did not include references to any matters which the auditors drew attention to by way of emphasis without qualifying their report and did not contain a statement under section 498(2)-498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue operating for the next 12 months. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed consolidated financial statements.
This interim report was approved by the directors.
2. Loss per share
The loss and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
EUR EUR EUR
Loss for the period (1,767,446) (1,506,109) (3,785,127)
-------------- ------------- -------------
Weighted average number
of ordinary shares for
the purpose of basic earnings
per share 38,433,974 38,166,377 38,166,377
Basic loss, cents per share (4.60c) (3.95c) (9.92c)
-------------- ------------- -------------
Diluted loss, cents per
share (4.60c) (3.95c) (9.92c)
-------------- ------------- -------------
There is no dilutive effect of the warrants as the dilution would be negative.
3. Inventory
As at
As at As at 31 December
30 June 30 June 2015
2016 2015
EUR EUR EUR
Raw material 557,277 365,226 471,877
Goods in progress 154,375 252,396 267,153
Finished goods 231,564 232,080 30,594
Inventory 943,216 849,702 769,624
------------------- ---------- --------- -------------
4. Trade and other receivables
As at
As at As at 31 December
30 June 30 June 2015
2016 2015
EUR EUR EUR
----------------------------------- ------------ --------- -------------
Trade receivables 825,662 313,124 795,766
----------------------------------- ------------ --------- -------------
Less: provision for impairment
of trade receivables 115,000 - -
Trade receivables - net 710,662 313,124 795,766
Tax receivables 198,800 122,157 120,524
Other receivables 114,399 482,949 276,644
Total other receivables 313,199 605,949 397,168
Total trade and other receivables 1,023,861 918,230 1,192,934
----------------------------------- ------------ --------- -------------
5. Share capital
On 6 May 2016 the Group issued further Ordinary Shares as follows:
800,002 Ordinary Shares in consideration for cash received by the Group; and
85,500 Ordinary Shares in consideration for the satisfaction of fees payable to West Hill Capital LLP.
Number EUR
of shares
Shares as 30 June 2015 36,166,377 487,688
------------ ---------
Shares at 31 December 2015 38,166,377 487,688
Issue of shares for cash 800,002 10,084
Issue of shares for the satisfaction
of fees 85,500 1,081
Shares at 30 June 2016 39,051,879 498,853
-------------------------------------- ------------ ---------
At 30 June 2016 the share capital comprises 39,051,879 shares of 1 pence each.
6. Borrowings
The carrying value and fair value of Group's borrowings are as follows:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
EUR EUR EUR
Growth Fund (including
accrued interest) 853,070 759,364 801,207
Nordea Ejendomme 23,160 - 25,498
Total financial assets
other than cash and cash
equivalents classified
as loans and receivables 876,230 759,364 826,705
--------------------------- ----------- ----------- -------------
The Growth Fund borrowing from the Danish public institution, Vækstfonden, bears interest at a 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 Ejendome is in respect of amounts included in the fitting out of the offices in Denmark. The loan is repayable over the 6 years and carries a fixed interest rate of 6 per cent.
7. Trade and other payables
As at
As at As at 31 December
30 June 30 June 2015
2016 2015
EUR EUR EUR
Trade payables 526,474 253,227 187,655
Other payables 265,142 134,588 295,839
Current portion of Nordea
loan 4,448 - 4,303
Total financial liabilities
classified as financial
liabilities measured at
amortised cost 796,064 387,815 487,797
----------------------------- ---------- ---------- -------------
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.
8. Availability of Interim Report
Copies of the Interim Report will not be sent to shareholders but will be available from the Group's website www.investor.windarphotonics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BGGDCLGBBGLU
(END) Dow Jones Newswires
September 15, 2016 06:15 ET (10:15 GMT)
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