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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Walcom Group Limited | LSE:WALG | London | Ordinary Share | VGG574851074 | ORD HKD0.01 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.2025 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMWALG
18 September 2018
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR")
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Half-yearly results for the six months ended 30 June 2018
Walcom is pleased to announce its interim results for the six months ended 30
June 2018. These results are also available from the Company's website at
www.walcomgroup.com.
Further enquiries:
Walcom Group Limited +852 2494 0133
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer)
Allenby Capital Limited +44 20 3328 5656
Virginia Bull
CHAIRMAN'S STATEMENT
On behalf of the board of directors (the "Board"), I am pleased to present the
Company's half-yearly results for the six months ended 30 June 2018.
Introduction
During the first six months of the year the economy in China remained slow and
the overall performance of the pig farming industry had not improved due to low
pig farmgate prices. The Group's revenue decreased by 2 per cent compared with
the same period last year. Due to the provision for a bad debt of HK$7.9
million and the continuing increase in production costs and operating expenses,
the Group incurred a loss per share for the period of HK Cents 15.21 compared
with a loss per share of HK Cents 5.03 in the same period last year.
Results for the Period
The Group generated revenues of HK$19.2 million during the period (June 2017:
HK$19.6 million) and gross profits of HK$10.5 million (June 2017: HK$11.0
million), representing a decrease of 2 per cent and 5 per cent respectively
compared with the same period last year. The gross profit margin decreased by
approximately 1.8 per cent to 54.6 per cent (June 2017: 56.4 per cent) due to
the increase in the production costs which were incurred in Renminbi and the
monthly average exchange rate of Renminbi against Hong Kong Dollar which
appreciated by 7.6 per cent during the period under review compared with the
same period last year. During the period under review, the Group made a
provision for bad debt of HK$7.9 million on a trade receivable from its largest
customer in China (June 2017: nil). This was the primary contributor to the
Group's net loss increasing by 201 per cent to HK$10.12 million (June 2017:
HK$3.36 million), without this, the Group had an improved loss of HK$1.72
million at the EBITDA level, a decrease of 41 per cent over the same period
last year (June 2017: HK$2.92 million).
Review of Activities and Market
Compared to the same period last year, the monthly average exchange rate of
Renminbi strengthened against the Hong Kong Dollar by 7.6 per cent during the
period under review. While reporting in Hong Kong Dollar, this currency
advantage in sales was set off by the decrease of 10 per cent in the quantity
of sales in China, which resulted in the sales turnover in the PRC decreasing
by 6 per cent to HK$10.2 million compared with the same period last year (June
2017: HK$10.8 million). Overseas sales remained relatively stable, increasing
slightly by 2 per cent to HK$8.9 million compared with same period last year
(June 2017: HK$8.7 million).
The Group's largest customer in China, which is a sizable listed company,
experienced a number of problems which, combined with adverse developments in
the capital market during the first half year of 2018, resulted in trading in
its shares being suspended on the Chinese stock exchange. After repeated
unsuccessful attempts to demand payment of the overdue debt, the Group started
legal proceedings against the customer to recover the debt and the Group has
made a full provision of the trade receivable (HK$7.9 million) for prudence.
Following the commencement of legal proceedings, there has been positive
progress with the customer paying a small sum towards the outstanding debt and
engaging in negotiations for a payment plan with the Company. The Board is,
therefore, hopeful that the trade receivable might be recoverable.
The pig farmgate price in China continued to drop during the first five months
of 2018 and, as a result, the pig numbers had not increased to its previous
level. This being the case, the demand for feedstuff remained weak. Belatedly,
the pig farmgate price has started to rise, although slowly, since June this
year. Since August 2018, an epidemic African swine fever on pigs has happened
in some provinces in northern China. Emergency measures have been taken which
restricted the trafficking of pigs among different provinces in the country. As
a result, the pig farmgate price in the unaffected provinces, which are the
principal regions where the Group operates, has risen significantly. If the
rise in the pig price continues in the remaining months of this year, it is
forecasted that the pig numbers in those regions which are not affected by the
swine fever will increase during the second half of 2018. This will have a
positive impact on the animal feed market which in turn will likely benefit the
operating results of the Group.
