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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-2.00 | -4.26% | 45.00 | 44.00 | 46.00 | 45.00 | 45.00 | 45.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Meas & Controlling Dev, Nec | 1.85M | -1.08M | -0.0192 | -24.48 | 26.3M |
TIDMWPHO
RNS Number : 5026F
Windar Photonics PLC
17 November 2020
17 November 2020
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 2020
Windar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, announces its unaudited interim results for the six months ended 30 June 2020.
Jørgen Korsgaard Jensen, CEO of Windar, commented:
"Firstly, I would like to personally apologize for the delays to the publication of our Annual Report & Accounts for 2019 and the release of our interims accounts for the six months to 30 June 2020.
This year has been an extraordinary and challenging year for our Company. After having enjoyed a very positive start to the year with the first ever larger scale orders from the OEM market segment, the subsequent period has been impacted by delays, postponement and other restrictions due to Covid-19 pandemic.
However, despite these challenges and the consequent reduction in revenue during the first half compared to last year, I am very pleased that the Company has, against that backdrop, managed to reduce the EBITDA loss and substantially improve on operating cash flow performance.
More importantly, our order intake in 2020 has now reached our net revenue break-even level of c.EUR3 million. Whilst we expect to be able to only execute approximately 40% of these orders in 2020 due to the ongoing Covid pandemic, the Board still expects to see an improvement in our overall financial results for 2020 compared to last year."
For further information, please contact:
Windar Photonics plc Tel: +45 21689476 Jørgen Korsgaard Jensen, CEO Cenkos Securities plc (Nomad & Broker) Tel: 0131 220 6939 Neil McDonald / Pete Lynch
Notes to Editors:
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
CHAIRMAN'S STATEMENT
The year 2020 started very positively for the Company, achieving the first large volume orders from the OEM market. Moreover, we received the first orders under our Vestas distribution agreement and, in total, the Company received orders with a total value of EUR1.9 million of which EUR1.2 million were planned for delivery in the first half of 2020.
However, the Covid-19 pandemic has had a severe and negative impact on the timing of execution and delivery of these orders and consequently we were only able to realise revenue of EUR0.3 million, a decrease of 62% compared to the first six months of 2019 (H1 2019: EUR0.7 million).
The Company implemented various cost cutting initiatives in response to the pandemic and, despite the revenue decrease, this resulted in the EBITDA loss reducing slightly to EUR0.85 million compared to the same period last year (H1 2019: EUR0.94 million). Despite the gradual uptick in activity levels in the second half of 2020 due to the progressive lifting of the pandemic restrictions, the cost cutting initiatives have been further intensified in the second half of 2020.
However, it has been very encouraging that, after many years of focus on the OEM wind turbine market, we have now started to generate larger volume orders from OEM customers and have an expanded pipeline of additional OEMs who are undertaking turbine integration tests. Similarly, the Company is very pleased that, after significant delays, it has managed to deliver the first test installations to Vestas customers in Asia and North America. In North America, there is particular focus on V82 and MN82 wind turbines where initial test results are showing very encouraging results.
Despite the various challenges the Company is facing, our R&D activities remain an important part of our business and the next generation of both the WindVision(TM) and WindEye(TM) products are expected to be released at the end of 2020. In addition to many new advanced functionalities, an important feature of the new models is the reduction in unit costs by approximately 25% compared to current systems.
Regarding the Covid-19 pandemic in general, one of our initial reactions was to maintain our assembly line throughout the period given the positive order situation. Seen retrospectively, and given the prolonged effects of the pandemic, this decision has proven to further challenge the cash flow constraints the Company has experienced. As mentioned, the Company has seen an uptick in activity levels in the second half of 2020 with revenue in the third quarter surpassing the total revenue earned in the first half of 2020, but it is of course reliant on punctual payments from customers and other parties. Until now the Company has received only limited financial help from the various Government Covid support schemes. However, as stated in the recently released annual accounts, the Company has received a long-term Covid-loan of EUR0.4 million from Vaekstfonden, the Danish Business Growth fund, and an extension to repayment of instalments (totalling EUR0.15 million) due in 2021 on the existing Vaekstfonden loan.
Financial Overview
Overall, the Group realised revenues of EUR0.3 million (H1 2019: EUR0.7 million) and a net loss of EUR1.0 million for the period (H1 2019: loss of EUR1.0 million) after depreciation, amortisation and warrant costs of EUR0.18 million (H1 2019: EUR0.14 million).
Cash flow from operations produced a net outflow of EUR0.7 million for the period compared to a net outflow of EUR1.7 million in H1 2019. The Company's current cash position, which has been assisted by the receipt of the new long-term Covid loan from Vaekstfonden and the receipt of certain outstanding customers payments, was EUR0.43 million as at 13 November 2020.
