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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Green & Smart Holdings Plc | LSE:GSH | London | Ordinary Share | JE00BYTQ7945 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.85 | 2.70 | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBION
RNS Number : 1253D
Bion PLC
26 October 2020
26 October 2020
BiON plc
("BiON" or the "Company" or the "Group")
Interim Results
BiON (AIM: BION), an environmental engineering, wastewater treatment and renewable energy solutions company, announces its interim results for the six months ended 30 June 2020.
Financial Summary
-- Revenue increased to RM27.2m (H1 2019: RM1.9m) -- Gross profit of RM0.7m (H1 2019: RM0.1m loss) -- Operating loss reduced to RM2.8m (H1 2019: RM3.7m loss) -- Loss before tax reduced to RM2.7m (H1 2019: RM4.4m) -- Cash and cash equivalents at 30 June 2020 were RM0.3m (31 December 2019: RM0.08m)
Operational Summary
-- Completed engineering, procurement, construction and commissioning ("EPCC") contracts for wastewater treatment and infrastructure projects despite disruption to operations caused by COVID-19 pandemic
-- Progressed upgrading and engineering works at fully-owned Kahang and Malpom biogas power plants
-- Post period, conditionally acquired two further biogas power plants with a combined installed capacity of 3.0MW
Syed Nazim bin Syed Faisal, Chief Executive Officer, said: "I am pleased that we were able to complete our EPCC projects to ensure a significant increase in revenue over the first half of last year, despite COVID-19 and the public lockdown. We also continued to progress our Kahang and Malpom biogas power plants and, post period, acquired two further plants, bringing our installed capacity to 7.0MW. Our focus is now on commencing commercial operations at our two new plants, which, subjec t to receiving regulatory approval, we expect to achieve by year end . We look forward to reporting on our progress and delivering sustainable growth."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014).
Enquiries:
BiON plc Syed Nazim bin Syed Faisal, Chief Executive Officer Fakrizzaki Ghazali, Chief Financial Officer +603 6413 1085 Beaumont Cornish (Nominated Adviser) Roland Cornish, Felicity Geidt +44 20 7628 3396 Optiva Securities (Broker) Vishal Balasingham +44 20 3137 1903 Luther Pendragon (Financial PR Adviser) Claire Norbury +44 20 7618 9100
Operational Review
The Group is one of Malaysia's leading environmental engineering, renewable energy and green technology solutions providers. Currently, its business focus is to construct, operate and own biogas power generation plants in Malaysia, derived namely from the treatment of palm oil mill effluent (POME) and other wastes produced in the processing of palm oil at palm oil mills. The biogas generated (i.e. methane) is converted into electricity to be sold to the Malaysian national grid under a long-term renewable energy power purchase agreement. Aside from this, the Group provides similar services to third parties through EPCC contracts.
During the first half of 2020, the Group continued to source and procure EPCC projects. This included providing hydraulic and water supply-related engineering and technology services at a wastewater treatment plant in Terengganu, Malaysia. The Group also continued with the upgrading works at its fully-owned biogas power plants at Kahang and Malpom to enable full operations to recommence. However, progress was hindered during the period by the onset of the COVID-19 pandemic and associated government restrictions on the movement of goods and people as described below.
Post period end, through its subsidiary, BiON Sdn Bhd, the Group conditionally acquired two biogas power plants, at Nasarudin and Seberang Perak, from Megagreen Energy Sdn Bhd ("MGE"), an associate company of the Group. The plants, with a combined installed capacity of 3.0MW, are under the Malaysian FiT programme with 16-year power purchase agreements with Tenaga Nasional Berhad, the country's largest integrated electricity company. The construction of these plants is complete. They are now pending testing by the authorities to enable interconnection with the electricity grid and, following verification, the receipt of regulatory approval to commence commercial operations. The Group expects this to occur by year end, subject to government restrictions related to the COVID-19 pandemic.
COVID-19 Update
Following the outbreak of COVID-19, on 18 March 2020 the Government of Malaysia implemented a Movement Control Order ("MCO"), which was the lockdown and restriction of movement for all civilians and non-essential businesses, including a ban on interstate travel. This required the Group to cease its construction activities at the various project sites as supplies, materials and equipment were not transportable or obtainable.
As of 4 May 2020, the Government of Malaysia transitioned the MCO to a Conditional Movement Control Order ("CMCO"), which allowed certain business sectors and companies to resume operations within continued strict parameters regarding social distancing. Consequently, the Group commenced resuming its operations in a phased manner. However, interstate border control was still in place and so, while employees were permitted to travel to the project sites with a letter of authority from the Group, the movement of resources, materials and equipment to sites or offices progressed slowly. The CMCO subsequently transitioned to a Recovery Movement Control Order ("RMCO") on 10 June 2020, under which interstate travel was allowed and most sectors were permitted to reopen while adhering to the government's pandemic-related Standard Operating Procedures. Post period end, on 14 October, the Malaysian government introduced a new CMCO for much of the country, which is expected to last a minimum of two weeks. While permitting most business sectors to remain open, the CMCO has instated the requirement for employees to have a letter of authority to be able to travel between districts or states.
The Group implemented a number of mitigating measures to support cash flows during this period of reduced trading. This included participating in the Social Security Organisation's Wage Subsidy Programme, which was introduced under the Government of Malaysia's Prihatin Rakyat Economic Stimulus package to help businesses affected by the COVID-19 outbreak by paying towards employees' wages. The Group is working with its creditors or suppliers to revise and renegotiate payment terms, in a manner acceptable to all parties, either through postponing payments, devising a staggered payment plan or revising the existing payment plan. The Group is also engaging with its customers to address any issues regarding payment procedures. The Group has continued financial support from Serba Dinamik Sdn Bhd ("Serba"), which will be called upon if required to continue to meet its liabilities.
