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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Windar Photonics Plc | LSE:WPHO | London | Ordinary Share | GB00BTFR4F17 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 37.00 | 36.00 | 38.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Meas & Controlling Dev, Nec | 1.85M | -1.08M | -0.0192 | -19.27 | 20.71M |
From Apr 2019 to Apr 2024
TIDMWPHO
RNS Number : 7783B
Windar Photonics PLC
25 September 2018
25 September 2018
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Windar Photonics plc
("Windar", the "Company" or the "Group")
Unaudited interim report for the six months ended 30 June 2018
Windar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor which enhances the productivity of electricity generating wind turbines, is pleased to announce its unaudited interim results for the six months ended 30 June 2018.
Highlights for the first six months of 2018:
-- 33% increase in revenue to EUR1.67 million (H1 2017: EUR1.25 million) notwithstanding EUR0.2 million of deferred revenue in H1 2017 (H1 2018 actual dispatched product value increased by 47% vs H1 2017)
-- 44% increase in gross profit to EUR0.82 million (H1 2017: EUR0.57 million)
-- 6% reduction in operating costs to EUR0.93 million (excluding depreciation, amortisation and warrant costs) (H1 2017: EUR0.99 million)
-- 86% reduction in EBITDA loss to EUR0.07 million (H1 2017: EUR0.41 million)
-- Significantly enhanced future sales potential having entered into a global distribution agreement with Vestas Wind Systems A/S ("Vestas"), the world's largest maintenance provider in the wind industry with representation across 63 countries worldwide
-- Continued progress in OEM market with turbine integration projects with the majority of the top 20 wind turbine OEMs ongoing and some projects now in the final turbine type certification stages
-- Strengthened balance sheet and cash holdings post period with a GBP2.2 million fundraise
-- Further investment in sales and service organisation in Shanghai, China from 3 to 8 employees during the period
-- Board confident of continued growth in H2 2018 with expected full year revenues of EUR4.0 - 4.5 million and EBITDA broadly in line with market forecasts
Jørgen Korsgaard Jensen, Chief Executive Officer of the Company, commented: "Our revenues and gross profit have both increased substantially during the period, reflecting the market's increased recognition of the superior quality of our LiDAR based sensors for turbine optimisation in terms of cost, weight and output.
"This growth was achieved even before securing Vestas as a distribution partner post period end and this, together with the progress we continue to make in terms of securing an OEM contract, which could be transformational to our business, underpins our confidence that Windar is well positioned to show continued growth in the second half of 2018. Overall in 2019 we expect sales to the OEM market segment at least to match sales to the retrofit market segment and we therefore look forward to providing updates regarding our business during this exciting moment in our development."
Chairman's Statement
I am pleased to report that we have started 2018 with many positive developments. In particular I am very pleased with the Group's new global distribution agreement with Vestas, who, with more than 78 GW under service, is the world's largest maintenance provider in the wind industry. Vestas' service network consists of more than 10,000 people across 63 countries worldwide. This agreement, combined with our existing distribution agreements in China and India, means we have now reached our objective to establish a strong external distribution network servicing the Independent Power Producers (IPP) markets whilst the Group continues to service the OEM market segment directly.
We are also pleased to report strong continued revenue growth during the period of 33% compared to the same period in 2017. The actual order intake and order back-log was considerably higher, although delivery was constrained by a shortage of certain key long lead time components. Our post period end fundraise enables us to increase stock levels, particularly focusing on the longer lead-time components, and therefore execution on both our current order back-log and new orders is a key focus for the second half of 2018. Additionally, we were able to increase gross profit margins to 49.1% (H1 2017: 45.5%), despite the constraints mentioned above, and total gross profit increased by 44% compared to the same period in 2017.
During the period we further lowered our operational costs (excluding depreciation, amortisation and warrant costs) by 6% compared to the same period in 2017. Notably, over the last two years, the overall the operational cost level in the Group has been reduced by more than 50%.
