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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sat Sol World | LSE:SAT | London | Ordinary Share | GB00BT6SRD21 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.60 | 8.50 | 8.70 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSAT
RNS Number : 3612P
Satellite Solutions Wldwide Grp PLC
31 August 2017
Satellite Solutions Worldwide Group plc
('SSW' or the 'Company')
Interim results for the six months ended 31 May 2017
Satellite Solutions Worldwide Group plc (AIM: SAT), the global communications company specialising in rural and last-mile super-fast broadband, announces its unaudited interim results for the six months ended 31 May 2017.
Financial Highlights
-- Total revenue increased 261% to GBP20.6m (H1 2016: GBP5.7m)
-- Recurring revenue(1) increased 280% to GBP19.4m (H1 2016: GBP5.1m) representing 94% of total revenue in H1 2017
-- Like for like revenue growth(2) of 13.1% -- Gross profit margin increased to 37.0% (H1 2016: 29.5%) -- Overheads as a percentage of revenue decreased to 27.2% (H1 2016: 38.2%) -- Underlying EBITDA(3) increased to GBP2.0m (H1 2016: GBP0.5m loss)
Operational Highlights
-- Customers at the end of H1 2017 increased by over 260% to c.90k (H1 2016: c25k) -- Agreed a GBP5m revolving credit facility from HSBC to fund acquisitions and working capital -- Three acquisitions across two existing hubs completed during the period:
o NextNet and ASDN in Norway
o BorderNET in Australia
-- Signed a Virtual Network Operating ('VNO') agreement with SES Telecom Services in Luxembourg to provide new satellite broadband capacity to support sales in European markets
-- Secured a GBP0.5m (NOK5.6m) Norwegian government contract for a new fixed wireless network
Post-Period Highlights
-- GBP8m equity placing to fund acquisition of leading UK wireless provider Quickline Communications Limited and smaller bolt-on acquisitions
-- Avonline integrated with SSW's billing and CRM systems as of 1 July 2017, following the end of a transitional services agreement 12 months post acquisition
-- Launch of government backed 40 Mb Satellite scheme in Cornwall
Andrew Walwyn, CEO of SSW, commented: "Trading in the period was in line with management's expectations; I am pleased that we are seeing accelerating customer sign up, higher retention rates and increased data demands. I believe these growth trends will continue as demand for digital services shows no sign of stopping.
H1 has been about consolidating our acquired customer base and integrating systems across our networks. This momentum is continuing into the second half and we remain firmly on track to reach our target of 100,000 customers by year end.
Post period end, an GBP8m equity raise allowed us to acquire Quickline, a leading UK wireless broadband provider. I was delighted that the fundraise was supported by both new and existing institutional investors and I believe their support will be rewarded as we progress through H2 2017 and beyond."
(1) Recurring revenue refers to revenue generated from broadband airtime and data contracts which are typically two years or more in duration.
(2) Like for like revenue growth compares current and prior period revenue treating acquired businesses as if they had been owned for all of both periods.
(3) Underlying EBITDA is before share based payments, depreciation, intangible amortisation, acquisition and deal related costs.
For further information:
Hot Features
Premium
Satellite Solutions Worldwide www.satellitesolutionsworldwide.com
Group PLC
Andrew Walwyn, Chief Executive Via Walbrook PR
Officer
Numis Securities (Nomad Tel: +44 (0)20 7260
and broker) 1000
Oliver Hardy/Simon Willis
(Corporate Advisory)
James Black/Jonathan Abbott
(Corporate Broking)
Walbrook PR (PR advisers) Tel: +44 (0)20 7933
8780
Paul Cornelius / Nick or ssw@walbrookpr.com
Rome
About SSW
Established in 2008, SSW specialises in the provision of rural and last mile broadband services with customers across 31 countries. SSW's solutions target B2C and B2B users, including products developed specifically for the broadcasting, police and military markets. SSW operates a number of brands such as Europasat (Europe), Avonline (UK), Breiband (Nordics) and SkyMesh (Australia) and is now the fourth largest independent provider of satellite broadband internet services in the world.