Financial Review
Revenue for the six months ended 30 June 2020 significantly increased to RM27.2m (H1 2019: RM1.9m), which was generated by the provision of EPCC services. Gross profit was RM0.7m compared with a gross loss of RM0.1m for the same period of the prior year, which reflects the higher revenue for the first half of 2020.
Operating loss for the period was reduced to RM2.8m (H1 2019: RM3.7m loss) due to the greater revenue. The Group recognised a net finance income of RM0.08m (H1 2019: net finance costs of RM0.8m). As a result, loss before tax was reduced to RM2.7m (H1 2019: RM4.4m loss). The Group was not subject to tax due to it being lossmaking and, therefore, loss after tax was also RM2.7m (H1 2019: RM4.4m loss).
On a consolidated level, basic loss per share for the six months ended 30 June 2020 was RM0.006 (H1 2019: RM0.012 loss per share) based on the weighted number of ordinary shares.
Cash and cash equivalents at 30 June 2020 were RM0.3m (31 December 2019: RM0.08m; 30 June 2019: RM0.06m).
On 24 January 2020, the Group converted a loan of approximately RM8.40m into ordinary shares of BiON plc. The loan had been procured during 2019, for working capital purposes, from a director of the Company, Syed Nazim Syed Faisal.
During the period, the Group continued to maintain its repayment arrangements that were structured with MGE and Concord Green Energy Sdn Bhd ("CGE"). However, the amounts outstanding from both accounts have remained long overdue. Discussions are taking place with CGE to re-negotiate the terms of repayment and in the meantime, Serba and one of the executive directors have guaranteed the value of the debt. The amount due from MGE was partly recovered from the Group's purchase of two biogas power plants from the Company as announced on 22 September 2020. The Group's management continue to be in talks with both parties to arrive at an amicable settlement for the remaining amounts.
Outlook
For the second half of the year, BiON is focused on progressing the two recently acquired biogas power plants, which it expects to commence commercial operations by year end subject to the receipt of the required regulatory approvals and COVID-19 disruption. The Group has comple ted a further EPCC projec t during the second half and anticipates delivering another contract before the end of the year. BiON also intends to continue work on its Kahang and Malpom plants, which, following the reinstatement of certain lockdown restrictions, the Group expects to complete early next year.
Looking further ahead, while continuing to develop POME-based biogas power plants, the Board intends to expand its business activities into complementary renewable energy sectors. The Board believes in creating waste-to-value and that there are abundant opportunities in eco-friendly sustainable ventures such as biomass, solar, industrial and wastewater treatment, landfill biogas, livestock waste and more. The Group intends to target these opportunities by leveraging its significant experience and track record in waste-to-energy and environmental engineering as well as by pursuing strategic partnerships, joint ventures and acquisitions, including expanding its EPCC offer to other countries in Southeast Asia.
As a result, and wi th the ongoing financial support from Serba, the Board continues to look to the future with confidence and to delivering sustainable grow th .
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 ASSETS Note RM'000 RM'000 RM'000 NON-CURRENT ASSETS Intangible assets 9 749 804 776 Investment in associates - - - Property, plant and equipment 10 44,742 40,713 44,781 17 Right-of-use assets (a) 4,534 - 4,760 Total non-current assets 50,025 41,517 50,317 ------------------------ ----------------------- --------------------- CURRENT ASSETS Trade and other receivables 11 35,016 16,282 17,060 Amount owing by contract customers 12 401 401 401 Amount owing by related parties 13 62,544 31,660 59,654 Cash and cash equivalents 14 319 55 83 Total current assets 98,280 48,398 77,198 ------------------------ ----------------------- --------------------- Total assets 148,305 89,915 127,515 ------------------------ ----------------------- --------------------- EQUITY Stated capital 15 69,458 61,052 61,052 Foreign translation reserve (2,463) (2,421) (2,683) Retained loss (7,146) (7,754) (4,448) Merger reserve (4,028) (4,028) (4,028) Total shareholders' equity 55,821 46,849 49,893 Non-controlling interests 163 41 163 Total equity 55,984 46,890 50,056 ------------------------ ----------------------- --------------------- CURRENT LIABILITIES Trade and other payables 16 68,160 21,036 53,922 17 Lease liabilities (b) 334 - 317 Short-term borrowings 18 5,865 11,949 15,125 Income tax liabilities 544 - 544 Total current liabilities 74,903 32,985 69,908 ------------------------ ----------------------- --------------------- NON-CURRENT LIABILITY Government grant income 89 102 96 Amount owing to related parties 13 - 4,199 - 17 Lease liabilities (b) 5,352 - 5,523 Long-term borrowings 18 10,512 341 295 Amount owing to directors 27 834 5,398 1,006 Deferred taxation 631 - 631 Total non-current liabilities 17,418 10,040 7,551 ------------------------ ----------------------- --------------------- Total liabilities 92,321 43,025 77,459 Total liabilities and equity 148,305 89,915 127,515 ------------------------ ----------------------- ---------------------
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended
Unaudited Unaudited 30.06.2020 30.06.2019 Note RM'000 RM'000 Revenue 21 27,212 1,907 Cost of sales (26,489) (2,026) Gross profit/(loss) 723 (119) Other income 22 580 6 Less: operating expenses Administrative expenses (4,076) (3,560) Other expenses - (2) (4,076) (3,562) Operating loss (2,773) (3,675) Finance income 23 928 - Finance cost 24 (853) (729) ----------------------- ------------------------ Loss before taxation (2,698) (4,404) Income tax expense - - Loss for the period (2,698) (4,404) ----------------------- ------------------------ Other comprehensive income/(loss) Exchange difference on translation of foreign operations 220 78 Total comprehensive loss (2,478) (4,326) ======================= ======================== Loss for the period attributable to: - - Owners of the company (2,698) (4,404) - Non-controlling interest - - (2,698) (4,404) ======================= ======================== Total comprehensive loss attributable to: - - Owners of the company (2,478) (4,326) - Non-controlling interest - - (2,478) (4,326) ======================= ======================== Loss per share: Basic (RM, cents) 25 (0.006) (0.012) Diluted (RM, cents) 25 (0.006) (0.012)