Overall, the Group significantly reduced its net loss to EUR0.29 million for the period (H1 2017: EUR0.85 million loss) after depreciation, amortisation and warrant costs of EUR0.17 million (2016: EUR0.38 million).
The realised EBITDA loss in the first six months of 2018 was realised at a near break-even point of EUR0.07 million compared to EBITDA losses of EUR0.41 million and EUR1.4 million in the first six months of 2017 and 2016 respectively.
Cash flow from operations showed a net outflow of EUR0.76 million for the period compared to a net outflow of EUR0.05 million in the first half of 2017. The increased outflow during the period was primarily driven by an increase in net receivables of EUR0.62 million due primarily to the increased revenue realised and two previous large overdue deliveries only being settled after the period under review in August 2018. Excluding restricted cash holdings of EUR0.31 million, the net cash holding at the end of the period amounted to EUR0.26 million (2017: EUR0.39 million), since which time the Company announced a GBP2.2 million fundraise (EUR2.4 million) before expenses, further strengthening its balance sheet and cash holdings.
The majority of Windar's revenue is still primarily generated from the IPP retrofit market and we expect to show accelerated growth in the coming periods following the further strengthened distribution network. The next strategic milestone for Windar is to start volume deliveries to the OEM market segment for new turbine sales. We are working with the majority of the top 20 wind turbine OEMs on various integration projects for new wind turbine designs although it is not always possible to establish firm time lines for these projects and subsequent revenue generation due to the complexity of such turbine designs. However, we are pleased that we are now in a position where some of these OEM projects have moved from the development stages into the final turbine certification stages, and we expect sales to the OEM market segment to contribute to a significant growth in revenue in 2019 and the following years. Overall in 2019 we expect sales to the OEM market segment at least to match sales to the retrofit market segment coming from a very low percentages of our sales in both 2017 and 2018.
Despite the overall reduction in general operational expenditure, we have again been able to increase expenditure in R&D, particularly within the Wind Analytics and Turbine Optimisation team. Our programme to develop new turbine control strategies based on our wake and turbulence measurements has showed good progress in the period and in line for field tests early next year.
Outlook
Based upon current traction with our customers and our increased product offering, the Directors believe the Group is well positioned to show continued growth in the second half of 2018 and expects to generate full year revenues of between EUR4.0 - 4.5 million. The Board expects to report full year profitability broadly in line with market expectations.
Johan Blach Petersen
Chairman
For further information:
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Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45-24234930
Cantor Fitzgerald Europe David Foreman
Nominated Adviser and Broker Richard Salmond +44 (0)20 7894 7000
Elisabeth Cowell
Newgate Communications Adam Lloyd
Financial PR Tom Carnegie +44 (0)20 7680 6550
About Windar:
Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimisation systems for use on electricity generating wind turbines. LiDAR wind sensors in general are designed to remotely measure wind speed and direction.