The Group's major sales effort remained focused on increasing sales penetration
into the Group's existing larger customers which have low usage and also those
integrated meat producing companies whose businesses include feed milling, pig
farming, pig slaughtering and pork product production. Initial positive results
were achieved in the first half of 2018, although this effort was undermined by
the weakening pig farming industry as mentioned above. With the prospect of an
improvement in the industry in the second half of the year, the Board is
hopeful for an increase in the Group's sales.
The Group's overall overseas sales improved by 2 per cent compared with last
year.
Sales in Thailand remained the main contributor, which presented 91 per cent of
the Group's overseas sales (June 2018: HK$8.1 million; June 2017: HK$7.9
million).
The Korean market remained weak during the period under review and sales
decreased by 9 per cent to HK$0.70 million (June 2017: HK$0.77 million).
Outlook
While the structural transformation of the Chinese economy continues, which has
resulted in slower growth over the past few years, the recent China-US trade
war has added further uncertainty to the Chinese economy. Although the Chinese
economy has recently shown some recovery in sectors like the service industry,
the expected interest rate hike in the United States and the recent devaluation
of Renminbi are expected to have an adverse impact on its growth. This will
affect the domestic consumer market and the negative impact could be passed on
to the Group's sales in the PRC market.
Frankie Y. L. Wong
Chairman
18 September 2018
UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHSED 30
JUNE 2018
Note Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 2018 30 June 2017 31 December
2017
HK$ HK$ HK$
Revenue 3 19,163,440 19,560,955 44,488,372
Cost of sales (8,697,989) (8,534,341) (20,177,334)
Gross profit 10,465,451 11,026,614 24,311,038
Other income 4 100,719 15,842 215,041
Research and development (881,279) (328,530) (1,482,466)
expenses
Selling and distribution (5,849,284) (5,435,032) (12,743,778)
expenses
General and administrative (13,630,612) (8,474,239) (15,096,244)
expenses
Loss from operations 5 (9,795,005) (3,195,345) (4,796,409)
Net finance expenses 6 (122,389) (56,290) (123,687)
Loss before income tax (9,917,394) (3,251,635) (4,920,096)
Income tax expense 7 (205,131) (112,609) 979,861
Loss for the period / year (10,122,525) (3,364,244) (3,940,235)
(Loss) / profit attributable to:
Owners of the Company (10,469,044) (3,458,992) (4,341,039)
Non-controlling interests 346,519 94,748 400,804
Loss for the period / year (10,122,525) (3,364,244) (3,940,235)
Loss per share - basic, HK cents 8 (15.21) (5.03) (6.31)
- diluted, HK cents (15.21) (5.03) (6.31)
UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE SIX MONTHSED 30 JUNE 2018
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 2018 30 June 2017 31 December
2017
HK$ HK$ HK$
Loss for the period / year (10,122,525) (3,364,244) (3,940,235)
Other comprehensive income
Exchange difference on translation of
financial
statements of overseas subsidiaries (443,061) 1,571,508 3,429,000
Total comprehensive loss
for the period / year (10,565,586) (1,792,736) (511,235)
Total comprehensive loss
attributable to:
Owners of the Company (10,874,678) (2,027,469) (1,151,641)
Non-controlling interests 309,092 234,733 640,406
Total comprehensive loss
for the period / year (10,585,586) (1,792,736) (511,235)
UNAUDITED CONSOLIDATED BALANCE SHEET AT 30 JUNE 2018
Note Unaudited Unaudited Audited
30 June 2018 30 June 2017 31 December
2017
HK$ HK$ HK$
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 5,876,007 5,821,135 6,001,662