The 2015 listing on the AIM market of the London Stock Exchange together with the support from Business Growth Fund and investors in 2016 and 2017 have put the Company in an excellent position to continue strong organic growth in its subscriber base and recurring revenues as well as execute on acquisitions. The Directors believe there is a major opportunity to continue this organic growth strategy and consider acquisitions throughout the fragmented European satellite and fixed wireless broadband markets and further afield.
Working closely with satellite owners and operators, the Company targets customers in the 'digital divide' with solutions that deliver super-fast satellite based broadband services or fixed wireless to almost any premises, whether residential, commercial or industrial across Europe and Australia, irrespective of location or local infrastructure.
CHIEF EXECUTIVE'S REPORT
I am pleased to report another period of continued growth and operational improvements across the Company. The first six months of 2017 is the first opportunity to demonstrate the benefits of the acquisitions completed in 2016 (including Avonline, Breiband and Skymesh) as their results are included within the Company's performance for the period.
Revenue increased significantly by 261% to GBP20.6m (H1 2016: GBP5.7m) and underlying EBITDA in the period was GBP2.0m, compared to a loss of GBP0.5m in H1 2016, demonstrating the good progress made and the Company's ambitious growth strategy. Customer numbers increased by 260% to c.90k at the end of H1 2017 compared to the end of H1 2016.
We changed nominated adviser and broker to Numis in December 2016 and following substantial support from our banking partner, HSBC, we secured a GBP5m revolving credit facility in March 2017. This facility has and will be used to fund smaller acquisitions and ongoing working capital and investment across the group.
We acquired BorderNET Internet Pty Ltd ('BorderNET') in Australia and the customer bases of NextNet and AS Distriktsnett ('ASDN') in Norway in March 2017 for an aggregate consideration of GBP1.8m, whilst also repaying all debt with Nordea Bank, using the HSBC facility.
These three smaller acquisitions contributed a total of c.5.5k new customers, but more importantly demonstrate our ability to acquire and successfully integrate acquisitions to build scale in local markets. All three deals saw local management teams heavily involved in sourcing and execution of these transactions and whilst it is early days, these three acquisitions are performing in-line with expectations.
The key theme of the first half of 2017 has been about consolidating existing acquisitions, integrating systems and creating efficiencies from our increasing customer base. This work will continue and I am pleased with the progress that has been made to date in these vital areas. A good example is our Enterprise Resource Planning 'ERP' solution Pathfinder (including CRM, billing and finance systems) which are currently being upgraded and rolled out across the Company's hubs, with Australia and Norway integration targeted for the end of 2017.
In February 2017 Rodger Sargent resigned his position as a Non-Executive Director having helped the Company's transition from a private to public entity and been an integral part of the team that has successfully grown the business to date. We thank Rodger for all his support and guidance during this period. At the same time Stephen Morana joined the board as a Non-executive. Stephen has already made a considerable contribution to the board and has significant experience having been a director at publicly quoted companies including Betfair, Zoopla and boohoo.com.
Outlook
The business has made a good start to the second half of 2017, with continued double digit like-for-like revenue growth for the two months to July 2017. We are continuing to evaluate all operational aspects of our businesses, particularly in driving improvements in gross margins and overhead efficiencies in the short to medium term. We are comfortable with market expectations for the full year.
As the recently announced post period GBP8m placing and acquisition of Quickline Communications demonstrates, we are now ready to consider further acquisitions in the second half of the year and beyond as we continue to become a global player in the delivery of super-fast broadband solutions to customers around the world.
Andrew Walwyn
CEO
31 August 2017
FINANCIAL REVIEW
In the six months ending 31 May 2017, revenues increased by 261% to GBP20.6m (H1 2016: GBP5.7m), driven by an increase in organic revenue as well as the impact of acquisitions including those made in the summer of 2016. Gross profit increased to GBP7.6m (H1 2016: GBP1.7m) representing an improved gross profit margin of 37.0% (H1 2016: 29.5%).
Underlying distribution and administrative expenses increased by 154% to GBP5.6m (H1 2016: GBP2.2m) primarily as a result of costs and investment made following the acquisitions in 2016 and H1 2017, combined with increased investment in overheads in relation to growing the business across its existing hubs (primarily in relation to Australia and Norway).