http://investor.windarphotonics.com
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
FOR THE SIX MONTHSED 30 JUNE 2018
Six months Six months Year ended
ended ended 31 December
30 June 2018 30 June 2017
2017
(unaudited) (unaudited) (audited)
Note EUR EUR EUR
Revenue 1,671,587 1,254,058 2,213,664
Cost of goods sold (850,433) (683,530) (1,301,047)
Gross profit 821,155 570,528 912,617
Administrative expenses (1,102,849) (1,366,398) (2,996,457)
Other operating income 34,326 5,021 78,067
Loss from operations (247,367) (790,849) (2,005,773)
Finance expenses (59,894) (79,150) (286,348)
Loss before taxation (307,261) (869,999) (2,292,121)
Taxation 12,763 24,093 66,246
Loss for the period (294,498) (845,906) (2,225,875)
Other comprehensive income
Items that will or maybe reclassified
to profit or loss:
Exchange losses arising on
translation of foreign operations (6,207) 3,836 13,038
Total comprehensive loss for
the period (300,705) (842,070) (2,212,837)
========================== ============ ========================
Loss per share for loss attributable
to the ordinary equity holders
of Windar Photonics plc
Basic and diluted, cents per
share 2 (0.70) (2.10) (5.40)
-------------------------- ------------ ------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018
As at As at As at
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
Notes EUR EUR EUR
Assets
Non-current assets
Intangible assets 847,300 1,043,610 868,594
Property, plant & equipment 99,491 98,303 107,084
Deposits 47,448 50,519 38,505
Total non-current assets 994,238 1,192,432 1,014,183
-------------------------------- ------ --------------------- ------------- --------------------
Current assets
Inventory 3 654,500 616,282 739,610
Trade receivables 4 951,793 400,221 381,295
Other receivables 4 275,366 317,655 216,710
Prepayments 55,971 109,509 78,379
Restricted cash and cash
equivalents 312,864 71,878 234,692
Cash and cash equivalents 260,606 390,876 1,116,503
Total current assets 2,511,100 1,906,421 2,767,189
-------------------------------- ------ --------------------- ------------- --------------------
Total assets 3,505,338 3,098,852 3,781,372
-------------------------------- ------ --------------------- ------------- --------------------
Equity
Share capital 5 530,543 513,327 530,543
Share premium 10,281,073 8,964,224 10,281,073
Merger reserve 2,910,866 2,910,866 2,910,866
Foreign currency reserve (25,797) (28,792) (19,590)
Accumulated loss (12,765,726) (11,241,162) (12,521,228)
Total equity 930,959 1,118,463 1,181,664
-------------------------------- ------ --------------------- ------------- --------------------
Non-current liabilities
Warranty provisions 74,659 51,441 72,205
Loans 6 1,080,485 973,209 1,023,809
-------------------------------- ------ --------------------- ------------- --------------------
Total non-current liabilities 1,155,144 1,024,650 1,096,014
-------------------------------- ------ --------------------- ------------- --------------------
Current liabilities
Trade and other payables 7 815,532 629,520 1,045,516
Other liabilities 386,477 211,005 325,674
Invoice discounting 205,717 100,580 121,209
Deferred revenue 6,709 10,007 6,716
Loans 4,800 4,626 4,579
-------------------------------- ------ --------------------- ------------- --------------------
Total current liabilities 1,419,235 955,739 1,503,694
-------------------------------- ------ --------------------- ------------- --------------------
Total liabilities 2,574,379 1,980,389 2,599,708
-------------------------------- ------ --------------------- ------------- --------------------
Total equity and liabilities 3,505,338 3,098,852 3,781,372
-------------------------------- ------ --------------------- ------------- --------------------
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHSED
30 JUNE 2018
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
EUR EUR EUR
Loss for the period before
tax (307,261) (869,999) (2,292,121)
Adjustments for:
Finance expenses 59,894 79,150 286,349
Amortisation 104,061 245,275 494,709
Depreciation 20,141 24,643 56,409
Received tax credit - - 149,603
Foreign exchange difference (6,207) 3,836 13,037
Warrants expense 50,000 135,513 235,416
--------------------------------------- -------------- -------------- ---------------
(79,372) (381,582) (1,056,598)
Movements in working capital
Changes in inventory 85,110 377,375 254,047
Changes in receivables (616,459) 98,076 152,687
Changes in trade payables (229,984) 25,570 441,566
Changes in deferred revenue (7) (216,935) (220,226)
Changes in warranty provision (74) 11,798 32,562
Changes in other payables
and provision 77,017 10,007 124,628