Patents 405,836 1,681,327 468,463
Goodwill - - -
Deferred tax assets 1,072,500 - 1,072,500
7,354,343 7,502,462 7,542,625
CURRENT ASSETS
Inventories 3,083,831 2,890,996 2,907,267
Trade and other receivables 10 3,968,541 9,279,392 12,090,127
Tax recoverable 464,357 - 134,027
Cash and cash equivalents 11 3,395,045 4,397,076 3,594,050
Restricted cash 11 - 111,768 111,377
10,911,774 16,679,232 18,841,848
TOTAL ASSETS 18,266,117 24,181,694 26,384,473
EQUITY AND LIABILITIES
EQUITY
Share capital 12 688,344 688,344 688,344
Reserves 3,156,840 13,155,690 14,031,518
TOTAL EQUITY ATTRIBUTABLE TO
OWNERS OF THE COMPANY 3,845,184 13,844,034 14,719,862
Non-controlling interests 3,213,527 2,498,762 2,904,435
TOTAL EQUITY 7,058,711 16,342,796 17,624,297
CURRENT LIABILITIES
Trade and other payables 13 5,781,740 5,133,569 5,571,861
Tax payables 207,303 400,916 317,638
Loans from non-controlling 473,967 - 478,046
interests
Bank borrowings 14 4,744,396 2,304,413 2,392,631
11,207,406 7,838,898 8,760,176
TOTAL LIABILITIES 11,207,406 7,838,898 8,760,176
TOTAL EQUITY AND LIABILITIES 18,266,117 24,181,694 26,384,473
NET CURRENT (LIABILITIES) / ASSETS (295,632) 8,840,334 10,081,672
TOTAL ASSETS 7,058,711 16,342,796 17,624,297
LESS CURRENT LIABILITIES
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED
30 JUNE 2018
Share-based Non-
Share Share Merger compensation Exchange Surplus Accumulated controlling Total
capital premium reserve reserve reserve reserve losses Total interests equity
HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$
At 1 January 2017 688,344 95,298,644 23,852,469 1,568,769 (2,394,755) 3,602,327 (106,744,295) 15,871,503 2,264,029 18,135,532
Comprehensive loss
Loss for the period - - - - - - (3,458,992) (3,458,992) 94,748 (3,364,244)
Other comprehensive
income
Exchange difference on
translation of
financial statements of - - - - 1,431,523 - - 1,431,523 139,985 1,571,508
overseas subsidiaries
Total comprehensive loss - - - - 1,431,523 - (3,458,992) (2,027,469) 234,733 (1,792,736)
for the period
Lapse of share option - - - (684,771) - - 684,771 - - -
At 30 June 2017 688,344 95,298,644 23,852,469 883,998 (963,232) 3,602,327 (109,518,516) 13,844,034 2,498,762 16,342,796
At 1 January 2018 688,344 95,298,644 23,852,469 883,998 794,643 3,773,101 (110,571,337) 14,719,862 2,904,435 17,624,297
Comprehensive loss
Loss for the period - - - - - - (10,469,044) (10,469,044) 346,519 (10,122,525)
Other comprehensive
income
Exchange difference on
translation of
financial statements of - - - - (405,634) - - (405,634) (37,427) (443,061)
overseas subsidiaries
Total comprehensive loss - - - - (405,634) - (10,469,044) (10,874,678) 309,092 (10,565,586)
for the period
Lapse of share option - - - (68,477) - - 68,477 - - -
At 30 June 2018 688,344 95,298,644 23,852,469 815,521 389,009 3,773,101 (120,971,904) 3,845,184 3,213,527 7,058,711
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30 JUNE
2018
Note Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2018 2017 2017
HK$ HK$ HK$
Cash flow from operating activities
Loss before income tax (9,917,394) (3,251,635) (4,920,096)
Amortisation of patents 47,030 132,769 265,538
Depreciation 109,684 144,293 285,927
Foreign exchange (gain) / loss, net (325,103) 968,688 2,260,760
Interest received (5,157) (8,861) (14,220)
Interest paid 127,547 65,151 137,907
Impairment of trade receivables 7,899,419 - -
Impairment loss of patents - - 766,073
Patents written off 15,597 - 314,022
(Gain) / loss on disposal of
property, plant and equipment - (23) 2,286
Operating loss before
working capital changes (2,048,377) (1,949,618) (901,803)
Increase in inventories (176,564) (1,510,268) (1,526,539)
Increase in trade and other (108,163) (251,236) (3,104,139)