Company adjusted results
Underlying EBITDA (before share based payments, depreciation, intangible amortisation, acquisition and deal related costs) was GBP2.0m (H1 2016: loss of GBP0.5m).
The Company had financing and acquisition related costs of GBP0.6m in the period (H1 2016: GBP0.4m). These costs comprise mainly professional and legal fees.
A reconciliation of the statutory operating loss before taxation for H1 2017 of GBP2.9m (H1 2016: GBP1.9m loss) to underlying EBITDA is shown below:
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
31 May 31 May 30 November
2017 2016 2016
GBP'000 GBP'000 GBP'000
Underlying EBITDA 2,024 (496) 1,237
Depreciation (1,181) (168) (930)
Amortisation (3,136) (541) (2,995)
Fair value adjustment - - (300)
Share based payments (106) (253) (316)
Acquisition costs and deal
related fees (560) (438) (2,074)
Statutory operating (loss) (2,959) (1,896) (5,378)
Revenue and underlying EBITDA in H1 2017 and the comparative period is segmented by geography as follows:
Revenue Underlying EBITDA
Unaudited Unaudited Unaudited Unaudited
6 months 6 months 6 months 6 months
to to to to
31 May 31 May 31 May 31 May
2017 2016 2017 2016
Segment GBP000 GBP000 GBP000 GBP000
UK 6,988 3,316 655 (686)
France 2,399 1,679 295 27
Norway 3,774 0 640 0
Australia 6,601 0 324 0
Other 878 714 110 163
Total 20,640 5,709 2,024 (496)
------------ ----------- ----------- ----------- -----------
The Company has continued to make good progress in expanding its customer base, driven by the impact of acquisitions and net additions to the core business. As a result, total customers increased from c79k at the start of the year to c90k as at 31 May 2017 with progress across all of the operating hubs in the period, with particularly strong customer growth in Australia. The acquisitions made in 2016 have contributed significantly to the growth in revenue and the improvements in EBITDA during the period.
Since the start of 2015 and up to and including H1 2017, the Company has completed 14 acquisitions with a total customer base of c70.7k which as at 31 May 2017 had grown to c76.4k.
The Company's total customer base of c90k as at 31 May 2017 was split as follows: UK: 24% (H1 2016: 47%), France: 13% (H1 2016: 38%), Norway: 17% (H1 2016: 0%), Australia: 41% (H1 2016: 0%), Other: 5% (H1 2016: 15%) (Other comprises Ireland, Poland and various other territories in which the Company operates). Group customer numbers as at 30 August 2017, including the recent acquisition of Quickline, was c96k.
Churn rates (defined as the number of subscribers who discontinue their service as a percentage of the total number of subscribers within the period) improved in the period to 15% (H1 2016: 19%) with increased focus on customer retention by strengthening the Customer Experience team across the group. Average revenue per user ("ARPU") has remained consistent between H1 2016 and H1 2017 at approximately GBP40 / month.
Gross profit margin was 37.0% in the period (H1 2016: 29.5%, FY 2016: 34.0%) due to the improved revenue mix across the Group's hubs following the signed Virtual Network Operating ('VNO') agreement with SES Telecom Services and higher gross margins obtained in our Norwegian businesses (predominantly fixed wireless services following capital investment during the period) offset by lower gross margin in the Australian business given the high level of government support in that region.
Operating cash outflows (before capital expenditure and acquisitions) were GBP0.9m in the first half of the year (H1 2016: GBP2.0m outflow) as a result of increased net working capital movements of GBP1.1m as the business has grown significantly. Net debt increased from GBP9.4m as at 31 December 2016 to GBP13.2m as at 31 May 2017, primarily as a result of the acquisitions made in the period of BorderNET, NextNet and ASDN, financed by the Group's debt facilities, and continued investment across the Group's hubs combined with capital expenditure of GBP1.0m in the period (H1 2016: GBP0.2m). As at 31 May 2017 the Group had a cash balance of GBP2.0m and GBP1.5m of headroom under the HSBC facility.