Cash flow (used in) operations (763,769) (75,691) (271,334)
--------------------------------------- -------------- -------------- ---------------
Investing activities
Payments for intangible assets (170,084) (163,856) (333,480)
Grants received 78,172 58,292 152,447
Payments for tangible assets - (3,704) (44,312)
Cash flow (used in) investing
activities (91,912) (109,268) (225,345)
--------------------------------------- -------------- -------------- ---------------
Financing activities
Proceeds from issue of share
capital - - 1,443,605
Costs associated with the
issue of share capital - - (109,540)
(Reduction) / proceeds from
invoice discounting 84,508 (138,948) (118,319)
Increase restricted cash balances (78,172) (41,269) (204,083)
Repayment of loans (3,727) (2,573) (4,580)
Foreign exchange rate gains/(
losses) 22,886 (1,443) (142,331)
Interest paid (22,377) (23,676) (36,080)
Cash flow from financing activities 3,118 (207,909) 828,672
--------------------------------------- -------------- -------------- ---------------
Net (decrease)/increase in
cash and cash equivalents (852,563) (392,868) 331,993
Exchange differences (3,334) 577 1,344 Cash and cash equivalents at the beginning of the period 1,116,503 783,166 783,166 Cash and cash equivalents at the end of the period 260,606 390,876 1,116,503 --------------------------------------- -------------- -------------- ---------------
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS
ED 30 JUNE 2018
Share Share Merger Foreign Accumulated Total
Capital Premium reserve currency Losses
reserve
EUR EUR EUR EUR EUR EUR
--------------------- --------- ------------------- ---------- ---------- ------------- ------------
At 1 January 2017 513,327 8,964,224 2,910,866 (32,628) (10,530,769) 1,825,020
Share option and
warrant costs - - - - 135,513 135,513
--------- ------------------- ---------- ---------- ------------- ------------
Transaction with
owners - - - - 135,513 135,513
--------- ------------------- ---------- ---------- ------------- ------------
Comprehensive loss
for the period - - - - (845,906) (845,906)
Other comprehensive
Income - - - 3,836 - 3,836
Total comprehensive
income - - - 3,836 (710,394) (842,070)
At 30 June 2017 513,327 8,964,224 2,910,866 (28,792) (11,241,162) 1,118,463
New shares issued 17,216 1,426,389 - - - 1,443,605
Costs associated
with capital raise - (109,540) - - - (109,540)
Share option and
warrant costs - - - - 99,903 99,903
--------- ------------------- ---------- ---------- ------------- ------------
Transaction with
owners 17,216 1,316,849 - - 99,903 1,433,968
--------- ------------------- ---------- ---------- ------------- ------------
Comprehensive loss
for the period - - - - (1,379,969) (1,379,969)
Other comprehensive
loss - - - 9,202 - 9,202
Total comprehensive
income - - - 9,202 (1,379,969) (1,370,767)
At 31 December 2017 530,543 10,281,073 2,910,866 (19,590) (12,521,228) 1,181,664
Share option and
warrant costs - - - - 50,000 50,000
--------- ------------------- ---------- ---------- ------------- ------------
Transaction with
owners - - - - 50,000 50,000
--------- ------------------- ---------- ---------- ------------- ------------
Comprehensive loss
for the period - - - - (294,498) (294,498)
Other comprehensive
Income - - - (6,207) - (6,207)
Total comprehensive
income - - - (6,207) (294,498) (300,705)
At 30 June 2018 513,327 10,281,073 2,910,866 (25,797) (12,765,726) 930,959
1. BASIS OF PREPARATION
The financial information for the six months ended 30 June 2018 and 30 June 2017 does not constitute the Groups statutory financial statements for those periods with the meaning of Section 434(3) of the Companies Act 2006 and has neither been audited or reviewed pursuant to guidance issued by the Auditing Practices Board. The annual financial statements of Windar Photonics plc are prepared in accordance with International Financial Reporting Standards as endorsed by the European Union ("IFRS"). The principal accounting policies used in preparing the Interim financial statements are those that the Group expects to apply in its financial statements for the year ended 31 December 2018 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 December 2017.
The comparative financial information for the year ended 31 December 2017 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2017 have been filed with the Registrar of Companies. The Independent Auditor's Report on the Annual Report and Financial Statements for 2017 was unqualified, did not include references to any matters which the auditors drew attention to by
way of emphasis without qualifying their report and did not contain a statement under section 498(2)-498(3) of the Companies Act 2006.