Outlook
As at the date of this announcement, the total order inflow in 2020 has been encouraging, standing at EUR3.0 million contractually to be delivered in 2020. However, due to the ongoing Covid-19 pandemic and the impact on timing of execution and delivery of these orders, the Board expects to convert only approximately EUR1.3 million of these orders into realised revenue in 2020 with the remaining EUR1.7 million of the order back-log to be carried into 2021. Despite the only marginally higher revenue expectation compared to 2019 and the general Covid implications in 2020, the Board expects the financial performance in 2020 to be substantially improved compared to 2019.
Moving into 2021 the level of uncertainty is, of course, high due to the Covid-19 pandemic. However, in view of the recently-announced new distribution agreements in Asia, the launch of our Lidar as a Service (LaaS) concept, which has already attracted very positive feedback from the market, and our Vestas distribution agreement, the Board believes the Group is well-positioned to pursue additional revenue streams in 2021. Further, the cost reductions implemented during the current year, which have been focussed on both operational expenses and manufacturing costs, have reduced the estimated revenue break-even level in the Company to approximately EUR3 million.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHSED 30 JUNE 2020 Six months Six months Year ended ended ended 31 December 30 June 30 June 2019 2020 2019 (unaudited) (unaudited) (audited) Note EUR EUR EUR Revenue 274,752 730,597 1,177,897 Cost of goods sold (151,445) (371,218) (629,560) Gross profit 123,307 359,379 548,337 Administrative expenses (1,172,592) (1,451,745) (3,680,990) Other operating income 16,076 16,075 32,145 Loss from operations (1,033,209) (1,076,291) (3,100,508) Finance expenses (47,465) (53,081) (190,889) Loss before taxation (1,080,674) (1,129,372) (3,291,397) Taxation 67,194 90,437 212,488 Loss for the period (1,013,480) (1,038,935) (3,078,909) Other comprehensive income Items that will or maybe reclassified to profit or loss: Exchange losses arising on translation of foreign operations 14,932 5,094 3,085 Total comprehensive loss for the period (998,548) (1,033,841) (3,075,824) ============ ============== ============= Loss per share for loss attributable to the ordinary equity holders of Windar Photonics plc Basic and diluted, cents per share 2 (2.1) (2.3) (6.7)
------------ -------------- -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020
As at As at As at 30 June 30 June 31 December 2020 2019 2019 (unaudited) (unaudited) (audited) Notes EUR EUR EUR Assets Non-current assets Intangible assets 1,223,825 976,133 1,192,607 Property, plant & equipment 41,236 89,692 61,800 Deposits 24,957 43,796 24,980 Total non-current assets 1,290,018 1,109,621 1,279,387 -------------------------------- ------ ------------- ------------- ------------- Current assets Inventory 3 1,062,398 1,088,878 1,019,564 Trade receivables 4 160,284 787,696 111,703 Other receivables 4 101,863 167,339 84,305 Tax credit receivables 4 67,303 210,723 212,428 Prepayments 15,152 65,412 44,857 Restricted cash and cash - 368,000 - equivalents Cash and cash equivalents 268,174 268,581 763,024 Total current assets 1,675,174 2,956,629 2,235,881 -------------------------------- ------ ------------- ------------- ------------- Total assets 2,965,192 4,066,250 3,515,268 -------------------------------- ------ ------------- ------------- ------------- Equity Share capital 5 622,375 560,859 608,689 Share premium 14,016,576 12,558,434 13,692,119 Merger reserve 2,910,866 2,910,866 2,910,866 Foreign currency reserve (3,698) (16,621) (18,630) Accumulated loss (17,352,276) (14,296,692) (16,338,796) Total equity 208,843 1,716,846 854,248 -------------------------------- ------ ------------- ------------- ------------- Non-current liabilities Warranty provisions 61,310 78,461 61,170 Loans 6 1,164,431 1,193,867 5,174 -------------------------------- ------ ------------- ------------- ------------- Total non-current liabilities 1,225,741 1,272,328 66,344 -------------------------------- ------ ------------- ------------- ------------- Current liabilities Trade payables 7 950,015 523,745 1,045,792 Other payables and accruals 7 188,906 376,930 211,879 Invoice discounting 7 42,372 143,532 1,992 Contract liabilities 7 220,274 27,473 69,954 Loans 7 129,041 5,396 1,265,059 -------------------------------- ------ ------------- ------------- ------------- Total current liabilities 1,530,608 1,077,076 2,594,676 -------------------------------- ------ ------------- ------------- ------------- Total liabilities 2,756,349 2,349,404 2,661,020 -------------------------------- ------ ------------- ------------- ------------- Total equity and liabilities 2,965,192 4,066,250 3,515,268 -------------------------------- ------ ------------- ------------- ------------- CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHSED 30 JUNE 2020 Six months Six months ended ended Year ended 30 June 30 June 31 December 2020 2019 2019 (unaudited) (unaudited) (audited) EUR EUR EUR Loss for the period before tax (1,080,674) (1,129,372) (3,291,397) Adjustments for: Finance expenses 47,465 53,081 190,889 Amortisation 143,254 89,417 267,317 Depreciation 20,640 21,164 52,411 Received tax credit 212,570 - 120,186 Foreign exchange difference 14,932 5,094 3,085 Warrants expense 15,000 30,000 27,868 --------------------------------------- ------------ ------------ ------------- (626,813) (930,616) (2,629,641) Movements in working capital Changes in inventory (42,834) (361,880) (292,565) Changes in receivables (66,139) (150,633) 144,164 Changes in prepayments 29,706 - 38,905 Changes in deposits 23 - 21,305 Changes in trade payables (95,780) 30,376 552,426 Changes in contract liabilities 150,320 (55,696) (13,214) Changes in warranty provision 140 39 (17,252) Changes in other payables and provision 266 (190,529) 447,972 Cash flow (used in) operations (651,111) (1,658,939) (1,747,900) --------------------------------------- ------------ ------------ ------------- Investing activities Payments for intangible assets (245,743) (79,497) (528,278) Grants received 74,055 - 50,824 Payments for tangible assets - - (3,427) Cash flow (used in) investing activities (171,688) (79,497) (480,881) --------------------------------------- ------------ ------------ ------------- Financing activities Proceeds from issue of share capital 375,714 - 1,315,342 Costs associated with the issue of share capital (37,571) - (133,827) (Reduction) / proceeds from invoice discounting 40,380 (2,158) (8,743) (Decrease)/ increase restricted cash balances - 282,935 158,138 Repayment of loans - (2,732) (5,240) Interest (paid)/received (47,465) 7,200 (55,878) Cash flow from financing activities 331,058 285,245 1,269,792 --------------------------------------- ------------ ------------ ------------- Net (decrease)/increase in cash and cash equivalents (491,741) (1,453,191) (958,989) Exchange differences (3,109) (31) 210 Cash and cash equivalents at the beginning of the period 763,024 1,721,803 1,721,803 Cash and cash equivalents at the end of the period 268,174 268,581 763,024 --------------------------------------- ------------ ------------ -------------
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS
ED 30 JUNE 2020Share Share Merger Foreign Accumulated Total Capital Premium reserve currency Losses reserve EUR EUR EUR EUR EUR EUR --------------------- --------- ----------- ---------- ---------- ------------- ------------ At 1 January 2019 560,859 12,558,434 2,910,866 (21,715) (13,287,757) 2,720,687 Share option and warrant costs - - - - 30,000 30,000 --------- ----------- ---------- ---------- ------------- ------------ Transaction with owners - - - - 30,000 30,000 --------- ----------- ---------- ---------- ------------- ------------ Comprehensive loss for the period - - - - (1,038,935) (1,038,935) Other comprehensive loss - - - 5,094 - 5,094 Total comprehensive income - - - 5,094 (1,038,935) (1,033,841) At 30 June 2019 560,859 12,558,434 2,910,866 (16,621) (14,296,692) 1,716,846 New shares issued 47,830 1,267,512 - - - 1,315,342 Costs associated with capital raise - (133,827) - - - (133,827) Share option and
warrant costs - - - - (2,130) (2,130) --------- ----------- ---------- ---------- ------------- ------------ Transaction with owners 47,830 1,133,685 - - (2,130) 1,179,385 --------- ----------- ---------- ---------- ------------- ------------ Comprehensive loss for the period - - - - (2,039,974) (2,039,974) Other comprehensive income - - - (2,009) - (2,009) Total comprehensive income - - - (2,009) (2,039,974) (2,041,983) At 31 December 2019 608,689 13,692,119 2,910,866 (18,630) (16,338,796) 854,248 New shares issued 13,686 324,457 - - - 338,143 Share option and warrant costs - - - - 15,000 15,000 --------- ----------- ---------- ---------- ------------- ------------ Transaction with owners 13,686 324,457 - - 15,000 353,143 --------- ----------- ---------- ---------- ------------- ------------ Comprehensive loss for the period - - - - (1,013,480) (1,013,480) Other comprehensive Income - - - 14,932 - 14,932 Total comprehensive income - - - 14,932 (1,013,480) (998,548) At 30 June 2020 622,375 14,016,576 2,910,866 (3,698) (17,352,276) 208,843 --------------------- --------- ----------- ---------- ---------- ------------- ------------
1. BASIS OF PREPARATION