receivables
Increase in trade and other payables 209,879 389,456 827,748
Net cash used in operations (2,123,225) (3,321,666) (4,704,733)
Corporate income tax paid (315,466) (769,329) (924,496)
Interest paid (127,547) (65,151) (137,907)
Net cash used in operating activities (2,566,238) (4,156,146) (5,767,136)
Cash flow from investing activities
Purchase of property, plant and (39,701) (816,090) (920,725)
equipment
Proceeds from disposal of fixed - 23 23
assets
Interest received 5,157 8,861 14,220
Net cash used in investing activities (34,544) (807,206) (906,482)
Cash flow from financing activities
Repayment of bank borrowings - - (2,392,631)
Proceeds from new bank borrowings 2,375,015 - 2,392,631
Proceeds from loans from - - 478,046
non-controlling interests
Increase in restricted bank balance 116,377 (4,974) (424)
Net cash generated from / (used in) 2,491,392 (4,974) 477,622
financing activities
Net decrease in cash and cash (109,390) (4,968,326) (6,195,996)
equivalents
Cash and cash equivalents at the 3,594,050 9,012,203 9,012,203
beginning of the period / year
Exchange (gain) / loss on cash and (89,615) 353,199 777,843
cash equivalents
Cash and cash equivalents at the end 11 3,395,045 4,397,076 3,594,050
of the period / year
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2018
(1) BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
The unaudited consolidated financial statements have been prepared using
accounting policies consistent with International Financial Reporting Standards
and in accordance with International Accounting Standard (IAS) 34 Interim
Financial Reporting.
The unaudited consolidated financial statements have been prepared under the
historical cost convention. The same accounting policies, presentation and
methods of computation are followed in these unaudited consolidated financial
statements as were applied in the preparation of the group's financial
statements for the year ended 31 December 2017 except for those that relate to
new standards and interpretations effective for the first time for periods
beginning on (or after) 1 January 2018, and will be adopted in the 2018 annual
financial statements.
The following new standards and interpretations became effective on 1 January
2018 and have been adopted by the group:
- IFRS 9 Financial Instruments
- IFRS 15 Revenue from Contracts with Customers
On 1 January 2018, the Group has performed an assessment on the impact of the
adoption of IFRS 9 and IFRS 15 respectively and concluded that no material
financial impact exists, and therefore no adjustment to the opening balance of
equity at 1 January 2018 was recognised.
For the six months ended 30 June 2018, impairment based on the expected credit
loss model on the group's trade receivables of HK$7,899,419 have been made.
(2) SEGMENT REPORTING
(a) Primary reporting format - Geographical Segment
The group's operations are mainly located in Hong Kong, PRC, Thailand. The
group's sales revenue by geographical location of customers are analysed as
follows:
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 2018 30 June 31 December
2017 2017
HK$ HK$ HK$
PRC 10,216,380 10,821,546 25,759,215
Thailand 8,102,788 7,894,388 16,854,536
Korea 702,000 - 1,799,741
Others 142,272 845,021 74,880
19,163,440 19,560,955 44,488,372
(b) Secondary reporting format - Business Segment
The Group is principally engaged in the manufacture, distribution and sale of
chemical feed and additive products. All of the group's products are of a
similar nature and subject to similar risk and returns. Accordingly, the
group's activities are attributable to a single business segment and no
business segment analysis is presented.