Satellite Solutions Worldwide Group plc
Condensed consolidated statement of comprehensive income
6 months ended 31 May 2017
Unaudited Unaudited Audited 12 months to 30 November
6 months to 31 6 months to 31 2016
May May
2017 2016
Note GBP GBP GBP
Continuing Operations
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Revenue 20,640,474 5,708,956 21,461,192
Cost of goods sold (13,006,711) (4,022,384) (14,156,671)
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Gross Profit 7,633,763 1,686,572 7,304,521
Distribution and administration
expenses (5,609,976) (2,182,492) (6,066,977)
Depreciation and amortisation (4,316,305) (708,661) (3,925,337)
Acquisition and deal related costs 2 (559,816) (438,029) (2,374,758)
Share based payments 2 (106,310) (252,746) (316,000)
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Operating Loss (2,958,644) (1,895,356) (5,378,551)
Interest Payable (979,807) (16,827) (818,991)
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Loss before Tax (3,938,451) (1,912,183) (6,197,542)
Tax on continuing Operations (51,769) 161,072
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Loss for the period (3,990,220) (1,912,183) (6,036,470)
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Other comprehensive income
Foreign currency translation difference (215,963) (4,619) (829,946)
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Total comprehensive Income (4,206,183) (1,916,802) (6,866,416)
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Loss per share
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
from continuing operations pence pence pence
Basic and diluted (0.74) (0.62) (1.57)
---------------------------------------- ----- ---------------- ---------------- ---------------------------------
Satellite Solutions Worldwide Group plc
Condensed consolidated statement of financial position
As at 31 May 2017
Unaudited Unaudited Audited
As at As at As at
31 May 31 May 30 Nov
2017 2016 2016
Note GBP GBP GBP
Non-Current Assets
Intangible assets 24,286,125 4,603,163 24,812,594
Investments 52,346 52,345 52,345
Deferred Tax asset 622,000 - 622,000
Property Plant and
Equipment 5,172,574 328,418 4,933,669
--------------------------- ----- ------------- ------------ -------------
Total Fixed Assets 30,133,045 4,983,926 30,420,608
Current Assets
Inventory 1,397,645 254,290 1,349,361
Trade & Other Debtors 5,397,426 1,821,863 5,792,483
Cash and Cash Equivalents 2,055,388 1,502,073 3,317,738
--------------------------- ----- ------------- ------------ -------------
Total Current Assets 8,850,459 3,578,226 10,459,582
Current Liabilities
Trade Payables (6,650,965) (2,224,215) (5,653,775) Other Creditors and Accruals (8,127,169) (1,753,913) (9,455,603) Payroll taxes (420,353) (178,353) (334,776) VAT (1,271,923) (245,682) (875,842) --------------------------- ----- ------------- ------------ ------------- Total Current Liabilities (16,470,410) (4,402,163) (16,319,996) Non-Current Liabilities Loans and debt facilities (15,228,613) (2,000,000) (12,729,519) Other payables - (1,505,477) - Deferred taxation (4,357,000) (465,527) (4,167,000) --------------------------- ----- ------------- ------------ ------------- Total Non-Current Liabilities (19,585,613) (3,971,004) (16,896,519) Total Liabilities (36,056,023) (8,373,167) (33,216,515) Net Assets 2,927,481 188,986 7,663,675 --------------------------- ----- ------------- ------------ ------------- Equity Share Capital 5,390,388 3,081,462 5,362,299 Share Premium 15,816,763 4,414,159 15,588,634 Other Reserves 4 (871,838) 945,175 (85,609) Revenue Reserves (17,407,832) (8,251,810) (13,201,649) Total Equity 2,927,481 188,986 7,663,675 --------------------------- ----- ------------- ------------ -------------
Satellite Solutions Worldwide Group plc
Condensed consolidated Cash Flow Statement
6 Months Ended 31 May 2017
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 May 31 May 30 November
2017 2016 2016
GBP GBP GBP
Cash flows from operating
activities
Loss before tax (3,990,220) (1,912,183) (6,036,470)
------------------------------- -------------- -------------- --------------
Interest 979,807 16,827 818,991
Taxation 51,769 0 (161,072)
Amortisation and impairment
of intangible assets 3,135,577 619,823 2,995,166
Depreciation charge 1,180,729 88,838 930,171
Share based payments 106,310 252,746 316,000
Foreign exchange variance
and other non-cash
items (349,962) (126,150) 47,408
(Decrease)/Increase
in working capital (1,083,583) (935,013) 1,729,805
Operating cash flows
after movements in
working capital 30,427 (1,995,112) 639,999
Interest paid (979,807) (16,827) (818,989)
Net cash used in operating
activities (949,380) (2,011,939) (178,990)
Investing activities
Purchase of assets (1,031,953) (157,037) (974,724)