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign Attributable translation Retained to owners Non- controlling Total Share capital reserve Merger reserve profit of the company interest equity Note RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 Balance as at 1 January 2019 61,502 (2,499) (4,028) (3,350) 51,175 41 51,216 Effects on adoption of IFRS 16 - - - (911) (911) - (911) Loss for the year - - - (187) (187) 122 (65) Translation of foreign operations - (184) - - (184) - (184) Total comprehensive loss - (184) - (1,098) (1,282) 122 (1,160) ----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ---------------- Transactions with owners Issuance of placing shares - - - - - - - Balance at 31 December 2019 61,052 (2,683) (4,028) (4,448) 49,893 163 50,056 ----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ---------------- Loss for the period - - - (2,698) (2,698) (2,698) Translation of foreign operations - 220 - - 220 - 220 Total comprehensive loss - 220 - (2,698) (2,478) - (2,478) ----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ---------------- Transactions with owners Issuance of placing shares 15 8,406 - - - 8,406 - 8,406 Balance at 30 June 2020 69,458 (2,463) (4,028) (7,146) 55,821 163 55,984 ----------------------- ----------------------- ----------------------- ----------------------- ---------------------- ----------------------- ----------------
BiON plc (Formerly known as Green & Smart Holdings plc)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
For the six months ended
Unaudited Unaudited 30.06.2020 30.06.2019 Note RM'000 RM'000 CASH FLOW FROM OPERATING ACTIVITIES Loss before taxation (2,698) (4,404) Adjustments for: Amortisation of intangible assets 27 27 Depreciation of right-of-use assets 226 - Depreciation of equipment 1,144 1,007 Government grant income (7) (6) Gain on disposal of PPE (53) - Interest expenses 280 724 Interest expenses - lease liabilities 313 - Interest income (928) - ---------------------------- Cash flow from operating activities before working capital changes (1,696) (2,652) Decrease/(Increase) in trade and other receivables (17,956) 5,493 (Decrease)/Increase in trade and other payables 14,238 (10,103) (Decrease)/Increase in amount owing by related parties (3,062) 2,975 Cash flow used in operating activities (8,476) (4,287) Interest paid (412) (7) Interest received 928 NET CASH FLOW USED IN OPERATING ACTIVITIES (7,960) (4,294) ---------------------------- ------------------------- CASH FLOW FROM INVESTING ACTIVITIES Proceeds from disposal of property, plant and equipment 130 - Purchase of property, plant and equipment (1,182) (113) NET CASH FLOW USED IN INVESTING ACTIVITIES (1,052) (113) ---------------------------- ------------------------- CASH FLOW FROM FINANCING ACTIVITIES Issuance of new ordinary shares 8,406 - Convertible short-term loan to ordinary shares (8,406) - Advances from related parties - 227 Advances from directors - 1,507 Repayment of hire purchase obligations (236) (43) Drawdown of hire purchase 462 - Drawdown of term loans 10,000 4,800 Principal elements of lease liabilities (467) - Repayment of term loans (731) (2,500) NET CASH FLOW FROM FINANCING ACTIVITIES 9,028 3,991 ---------------------------- ------------------------- Net increase/(decrease) in cash and cash equivalents 16 (416) Effects on foreign exchange translation 220 - Cash and cash equivalents at the beginning of the period 83 471 Cash and cash equivalents at the end of the period 14 319 55 ---------------------------- -------------------------
BiON plc (Formerly known as Green & Smart Holdings plc)
NOTES TO THE FINANCIAL STATEMENT
For the six months ended 30 June
1. GENERAL INFORMATION
BiON plc (formerly known as Green & Smart Holdings plc) ("the Company") was incorporated as a public limited company in Jersey with registration number 119200 on 7 August 2015. The registered office of the Company is 12 Castle Street, St. Helier, Jersey JE2 3RT, Channel Islands.
Pursuant to a special resolution ratified at the Extraordinary General Meeting of the Company held on 30 April 2020, the Company has changed its name to BiON plc. Accordingly the change of name was taken effective from 1 May 2020, upon receiving the certificate from the Registrar of Companies in Jersey.
The Company is listed on the AIM market of the London Stock Exchange. The Company's nature of operations is to act as the holding company for a group of subsidiaries that are involved in research and development, provision of professional engineering consultancy and process design services in the areas of industrial biotechnology, pollution control and renewable energy; and engineering, procurement and construction of various waste treatment plants/systems; development, commercialisation, operation and maintenance of renewable energy plants .
The consolidated financial statements include the financial statements of the Company and its controlled subsidiaries (the "Group") as follows:
Place of Registered Name incorporation address Principal activity Effective interest 30.06.2020 31.12.2019 ---------------- ------------ -------------------- ----------- ----------- BiON Ventures Sdn Bhd (fka Green & Smart Ventures Sdn Bhd) Malaysia Note 1 Holding company 100% 100% ---------------- ------------ -------------------- ----------- ----------- BiON Sdn Bhd (fka Green & Smart Sdn IPP & EPCC Bhd) Malaysia Note 1 contractor 100% 100% ---------------- ------------ -------------------- ----------- ----------- Our Energy Group (M) Sdn Bhd Malaysia Note 2 IPP 51% 51% ---------------- ------------ -------------------- ----------- -----------
Note 1 - registered address: B-1-15, Block B, 8 Avenue, Jalan Sungai Jernih 8/1, Section 8, 46050 Petaling Jaya, Selangor.