(c) Segment assets by geographical location of assets
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 2018 30 June 31 December
2017 2017
HK$ HK$ HK$
PRC 6,687,472 13,854,608 13,943,939
Thailand 8,962,265 8,039,316 9,613,986
Hong Kong 2,210,544 606,442 2,449,543
Others 405,836 1,681,328 377,005
18,266,117 24,181,694 26,384,473
(3) REVENUE
Revenue represents the sales value of goods supplied to the customers less
returns, discounts, value added tax and sales taxes.
(4) OTHER INCOME
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 2018 30 June 2017 31 December
2017
HK$ HK$ HK$
Government subsidy - - 177,946
Gain on disposal of property,
plant and
equipment - 23 -
Sundry income 100,719 15,819 37,095
100,719 15,842 215,041
(5) OPERATING (LOSS) / PROFIT
Operating (loss) / profit is stated after charging the following items:-
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 2017 31 December
2018 2017
HK$ HK$ HK$
Amortisation of patents 47,030 132,769 265,538
Auditor's remuneration 183,808 182,040 335,977
Cost of inventories 8,349,076 8,139,119 19,190,422
Depreciation 75,736 96,012 189,086
Exchange (gains) /losses, net (325,103) 968,688 2,260,760
(a)
Impairment loss of trade 7,899,419 - -
receivables
Impairment loss of patents - - 766,073
Loss on disposal of property,
plant and equipment - - 2,286
Patents written off 15,597 - 314,022
Rental charges under operating
leases 486,701 410,733 841,008
in respect of land and
buildings
Staff costs
(including directors'
emoluments)
- wages and salaries 4,853,038 5,549,091 10,186,056
- contributions to retirement 452,386 419,466 877,054
benefits
- other staff benefits 1,380,641 1,527,712 3,042,257
a. The net exchange (gains)/losses were mainly attributable to the elimination
of intragroup balances.
(6) NET FINANCE (EXPENSES)/ INCOME
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 31 December
2018 2017 2017
HK$ HK$ HK$
Bank interest income 5,157 8,861 14,220
Interest expense on loans
from non-controlling interest (35,592) - (4,780)
Interest expense on bank loans (91,954) (65,151) (133,127)
(122,389) (56,290) (123,687)
(7) INCOME TAX EXPENSE
No provision for Hong Kong Profits Tax has been made (June 2017: HK$nil; 2017:
HK$nil) as the group's assessable profit subject to Hong Kong profits tax for
the period is fully set-off by tax loss brought forward from last year.
Taxation on overseas profits has been calculated on the estimated assessable
profit for the period/year at the rate of taxation prevailing in the countries
in which the group companies operate. The overseas income tax provided for the
six months ended 30 June 2018 is HK$205,131 (June 2017: HK$112,609; 2017:
HK$92,639).
(8) LOSS PER SHARE
The calculation of the basic loss per share for the six months ended 30 June
2018, is based on the loss attributable to ordinary equity shareholders of the
company of HK$10,469,044 (June 2017: HK$3,458,992; 2017: HK$4,341,039) during
the period and the weighted average number of 68,834,388 ordinary shares (June
2017: 68,834,388; 2017: 68,834,388) in issue during the period/year. No diluted
loss per share is to be reported for the period/year.
(9) DIVIDS
No payment of dividend was recommended for the first six months of 2018 (June
2017: HK$ nil; 2017: HK$nil).
(10) TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 30 June 2017 31 December
2018 2017
HK$ HK$ HK$
Trade receivables 10,628,698 8,275,752 11,501,231
Less: provision for (7,899,419) (508,758) (508,758)
impairment loss
2,729,279 7,766,994 10,992,473
Other receivables 221,943 524,206 77,896
Prepayments and deposits 1,017,319 988,192 1,019,758
3,968,541 9,279,392 12,090,127
(a) All trade and other receivables are expected to be recovered
within one year.