Purchase of intangibles (1,780,617) 0 (768,421)
Cash within subsidiaries
acquired 0 0 552,000
Loans within subsidiaries
acquired 0 0 (1,000,000)
Purchase of investments 0 0 (20,083,176)
Net cash used in investing
activities (2,812,570) (157,037) (22,274,321)
Financing activities
------------------------------- -------------- -------------- --------------
Proceeds from issue
of ordinary share capital
net 0 0 12,100,000
Proceeds from Loans 2,499,620 2,000,000 12,000,000
Cash generated from
financing activities 2,499,620 2,000,000 24,100,000
------------------------------- -------------- -------------- --------------
Net (decrease) / increase
in cash and cash equivalents (1,262,330) (168,976) 1,646,689
Cash and cash equivalents
at beginning of period 3,317,718 1,671,049 1,671,049
------------------------------- -------------- -------------- --------------
Cash and cash equivalents
at end of period 2,055,388 1,502,073 3,317,738
Satellite Solutions Worldwide Group plc
Condensed consolidated Reserves Movement
6 Months Ended 31 May 2017
Share Share Other Revenue Total
Capital Premium Reserves Reserve
GBP GBP GBP GBP GBP
Note
4
At 31 May 2016 3,081,462 4,414,159 945,175 (8,251,810) 188,986
Loss for the period (4,949,839) (4,949,839)
Issue of shares 2,280,837 11,174,475 - 13,455,312
Share option reserve -
Foreign Exchange
Translation
Other Movements (1,030,784) (1,030,784)
At 30 November 2016 5,362,299 15,588,634 (85,609) (13,201,649) 7,663,675
Loss for the period (4,206,183) (4,206,183)
Issue of shares 28,089 228,129 - - 256,218
Share option reserve - 0
Foreign Exchange Translation 0
Other Movements (786,229) (786,229)
At 31 May 2017 5,390,388 15,816,763 (871,838) (17,407,832) 2,927,481
Satellite Solutions Worldwide Group plc
Notes to the financial statements
For the period ended 30 May 2017
1. Presentation of financial information and accounting policies
Basis of preparation
The condensed consolidated financial statements are for the six months to 31 May 2017.
The nature of the Company's operations and its principal activities is the provision of last mile (incorporating Satellite and Wireless) broadband telecommunications and associated / related services and products.
The company prepares its consolidated financial statements in accordance with International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as adopted by the EU. The financial statements have been prepared on the historical cost basis, except for the revaluation of financial instruments.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are disclosed further. The principal accounting policies set out below have been consistently applied to all the periods presented in these financial statements, except as stated below.
Going concern
The directors have prepared and reviewed projected cash flows for the company reflecting its current level of activity and anticipated future plan for the next 12 months. The company is currently loss-making mainly as a result of amortisation charges and will continue to be so for the foreseeable future, as the company continues to invest in the business growth strategy of acquiring similar businesses. The business continues to grow the number of users in a number of key target markets and continues to review the short-term business model of the company by which the company becomes profitable and delivers a return on the investments.
In March 2017, the Company raised GBP5m from HSBC by way of a revolving credit facility. Therefore, the Board has concluded that no matters have come to their attention which suggest that the Company will not be able to maintain its current terms of trade with customers and suppliers. The Company's forecasts for the newly combined Company, including due consideration of the short term continued operating losses of the Company, taking account of possible changes in trading performance, indicate that the Company has sufficient cash available to continue in operational existence throughout the forecast period and beyond. As a consequence, the Board believes that the Company is well placed to manage its business risks and longer term strategic objectives, successfully. Accordingly, they continue to adopt the going concern basis in preparing these unaudited preliminary results.
Estimates and judgments
The preparation of a condensed set of financial statements requires management to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities at each period end. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
In preparing these condensed set of consolidated financial statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were principally the same as those applied to the Company's and Individual company's financial statements for the year ended 30 November 2016.