Note 2 - registered address: 3-2, 3rd. Mile Square, No. 151, Jalan Klang Lama, Batu 3 1/2 , 58100 Kuala Lumpur.
2. basis of preparation
The consolidated financial information for the six-month period ended 30 June 2020 has been prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") issued by the International Accounting Standards Board ("IASB"), including related interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").
The consolidated financial information is unaudited and does not constitute statutory financial statements. The interim financial information has been prepared on a historical cost basis, and fair value method will be used if it is relevant.
The financial information is presented in Malaysian Ringgit ("RM") unless otherwise stated and is the currency of the primary economic environment in which the Group operates. All values are rounded to the nearest thousand ringgit ("RM'000") except where otherwise indicated.
A copy of the audited consolidated financial statements for the year ended 31 December 2019 is available on the Company's website.
The interim financial information for the six months ended 30 June 2020 was approved by the Directors on 23 October 2020.
Going Concern
The interim financial information has been prepared on the going concern basis unless it is inappropriate to do so.
The Directors, having considered "Going Concern and Liquidity Risk: Guidance for Directors of UK Companies" issued by The Financial Reporting Council in 2016, consider the going concern basis of preparation to be appropriate in preparing the interim financial information. The key conclusions are summarised below.
The Group made a loss for the period of RM2.7m (H1 2019: loss of RM4.4m) and recorded a net cash outflow from operating activities of RM7.9m (H1 2019: inflow of RM4.3m). At 30 June 2020, the Group held cash and cash equivalents of RM0.32m (H1 2019: RM0.06m) and had current liabilities of RM75.0m (H1 2019: RM33.0m).
As described in note 11, a trade receivable amount of RM10.51m (H1 2019: RM10.51m) was due from Concord Green Energy Sdn Bhd ("CGE") as at 30 June 2020. Due to the repayment plan not being upheld, subsequent discussions are taking place to re-negotiate the terms of repayment and in the meantime, Serba Dinamik Sdn. Bhd. and one of the executive directors, have guaranteed the value of the debt.
As described in note 13, an amount of RM66.30m (H1 2019: RM35.36m) was due from Megagreen Energy Sdn Bhd ("MGE") as at 30 June 2020. During the financial reporting period, the Group via its subsidiary, BiON Sdn Bhd, entered into sale and purchase agreements on 8 April 2020 to acquire three biogas power plant units located in Perak for consideration of RM45,990,000.00. The completion of the sale took place in Q3 2020, where 30% of the sales proceeds have been offset against the amount due and the balance of 70% was paid in cash, financed by bank borrowings. Further negotiations are taking place to acquire an additional three biogas power plants and is expected to be finalised upon satisfactory outcome from the due diligence exercise.
The Directors consider the amounts owing to be recoverable in full as a result of negotiations being undertaken.
The Group has also received a letter of support from one of its largest shareholders, Serba Dinamik Sdn. Bhd., giving its willingness to continue to fund the Group.
COVID-19 has been identified as having a significant impact on the Group in the 2020 financial year due to public lockdown. However, as restrictions have been eased and activity is increasingly resuming, the Directors continue to believe that the Group remains viable for the foreseeable future.
The Directors prepared financial projections and plans for a period of at least 12 months from the date of approval of these financial statements. On assessment of the Group's future cash flows, the new financing arrangements that have been made available from the SME Bank loan as well as the agreed letter of support from Serba Dinamik Sdn. Bhd. and an assessment of their willingness to perform under this, the Directors believe the Group has the ability to continue as a going concern for at least 12 months from the date of approval of these financial statements.
3 . SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the operations of any company in the Group.
4. ITEMS OF AN UNUSUAL NATURE
There were no other unusual items affecting assets, liabilities, equity, net income or cash flows due to their nature, size or incidence for the financial period ended 30 June 2020.
5. MATERIAL CHANGES IN ACCOUNTING ESTIMATES
The preparation of unaudited interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses for the current and its corresponding financial period under review. Actual results may differ from these estimates.
In preparing the unaudited interim financial information, the significant judgements made by the management in applying the Group's accounting policies and the sources of estimation uncertainty were consistent with those applied to the 2019 Audited Financial Statements.
There were no changes in estimates of amounts of the Group that may have a material effect on the financial period ended 30 June 2020.
6. DIVIDS
No interim dividend was recommended by the Directors during the financial period under review.
7. SEGMENTAL REPORTING
Operating segments are prepared in a manner consistent with the internal reporting provided to the management as its chief operating decision maker in order to allocate resources to segments and to assess their performance. Currently the Group operates under two operating segments, providing consulting and contract services to customers in the renewable energy sector and the supply of power to the National Grid.
Information on geographical segments is not presented as the Group operates wholly in Malaysia where all of its assets and liabilities are located.