(b) Impairment of trade receivables
The movement in the provision of impairment for doubtful debts during the
period/year, including both specific and collective loss components, is as
follows:
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 30 June 2017 31 December 2017
2018
HK$ HK$ HK$
At 1 January 508,758 508,758 508,758
Impairment loss 7,899,419 - -
recognised
Written off (508,758) - -
At 30 June/31 7,899,419 508,758 508,758
December
At 30 June 2018, the Group's trade receivables of HK$7,899,419 (June 2017:
HK$508,758, 2017: HK$508,758) have been outstanding for a certain period of
time. The management assessed that only a portion of the receivables is
expected to be recoverable. Consequently, specific allowance for doubtful
debts was recognised for the individually impaired receivables.
The Group does not hold any collateral over these balances.
(11) CASH AND CASH EQUIVALENTS
Unaudited Unaudited Audited
30 June 2018 30 June 2017 31 December
2017
HK$ HK$ HK$
Cash at bank and on hand 3,395,045 4,508,844 3,710,427
Less: Cash at bank - - (111,768) (116,377)
restricted
Cash and cash equivalents
in the cash flow statement 3,395,045 4,397,076 3,594,050
(12) SHARE CAPITAL
Unaudited Unaudited Audited
30 June 30 June 31 December
2018 2017 2017
HK$ HK$ HK$
Authorised
150,000,000 (June 2017:
150,000,000 and Dec 2017:
150,000,000) ordinary shares of 1,500,000 1,500,000 1,500,000
HK$0.01 each
Issued and fully paid
68,834,388 (June 2017:
68,834,388 and
Dec 2017: 68,834,388) 688,344 688,344 688,344
ordinary
shares of HK$0.01 each
The holders of ordinary shares are entitled to receive dividends as declared
from time to time and are entitled to one vote per share at meetings of the
Company. All ordinary shares rank equally with regard to the Company's
residual assets.
(13) TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 2018 30 June 2017 31 December
2017
HK$ HK$ HK$
Trade payables 1,384,916 1,478,806 1,238,690
Other payables and 4,396,824 3,654,763 4,333,171
accrued expenses
5,781,740 5,133,569 5,571,861
All of the trade and other payables are expected to be settled within one year.
(14) BANK BORROWINGS
Unaudited Unaudited Audited
30 June 30 June 31 December
2018 2017 2017
HK$ HK$ HK$
Current
Bank borrowings, unsecured (a) 4,744,396 2,304,413 2,392,631
a. The effective interest rate per annum for bank borrowings at balance sheet
date is at 5.7% (June 2017: 5.7%, 2017: 5.7%) per annum.
(15) RECONCILIATION OF LOSS BEFORE INCOME TAX TO EBITDA
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 June 2018 30 June 2017 31 December
2017
HK$ HK$ HK$
Loss before income tax (9,917,394) (3,251,635) (4,920,096)
Depreciation 109,684 144,293 285,927
Amortisation of patents 47,030 132,769 265,538
Interest income (5,157) (8,861) (14,220)
Interest expenses 127,546 65,151 137,907
Patents written off 15,597 - 314,022
Impairment loss of patents - - 776,073
Impairment loss of trade 7,899,419 - -
receivables
(Gain) / loss on disposal of
property, plant and equipment - (23) 2,286
EBITDA (1,723,275) (2,918,306) (3,162,563)
EBITDA is defined herein as earnings before depreciation, amortization,
interest and tax, plus specific charges which are considered non-recurring in
nature. Specific charges include impairment loss in value and gain/loss in
disposal of non-current assets, and amortization of fair value of share-based
compensation. EBITDA is not a recognised term under generally accepted
accounting principles and does not purport to be an alternative to net income
as a measure of operating performance or to cash flows from operating
activities as a measure of liquidity. Because not all companies use identical
calculations, this presentation may not be comparable to other similarly titled
measures of other companies.
(16) COPIES OF THE HALF YEARLY REPORT
Copies of the half-yearly report will be available shortly from the Company's
website www.walcomgroup.com .
END
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