After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue operating for the next 12 months. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed consolidated financial statements.
This interim report was approved by the directors.
2. Loss per share
The loss and weighted average number of ordinary shares used in the calculation of basic loss per share are as follows:
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2017
2018 2017
EUR EUR EUR
Loss for the period (294,498) (845,906) (2,225,875)
------------- ------------- -------------
Weighted average number of ordinary
shares for the purpose of basic
earnings per share 41,808,369 40,283,979 41,050,362
Basic loss and diluted, cents per
share (0.70) (2,10) (5,40)
------------- ------------- -------------
There is no dilutive effect of the warrants as the dilution would reduce the loss per share.
3. Inventory
As at
As at As at 31 December
30 June 30 June 2017
2018 2017
EUR EUR EUR
Raw materials 297,347 309,046 335,653
Goods in progress 333,004 219,539 340,535
Finished goods 24,149 87,697 63,421
Inventory 654,500 616,282 739,609
------------------- ---------- --------- -------------
4. Trade and other receivables
As at
As at As at 31 December
30 June 30 June 2017
2018 2017
EUR EUR EUR
----------------------------------- ------------ --------- -------------
Trade receivables 951,793 400,221 381,295
Tax receivables 78,932 174,572 66,169
Other receivables 196,502 143,083 150,541
Total other receivables 275,434 317,655 216,710
Total trade and other receivables 1,227,227 717,876 598,005
----------------------------------- ------------ --------- -------------
5. Share capital
Number of shares EUR
Shares as 30 June 2017 40,283,979 513,327
Issue of shares for cash 1,524,390 17,216
Shares at 31 December 2016 and
31 December 2017 41,808,369 530,543
Shares at 30 June 2017 41,808,369 530,543
----------------------------------- ----------- --------
At 30 June 2018, the share capital comprises 41,808,369 shares of 1 pence each.
6. Borrowings
The carrying value and fair value of Group's borrowings are as follows:
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2017
2018 2017
EUR EUR EUR
Growth Fund (including accrued
interest) 1,066,765 954,507 1,007,410
Nordea Ejendomme 13,720 18,702 16,399
Total financial assets other than
cash and cash equivalents classified
as loans and receivables 1,080,485 973,209 1,023,809
--------------------------------------- ----------- ----------- -------------
The Growth Fund borrowing from the Danish public institution, Vækstfonden, bears interest at a rate of 12 per cent. The borrowing is a bullet loan with maturity in June 2020. The Group may at any point in time either repay the loan in part or in full or initiate an annuity repayment scheme over four years. If an annuity repayment scheme is initiated, the interest rate will be reduced to 8 per cent in the repayment period.
The loan from Nordea Ejendomme is in respect of amounts included in the fitting out of the offices in Denmark. The loan is repayable over the 6 years and matures I November 2021 and carries a fixed interest rate of 6 per cent.
Both loans are denominated in Danish Kroner.
7. Trade and other payables
As at
As at As at 31 December
30 June 30 June 2017
2018 2017
EUR EUR EUR
Invoice discounting 205,717 100,580 121,209
Trade payables 815,532 680,919 1,045,516
Other payables 386,477 211,005 325,675
Current portion of Nordea loan 4,800 4,626 4,579
Total financial liabilities classified
as financial liabilities measured
at amortised cost 1,412,526 996,730 1,496,979
---------------------------------------- ------------ ---------- -------------
There is no material difference between the net book value and the fair values of current trade and other payables due to their short-term nature.
8. Availability of Interim Report
Copies of the Interim Report will not be sent to shareholders but will be available from the Group's websitewww.investor.windarphotonics.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR VZLFLVKFLBBQ
(END) Dow Jones Newswires
September 25, 2018 02:01 ET (06:01 GMT)
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