The information provided to management for the reportable segments during each six-month period/year are as follows:
Consulting Head Business Segments & contract Power office Total RM'000 RM'000 RM'000 RM'000 Six months ended 30 June 2020 Contract revenues 27,212 - - 27,212 Power sold - - - - Group revenues 27,212 - - 27,212 Gross profit/(loss) 2,870 (2,147) - 723 Net loss (2,670) (28) - (2,698) Segment assets 92,782 51,861 3,662 148,305 Segment liabilities 34,371 21,264 36,686 92,321 Capital expenditure - 1,182 - 1,182 Depreciation and amortisation - 1,276 121 1,397 Consulting Head Business Segments & contract Power office Total RM'000 RM'000 RM'000 RM'000 Six months ended 30 June 2019 Contract revenues - - - - Power sold - 1,907 - 1,907 ------------------- ------------- ------------- ------------
Group revenues - 1,907 - 1,907 Gross loss - (119) - (119) Net loss - (4,404) - (4,404) Segment assets 34,195 52,035 3,685 89,915 Segment liabilities 5,431 12,206 25,388 43,025 Capital expenditure - 113 - 113 Depreciation and amortisation - 885 149 1,034 Consulting Head & contract Power office Total Business Segments RM'000 RM'000 RM'000 RM'000 Year ended 31 December 2019 Contract revenues 21,602 - - 21,602 Power sold - 2,459 - 2,459 ------------------- ------------- ------------- ------------ Group revenues 21,602 2,459 - 24,061 Gross profit/(loss) 4,511 (1,459) - 3,052 Net profit/(loss) 1,720 (1,785) - (65) Segment assets 72,432 52,652 2,431 127,515 Segment liabilities 27,105 19,374 30,980 77,459 Capital expenditure - 5,434 - 5,434 Depreciation and amortisation - 2,553 243 2,796 Impairment loss on receivables - - 868 868 8. TAXATION
The Company is regarded as resident for tax purposes in Jersey and on the basis that the Company is neither a financial service company nor a utility company for the purpose of the Income Tax (Jersey) Law 1961, as amended, the Company is subject to income tax in Jersey at a rate of zero per cent.
9. INTANGIBLE ASSETS Trademarks Patents Total RM'000 RM'000 RM'000 Cost At 1 January 2019 1,319 8 1,327 Addition - - - At 30 June 2019 1,319 8 1,327 Addition - - - ---------------------- ------------------------ ---------------------- At 31 December 2019 1,319 8 1,327 Addition - - - At 30 June 2020 1,319 8 1,327 ---------------------- ------------------------ ---------------------- Trademarks Patents Total RM'000 RM'000 RM'000 Accumulated depreciation At 1 January 2019 490 6 496 Charge for the period 27 - 27 At 30 June 2019 517 6 523 Charge for the period 27 1 28 ---------------------- ------------------------ ---------------------- At 31 December 2019 544 7 551 Charge for the period 27 - 27 At 30 June 2020 571 7 578 ---------------------- ------------------------ ---------------------- Net book value At 30 June 2019 802 2 804 ---------------------- ------------------------ ---------------------- At 31 December 2019 775 1 776 ---------------------- ------------------------ ---------------------- At 30 June 2020 748 1 749 ---------------------- ------------------------ ----------------------
Trademark
The trademarks "GRASS", "POME-MAS" and "GREENPAK" are registered in Malaysia in respect of patented wastewater and bio-waste treatment technologies. These trademarks have been granted for an indefinite period, however, they are being amortised over 10 years in line with management's best estimate of their expected useful life.
The remaining amortisation period of trademarks is between one to two years. The remaining amortisation period of patents is between three to 10 years.
10. PROPERTY, PLANT AND EQUIPMENT Capital Furniture Office Work in Industrial & Fittings Renovation Equipment Progress Building Motor Vehicle Total RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 At Cost At 1 January 2020 159 344 167 7,542 40,896 807 49,915 Addition 45 - 8 515 63 551 1,182 Disposal - - - - - (577) (577) At 30 June 2020 204 344 175 8,057 40,959 781 50,520 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Accumulated Depreciation At 1 January 2020 68 136 122 - 4,204 604 5,134 Charge for the period 9 17 15 - 1,023 80 1,144 Disposal - - - - - (500) (500) ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- At 30 June 2020 77 153 137 - 5,227 184 5,778 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Carrying Amount At 30 June 2020 127 191 38 8,057 35,732 597 44,742 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Capital Furniture Office Work in Industrial
& Fittings Renovation Equipment Progress Building Motor Vehicle Total RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 At Cost At 1 January 2019 159 344 167 21,418 21,587 807 44,482 Addition - - - 113 - - 113 Adjustment - - - (29) - - (29) Reclassification (13,847) 13,847 - - ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- At 30 June 2019 159 344 167 7,655 35,434 807 44,566 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Accumulated Depreciation At 1 January 2019 53 102 90 - 2,159 442 2,846 Charge for the period 8 17 15 - 886 81 1,007 At 30 June 2019 61 119 105 - 3,045 523 3,853 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Carrying Amount ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- At 30 June 2019 98 225 62 7,655 32,389 284 40,713 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Capital Furniture Office Work in Industrial & Fittings Renovation Equipment Progress Building Motor Vehicle Total RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 At Cost At 1 January 2019 159 344 167 21,418 21,587 807 44,482 Addition - - - - 5,434 - 5,434 Reclassification - - - (13,876) 13,875 - (1) At 31 December 2019 159 344 167 7,542 40,896 807 49,915 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Accumulated Depreciation At 1 January 2019 53 102 90 - 2,159 442 2,846 Charge for the year 15 34 32 - 2,045 162 2,288 At 31 December 2019 68 136 122 - 4,204 604 5,134 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- --------------------- Carrying Amount At 31 December 2019 91 208 45 7,542 36,692 203 44,781 ----------------------- ------------------------ ----------------------- ----------------------- ----------------------- ----------------------- ---------------------
a) Included in the assets of the Group at the end of the reporting period were motor vehicles with a total net book value of RM0.59m that were acquired under hire purchase terms.
b) Assets under construction represents biogas power plant under construction. It is subject to depreciation only when completed and ready for use. No interest was capitalised during the period.
c) Industrial building with carrying amounts of approximately RM36.7m are pledged against the banking facility (note 20).