Basis of consolidation
The consolidated financial statements comprise the financial statements of Satellite Solutions Worldwide Group plc and its controlled entities. The financial statements of controlled entities are included in the consolidated financial statements from the date control commences until the date control ceases.
The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.
All inter-company balances and transactions have been eliminated in full.
2. Exceptional items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount. In this regard, the items included in the Condensed consolidated statement of comprehensive income relate primarily to the costs incurred in relation to fundraising and acquisitions undertaken.
3. Loss per share
Basic loss per share is calculated by dividing the loss attributable to shareholders by the weighted average number of ordinary shares in issue during the period.
IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share, or increase the loss per share. For a loss-making company with outstanding share options, net loss per share would be decreased by the exercise of options. Therefore, as per IAS33:36, the antidilutive potential ordinary shares are disregarded in the calculation of diluted EPS.
Reconciliation of the profit and weighted average number of shares used in the calculation are set out below:
Weighted average
Loss number of shares Per share amount
At 31 May 2016
------------------------------------ ------------ ----------------- -----------------
Basic and Diluted EPS GBP units Pence
Loss attributable to shareholders:
- Continuing operations (1,912,183) 308,146,282 (0.62)
Weighted average
Loss Number of Shares Per share amount
At 31 May 2017
------------------------------------ ------------ ----------------- -----------------
Basic and Diluted EPS GBP units Pence
Loss attributable to shareholders:
- Continuing operations (3,990,220) 537,368,679 (0.74)
4. Other capital reserves
Foreign
Listing Merger Reverse Other exchange Share Total
Cost Relief acquisition equity translation option capital
Reserve reserve reserve reserve reserve reserve reserves
GBP GBP GBP GBP GBP GBP
At 31 May
2016 (219,436) 4,471,155 (3,317,068) - (390,261) 400,785 945,175
--------------------- ---------- ---------- ------------ -------- ------------ -------- ------------
Other comprehensive - - - - -
income
Other equity 271,000 271,000
Foreign Exchange
Translation - - (1,365,643) - (1,365,643)
Listing Cost - - - - -
Reserve
Credit to
equity for
equity settled
Share based
payments - - - 63,859 63,859
At 30 November
2016 (219,436) 4,471,155 (3,317,068) 271,000 (1,755,904) 464,644 (85,609)
Other comprehensive
income - - - - 0
Other equity 543 543
Foreign Exchange
Translation - - (893,084) - (893,084)
Listing Cost
Reserve - - - - 0
Credit to
equity for
equity settled
Share based
payments - - - 106,312 106,312
--------------------- ---------- ---------- ------------ -------- ------------ -------- ------------
At 31 May
2017 (219,436) 4,471,155 (3,317,068) 271,543 (2,648,988) 570,956 (871,838)
-- Listing cost reserve
o The listing cost reserve arose from expenses incurred on AIM listing.
-- Other equity reserve
o Other Equity related to the element of the BGF Convertible Loan which has been grossed up but may be shown net.
-- Reverse acquisition reserve
o The reverse acquisition reserve relates to the reverse acquisition of Satellite Solutions Worldwide Limited by Satellite Solutions Worldwide Group plc on 12 May 2015.
-- Foreign exchange translation reserve
o The foreign exchange translation reserve is used to record exchange difference arising from the translation of the financial statements of foreign operations.
-- Share option reserve
o The share option reserve is used for the issue of share options during the year plus charges relating to previously issued options.
-- Merger relief reserve
o The merger relief reserve relates to the share premium attributable to shares issued in relation to the acquisition of Satellite Solutions Worldwide Limited
5. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed within the financial statements or related notes.
6. Availability of the Interim Report
A copy of these results will be made available for inspection at the Company's registered office during normal business hours on any week day. The Company's registered office is at Satellite House, 108 Churchill Road, Bicester OX26 4XD. The Company is registered in England No. 9223439.
A copy can also be downloaded from the Company's website at https://www.satellitesolutionsworldwide.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QBLFXDVFZBBF
(END) Dow Jones Newswires
August 31, 2017 02:00 ET (06:00 GMT)
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