The financial information for the six months ended 30 June 2020 and 30 June 2019 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 2020 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 December 2019. The comparative financial information for the year ended 31 December 2019 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2019 have been filed with the Registrar of Companies. The Independent Auditor's Report on the Annual Report and Financial Statements for 2019 was unqualified, but included a reference to the material uncertainty related to going concern in respect of the timing of future revenues 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 2019 2020 2019 EUR EUR EUR Loss for the period (1,013,480) (1,038,935) (3,078,909) ------------ ------------- ------------- Weighted average number of ordinary shares for the purpose of basic earnings per share 49,167,898 44,508,369 45,639,729 Basic loss and diluted, cents per share (2.1) (2.3) (6.7) ------------ ------------- -------------
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 2019 2020 2019 EUR EUR EUR Raw materials 358,827 544,439 417,481 Work in progress 337,247 446,440 392,374 Finished goods 366,324 97,999 209,709 ------------------ ---------- ---------- ------------- Inventory 1,062,398 1,088,878 1,019,564 ------------------ ---------- ---------- ------------- 4. Trade and other receivables As at As at As at 31 December 30 June 30 June 2019 2020 2019 EUR EUR EUR --------------------------------------- ---------- ---------- ------------- Trade receivables 672,039 835,2606 623,458 Less; provision for impairment of trade receivables (511,755) (47,564) (511,755) --------------------------------------- ---------- ---------- ------------- Trade receivables - net 160,284 787,696 111,703 Total financial assets other than cash and cash equivalents classified at amortised costs 160,284 787,696 111,703 --------------------------------------- ---------- ---------- ------------- Tax receivables 67,303 210,723 212,428 Other receivables 101,863 167,339 84,305 Total other receivables 169,166 378,062 296,733 Total trade and other receivables 329,450 1,165,758 408,436 --------------------------------------- ---------- ---------- ------------- Classified as follows: Current Portion 329,450 1,165,758 408,436 --------------------------------------- ---------- ---------- ------------- 5. Share capital Number of shares EUR Shares as 30 June 2019 44,508,369 560,859 Issue of shares for cash 4,076,348 47,830 Shares at 31 December 2019 48,584,717 608,689 Issue of shares for cash 1,166,361 13,686 Shares at 30 June 2020 49,751,078 622,375 ------------------------------- ----------- --------
At 30 June 2020, the share capital comprises 49,751,078 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 2019 2020 2019 EUR EUR EUR Growth Fund (including accrued interest) 1,285,457 1,185,764 1,259,499 Nordea Ejendomme 8,015 8,103 10,734 Total financial assets other than cash and cash equivalents classified as loans and receivables 1,293,472 1,193,867 1,270,233 --------------------------------------- ----------- ----------- -------------
The Growth Fund borrowing from the Danish public institution, Vækstfonden, initially bore interest at a fixed annual rate of 12 per cent with a full bullet repayment in June 2020. Terms for the borrowing were amended in June 2020, and November 2020, pursuant to which the interest rate was reduced to 7 percent p.a. and the loan is to be repaid in equal quarterly instalments over the period from 1 January 2022 until 1 January 2026. In November 2020 the Company has received an offer on an additional Covid loan of EUR400,000 at an annual interest rate of Cibor + 5% to be repaid over a 5 year period starting from January 2022 The cash proceeds has been received post reporting 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 in 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 30 June 31 December 30 June 2020 2019 2019 EUR EUR EUR Invoice discounting 42,372 143,532 1,992 Trade payables 950,015 523,746 1,045,792 Other payables and accruals 188,906 376,930 211,879 Current portion of loans 129,041 5,396 1,265,059 Total financial liabilities, excluding 'non-current' loans and borrowings classified as financial liabilities measured at amortised cost 1,310,334 1,049,604 2,524,722 ---------------------------------- --------------- ------------ ------------- Contract liabilities 220,274 27,473 69,954 ---------------------------------- --------------- ------------ ------------- Total trade and other payables 1,530,608 1,077,076 2,594,676 ---------------------------------- --------------- ------------ ------------- Classified as follows: Current Portion 1,530,608 1,077,076 2,594,676 ---------------------------------- --------------- ------------ -------------
There is no material difference between the net book value and the fair values of current trade and other payables due to their short-term nature.
8. Availability of Interim Report
Copies of the Interim Report will not be sent to shareholders but will be available from the Group's website www.investor.windarphotonics.com.
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