d) Acquisition of plant and equipment: - Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Cash paid to acquire property, plant and equipment 1,182 113 5,434 ----------- ----------- -----------
11. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Trade receivables 33,173 14,652 16,130 Less: allowance for impairment loss (1,435) (1,575) (1,435) ----------- ----------- 31,738 13,077 14,695 ----------- ----------- ----------- Other receivables and deposits 4,649 3,708 3,736 Less: allowance for impairment loss (1,371) (503) (1,371) ----------- ----------- ----------- 3,278 3,205 2,365 ----------- ----------- ----------- 35,016 16,282 17,060 ----------- ----------- Allowance for impairment losses Opening balance - trade receivables (1,435) (1,575) (1,575) Allowance written back - 140 Allowance for the period/year - - - ----------- (1,435) (1,575) (1,435) ----------- ----------- ----------- Opening balance - other receivables (1,371) (503) (503) Allowance for the period/year - - (868) ----------- ----------- ----------- (1,371) (503) (1,371) ----------- ----------- ----------- Closing balance (2,806) (2,078) (2,806)
----------- ----------- -----------
a) The Group's normal credit terms range from 90 to 120 days (H1 2019: 90 to 120 days). Other credit terms are assessed and varied on a case-by-case basis.
b) Trade and other receivables that are individually determined to be impaired relate to customers that have defaulted on payments or the amount due from third parties considered irrecoverable.
c) Included in the trade receivables is an amount of RM10.51m due from CGE (H1 2019: 10.51m). d) The amounts in trade receivables are analysed as follows: Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Not past due 11,171 1,907 2 Past due by less than 3 months 6,233 - - Past due by less than 3 - 6 months - - 162 Past due by 6 months and above 15,769 12,745 15,966 ------- ------- 33,173 14,652 16,130 ------- ------- -------
12. AMOUNT OWING BY CONTRACT CUSTOMERS
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Aggregate cost incurred to date 52,669 52,669 52,669 Add: attributable profits 18,386 18,386 18,386 71,055 71,055 71,055 Less: progress billings (70,654) (70,654) (70,654) ---------------------- ---------------------- ------------- 401 401 401 ---------------------- ---------------------- ------------- Represented by: Amount due from customer contracts 401 401 401
13. AMOUNTS OWING BY/(TO) RELATED PARTIES
Party Relationship* Trade Receivables Other Receivables Other Payables Total RM'000 RM'000 RM'000 RM'000 30.06.2020 Megagreen Energy Related Sdn Bhd party 51,497 14,800 - 66,297 Less: allowance for impairment loss (3,762) - - (3,762) ----------------------- ----------------------- ----------------------- ----------------------- 47,735 14,800 - 62,535 ----------------------- ----------------------- ----------------------- ----------------------- K2M Ventures Related Sdn Bhd party - 9 - 9 ----------------------- ----------------------- ----------------------- ----------------------- 47,735 14,809 - 62,544 ----------------------- ----------------------- ----------------------- ----------------------- 30.06.2019 Megagreen Energy Related Sdn Bhd party 31,087 4,269 - 35,356 Less: allowance for impairment loss (3,762) - - (3,762) ----------------------- ----------------------- ----------------------- ----------------------- 27,325 4,269 - 31,594 ----------------------- ----------------------- ----------------------- ----------------------- Makmur Hidro Sdn Related Bhd party - 66 - 66 ----------------------- ----------------------- ----------------------- ----------------------- 27,325 4,335 - 31,660 ----------------------- ----------------------- ----------------------- ----------------------- K2M Ventures Related Sdn Bhd party - - (4,199) (4,199) 27,325 4,335 (4,199) 27,461 ----------------------- ----------------------- ----------------------- ----------------------- 31.12.2019 Megagreen Energy Related Sdn Bhd party 51,497 11,853 - 63,350 Less: allowance for impairment loss (3,762) - - (3,762) ----------------------- ----------------------- ----------------------- ----------------------- 47,735 11,853 - 59,588 ----------------------- ----------------------- ----------------------- ----------------------- Makmur Hidro Sdn Related Bhd party - 66 - 66 ----------------------- ----------------------- ----------------------- ----------------------- 47,735 11,919 - 59,654 ----------------------- ----------------------- ----------------------- -----------------------
* Relationship
a) The Group via its subsidiary, BiON Sdn Bhd, holds 15% shares in Megagreen Energy Sdn Bhd and Syed Nazim Syed Faisal, being the Executive Director of BiON plc, was appointed as Director effective 3 July 2020.
b) Mr. Saravanan, who was a director in BiON plc for the year to 31 December 2019 and during the period until his resignation on 31 January 2020 and is a significant shareholder in BiON plc, is also one of the appointed Directors in Makmur Hydro Sdn Bhd.
c) K2M Ventures Sdn Bhd holds 26.02% of the share capital in BiON plc at the end of reporting period.
14. CASH AND CASH EQUIVALENTS
Cash and cash equivalents included in the cash flow statement comprise the following amounts:
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Cash and bank balances 319 55 83 ----------- ----------- -----------
15. STATED CAPITAL
No. of shares RM'000 Issued and Fully Paid-Up 1 January 2020 345,375,812 61,052 Issuance of shares 86,343,953 8,406 Less: transaction costs - - 30 June 2020 431,719,765 69,458 --------------------------- ---------------------
On 24 January 2020, the Group announced that, at the Extraordinary General Meeting ("EGM"), the Resolution placed in respect of the approval of the waiver under Rule 9 of the City Code and taken by Independent Shareholders on a poll was approved in regards to loan conversion to ordinary shares.
On 27 January 2020, upon relevant approved application, a loan of RM8.4m from Syed Nazim Syed Faisal, Executive Director, was converted into 86,343,953 new Ordinary Shares representing 20% of the enlarged share capital of the Group at an effective share price of approximately 1.85 pence.
16. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Trade payable 45,232 12,134 35,780 Other payable and accruals 22,928 8,902 18,142 68,160 21,036 53,922 ----------- --------------------- --------------------
The normal credit terms granted to the Group by the suppliers are 90 days (H1 2019: 90 days) from invoice date.
17. LEASES
Group as a lessee
The Group has lease contracts for lands. The Group's obligations under these leases are secured by the lessor's title to the leased assets. The Group is restricted from assigning and subleasing the leased assets.
The Group also has certain leases of office equipment with low value. The Group applies the 'lease of low-value assets' recognition exemptions for these leases.
a) Right-of-use assets
Land Total RM'000 RM'000 Cost at 1 January 2019 6,979 6,979 Additions - - ------- ------- At 31 December 2019 6,979 6,979 Additions - - ------- ------- At 30 June 2020 6,979 6,979 ------- ------- Accumulated depreciation at 1 January 2019 1,766 1,766 Charge for the year 453 453 ------ ------ At 31 December 2019 2,219 2,219 Charge for the period 226 226 ------ ------ At 30 June 2020 2,445 2,445 ------ ------ Net carrying amount at 31 December 2019 4,760 4,760 ------ ------ Net carrying amount at 30 June 2020 4,534 4,534 ------ ------
b) Lease liabilities
The carrying amount of lease liabilities is as follows: -
30.06.2020 31.12.2019 RM'000 RM'000 Current liabilities - Not later than one year 334 317 Non-current liabilities: - Later than one year and not later than five years 1,764 1,671 - Later than five years 3,588 3,852 5,686 5,840 ----------- -----------
c) Amounts recognised in profit or loss
30.06.2020 31.12.2019 RM'000 RM'000 Depreciation of right-of-use assets 226 453 Interest expenses on lease liabilities 313 651 Lease expenses not capitalised in lease liabilities: - Expenses related to low value assets 2 11 - Expenses related to short-term lease 185 486 726 1,601 ----------- -----------
d) Total cash outflow
The Group had a total cash outflow for leases of RM0.47m during the period.
18. BORROWINGS
a) Short-term borrowings
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Mezzanine loan - 6,668 9,269 Hire purchase payables (note 19) 101 89 92 Term loans (note 20) 5,764 5,192 5,764 5,865 11,949 15,125 ------------------ ---------------------- --------------------- b) Long-term borrowings Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Hire purchase payables (note 19) 512 341 295 Term loans (note 20) 10,000 - - ------------------ ---------------------- --------------------- 10,512 341 295 ------------------ ---------------------- ---------------------
19. HIRE PURCHASE PAYABLES
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Minimum hire purchase payments: - Not later than one year 136 110 110 - Later than one year and not later than five years 540 335 318 - Later than five years 25 41 4 ---------------- ----------- --------------------- 701 486 432 Less: future finance charges (88) (56) (45) ---------------- ----------- --------------------- 613 430 387 ---------------- ----------- --------------------- Current - Not later than one year 101 89 92 Non-current - Later than one year and not later than five years 488 302 291 - Later than five years 24 39 4 ---------------- ----------- --------------------- 512 341 295 ---------------- ----------- --------------------- 613 430 387 ---------------- ----------- ---------------------
The hire purchase payables of the Group at the end of the reporting period bare effective interest rates ranging from 5.20% to 5.36% (H1 2019: 5.20% - 5.36%).
20. TERM LOAN
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Current (note 18) Term loan 1 4,742 4,170 4,742 Term loan 2 1,022 1,022 1,022 Term loan 3 10,000 - - ----------- ----------- --------------------- 15,764 5,192 5,764 ----------- ----------- ---------------------
Term loan 1 & 2
The term loans are secured against: -
(i) Fixed and floating charges over the present and future assets.
(ii) Assignment of all rights, interest and benefits and the proceeds from the sales of the electricity.
(iii) Assignment of all rights, benefits interest and title under industrial building. (iv) A guarantee by Credit Guarantee Corporation Berhad (term loan 1 only). (v) Joint and severally guaranteed by the Directors of the Company.
Term loan 1 bears an effective interest rate of 8% (H1 2019: 8%) per annum and term loan 2 bears effective interest rate of 5% (H1 2019: 5%) per annum.
During the financial period, due to delayed repayment and the lender being in a position to declare the term loan outstanding as immediately due and payable, the entire term loan was reclassified as a current liability. Thereafter, the term loan was fully repaid on 3 July 2020.
Term loan 3
On 6 February 2020, the Group via its subsidiary, BiON Sdn Bhd (Borrower), entered in to a facility agreement with Serba Dinamik Sdn Bhd (Lender), to obtain a loan of RM10m for working capital purposes.
The Group unconditionally agreed to pay profit for this facility at the rate of 5% per annum for a term of 54 months commencing from 6 August 2020.
21. REVENUE
All revenues are derived from Malaysia.
Unaudited Unaudited 30.06.2020 30.06.2019 RM'000 RM'000 Contract revenue 27,212 - Sale of electricity - 1,907 27,212 1,907 ----------- -----------
22. OTHER INCOME
Unaudited Unaudited 30.06.2020 30.06.2019 RM'000 RM'000 Deferred grant income 6 6 Gain on disposal of plant, property and equipment 53 - Insurance claim 452 - Realised gain on foreign exchange - - Unrealised gain on foreign exchange - - Rental income 7 - Wage subsidy 62 - 580 6 ----------- -----------
23. FINANCE INCOME
The finance income recognised is in relation to the interest charged for advances given to a related party, at a rate of 18% per annum (1.5% per month) (see note 27 for detail).
24. FINANCE COSTS
Unaudited Unaudited 30.06.2020 30.06.2019 RM'000 RM'000 Bank charges 3 4 Factoring charges 258 - Bank interest - 1 Hire purchase interest 10 9 Short-term loan interest 54 715 Term loan interest 215 - ----------- ----------- 279 725 ----------- ----------- Interest on lease liabilities 313 - ----------- ----------- 853 729 ----------- -----------
25. E ARNINGS PER SHARE
The calculation of earnings per share is based on the following earnings and number of shares:
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 Loss attributable to the owners of the company (RM'000) (2,698) (4,404) (187) Weighted average shares in issue for basic earnings per share 345,375,812 345,375,812 345,375,812 Adjustment for: Warrants instruments 7,232,013 7,232,013 7,232,013 Weighted average shares in issue for diluted earnings per share 352,607,825 352,607,825 352,607,825 ------------------- ----------------------- --------------------- Basic earnings per share (RM, cents) (0.006) (0.012) (0.001) ------------------- ----------------------- --------------------- Diluted earnings per share (RM, cents) (0.006) (0.012) (0.001) ------------------- ----------------------- ---------------------
Earnings per share has been calculated by dividing the profit or loss for the period attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the period.
The diluted number of shares includes those reserved under warrants (note 28).
26. CONTINGENCIES
No provisions are recognised on the following matters as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement: -
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Corporate guarantee given to licensed banks for credit facilities granted to a related party 10,080 32,883 32,489 ----------- ----------- -----------
The Group has provided MGE with a corporate guarantee in support of a loan facility. As the Group has only a 15% interest in MGE, it has no effective control over whether any claim may be made under this guarantee. Credit Guarantee Corporation Malaysia Berhad has confirmed that repayment of the 60% of the amount borrowed by Megagreen under the facility is guaranteed by Credit Guarantee Corporation Malaysia Berhad up to June 2025 pursuant to the Green Technology Financing Scheme - established by the Malaysian government. On that basis, the Directors expect the exposure of the Group under the guarantee to be limited to approximately RM4.0m.
27. RELATED PARTY TRANSACTIONS
In addition to the information detailed in note 13, the Group also carried out the following significant transactions with related parties during the period:
Unaudited Unaudited Audited 30.06.2020 30.06.2019 31.12.2019 RM'000 RM'000 RM'000 Megagreen Energy Sdn. Bhd. - Contract revenue - - 20,539 - Interest income 928 - 2,265 - Amounts owing from 62,535 31,594 59,588 K2M Ventures Sdn Bhd - Other income (waive of debts) - - 1,633 - Amount owing from/(to) 9 (4,199) - Makmur Hidro Sdn Bhd - Amount owing from - 66 66 Saravanan Rasaratnam - Director fees due - (393) - - Director advance - (2,691) - - Director fees - 32 63 - Other income (waive of debts) - - 3,595 Navindran Balakrishnan - Director fees due - (393) - - Director advance - (976) - - Director fees - 32 63 - Other income (waive of debts) - - 1,101 Serba Dinamik group of companies - Term loan (10,000) - - - Amount owing to (15,253) - (10,078) - Services rendered (nett) (429) (460) (8,397) Syed Nazim Syed Faisal - Mezzanine loan - (4,800) (8,406) - Director advance (1,152) - (1,305) - Director fees due (110) (47) (81) - Director fees 32 32 64 Datuk Dr. Hj. Radzali Hassan - Director fees due (418) (354) (242) - Director fees 32 32 64 Aditya Chathli - Director fees due (268) (204) (242) - Director fees 32 32 63 Sivadas Kumar - Director fees due (17) (333) (228)
Related parties: -
i) The Group via its subsidiary, BiON Sdn Bhd, hold 15% shares in Megagreen Energy Sdn Bhd. ii) K2M Ventures Sdn Bhd holds 26.02% shares in BiON plc.
iii) Mr. Saravanan was a Director and shareholder in BiON plc for the year ended 31 December 2019 and during the period until 31 January 2020, and is also one of the appointed Directors in Makmur Hydro Sdn Bhd.
iv) Mr. Navindran was a Director and shareholder in BiON plc for the year ended 31 December 2019 and during the period until 31 January 2020.
v) Serba Dinamik group of companies is one of the significant shareholders in BiON plc for the period ended 30 June 2020.
vi) Syed Nazim Syed Faisal is an Executive Director in BiON plc for the period ended 30 June 2020.
vii) Aditya Chathli is a Non-Executive Director in BiON plc for the period ended 30 June 2020.
viii) Datuk Dr. Hj. Radzali Hassan is a Non-Executive Director in BiON plc for the period ended 30 June 2020.
ix) Sivadas Kumar was an Executive Director in BiON plc (formerly as Green & Smart Holdings plc) until 25 October 2018.
28. WARRANT INSTRUMENTS
Average exercise Number price per warrants of warrants At 1 January 0.092p 7,232,013 Granted during the period - - Exercised during the period - - Forfeited during the period - - As at 30 June 0.092p 7,232,013 -------------------- -------------
On 6 May 2016, the Company granted 1,383,333 warrants to S.P. Angel Corporate Finance LLP, the Company's previous nominated adviser, at the exercise price of 9 pence each, which were exercisable immediately upon grant, with an expiring date of 5 May 2021.
On 19 June and 28 June 2017, the Company issued 5,848,680 warrants, at the exercise price of an average closing bid price at three trading days prior to the day of notice to exercise, to subscribers to a private placing arranged by Charles Street Securities Europe LLP ("CSS"), and to CSS as part of the fee arrangements for arranging the placement. Of the total warrants issued, 2,777,778 were issued to CSS as fees payable in connection with that placement. The warrants issued to subscribers are outside the scope of IFRS 2. In accordance with IFRS 2, the fair value of the warrants issued as fees for the placement services provided has been estimated as RM220,000. This has been recognised within the stated capital component of equity as the costs were directly incurred in raising the related equity funds.
There was no movement during the period ended 30 June 2020.
29. SUBSEQUENT EVENTS
Management is not aware of any significant events that occurred subsequent to the consolidated balance sheet date but prior to the filing of this report that would have a material impact on the consolidated financial statements.
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