PURECIRCLE LIMITED ( PureCircle or the Company ) FY14 RESULTS

Size: px
Start display at page:

Download "PURECIRCLE LIMITED ( PureCircle or the Company ) FY14 RESULTS"

Transcription

1 PURECIRCLE LIMITED ( PureCircle or the Company ) FY14 RESULTS PureCircle (www.purecircle.com) the world s leading producer and marketer of high purity stevia ingredients announces its audited results for the financial year to 30 June 2014 (FY14) together with audited comparatives for the year ended 30 June 2013 (FY13). HIGHLIGHTS FOR THE YEAR Financial Highlights Summary financials FY14 FY13 Change (Restated)* % or Financial year ended 30 June USD m USD m USD Sales % Gross margin % Operating profit $16.2m EBITDA** $13.8m Net profit/(loss) after tax 2.3 (9.4) +$11.7m Operating cashflow before financing 15.5 (9.6) +$25.1m Net debt (79.9) (75.2) ($4.7m) Net assets $5.7m Net assets per share (US cents) *FY13 results are restated for adoption of IFRS 11 Joint Arrangements (i.e.:- accounting for Joint Ventures) that the Group implemented from 1 July The impact is to reduce FY13 sales by $1m) **Gross margin, operating profit and EBITDA are as per management segmental reporting in the Group Financial Review note set out below. The full consolidated statement of income is set out in Appendix 1 of this results announcement Sales: FY14 sales increased $31m (44%) to $101m. The Group now has twelve products in market under our proprietary Stevia 3.0 TM portfolio (FY13 six). The whole portfolio showed growth in FY14, most notably new innovations and our natural flavour range. All sales regions grew compared with FY13. Average pricing increased 5% in FY14 principally due to product mix including some increases in Reb A volumes against FY13 and continued reduction in lower value co-product sales in line with our strategy of focusing on our Stevia 3.0 TM portfolio. Sales to our Global Key Accounts grew slightly faster than sales to smaller regional customers. FY14 sales do not include sales by our Joint Ventures as these are now equity accounted. FY13 sales have been restated on the same basis which has the effect of reducing FY13 sales by $1m.

2 Sales volumes: Volumes increased 37% led by sales of new ingredients from our Stevia 3.0 TM portfolio. Overall volumes of new innovations showed strong year on year growth, offset by lower coproduct volumes. Growing use by customers of blends of our proprietary Stevia 3.0 TM portfolio to formulate great tasting consumer products. The use of blends increases market usage, provides PureCircle with a balanced revenue portfolio and enhances our market share. Gross margin: $37m, an increase of 106% (FY13: $18m) reflecting increased volumes and improved sales mix, with a continued higher proportion of Stevia 3.0 TM products. The FY14 gross margin percentage of 36% was an 11 percentage point improvement against FY13. Capacity utilisation remains modest and we expect further improvements in gross margin as sales volumes increase further. Operating profit and EBITDA: Operating profit improved $16m to $17m and EBITDA increased $14m (152%) to $23m compared with FY13 reflecting growth in sales volumes and improving gross margin percentage, partially offset by increased investment in our market application capacity. The Group has an operationally geared business model. Higher sales volumes translate to higher operating profit and EBITDA due to the high fixed costs of the Group s global sales, marketing and production capacity. Net profit after tax: $2m net profit in FY14, an $11m improvement on FY13. This reflects the $14m EBITDA improvement partially offset by higher interest charge. Net cash from operations before financing: $16m of cash from operations before financing, an improvement of $25m against FY13 reflecting stronger EBITDA and a levelling of inventory. Further improvements are expected as sales volumes increase. Inventories: FY14 inventories of $86m steady against FY13 $86m. In FY13 the Group built inventory volumes of new innovation products in anticipation of higher and sustained sales growth in FY14 and FY15 in line with accelerating market demand. Higher inventory volumes have been sustained again in anticipation of higher sustained future sales volume growth. Financing and funding headroom: The Group ended FY14 with cash and facility headroom of $60m and net debt of $80m. Since the FY14 year end the Group has repaid early $34m of gross debt and has accepted an offer of a new five year $71m facility with its existing bankers to replace its principal debt facilities that were due to expire in June The new facility is expected to complete in September 2014 with a lower interest rate. The Group is sufficiently funded for its current expansion plans.

3 Business developments Overview Market adoption of PureCircle Stevia 3.0 TM ingredients has accelerated across all Food and Beverage categories and all regions of the world. The scale, breadth and rapidity of adoption is strong evidence of stevia being accepted as a mainstream ingredient with the real potential to develop further into a mass volume ingredient. At a macro level the health and regulatory pressures to moderate calorific intakes continue to increase with FY14 seeing a series of reports and legislation drafted on this issue. At a product level, Mintel estimates there are now over 5,000 Food and Beverage products in the market using stevia and within these the average size of brand adopting continues to increase. Carbonated Soft Drinks, discussed in more detail below, are a particularly important example of increased market usage. PureCircle s business model is designed to service mass volumes sustainably, underpinned by continued product innovation. With increased market adoption of proprietary blends and with six new products added to our portfolio, FY14 has again confirmed that our innovation unlocks market access thereby increasing sales volumes. Looking ahead our priorities will continue to focus on sustainable sales volumes underpinned by innovation. The December 2013 GRAS approval for Reb M is one indication of the further potential we have in our innovation pipeline. Carbonated Soft Drinks: FY14 was an important year for the development of stevia as a mainstream ingredient in the Carbonated Soft Drink category, which is likely to represent the largest single category by volume for PureCircle s Stevia 3.0 TM. Following its success in Argentina and Chile, The Coca Cola Company announced the roll out of Coca-Cola Life into the USA, Mexico, UK and Sweden in calendar year PepsiCo has also extended Pepsi Next into Canada, Finland and the Netherlands. Dr Pepper has launched a range of products with stevia in the USA. Reformulations of global brands such as Sprite and Fanta are in markets in Europe, Latin America and Asia. Taken together the Carbonated Soft Drink launches in FY14 represent a step change in market adoption of stevia and numerous other Carbonated Soft Drinks using stevia are already in development pipelines for launch. Other F&B product launches: as noted earlier, adoption of PureCircle Stevia 3.0 TM has accelerated across more categories and countries in FY14. Mintel data shows adoption by numbers of product continuing to grow at more than 50% a year. Notable new categories adopting across multiple regions include dairy and confectionery. Again more launches are mainstream reformulations. Customer base: having built a well-diversified customer base of more than 300 clients during FY11 to FY13, in FY14 PureCircle consolidated its customer base with an increased focus on larger accounts. In FY14 our Global Key Accounts contributed approximately 50% of sales and a proportion of smaller clients were serviced by value added ingredient distributors that act as PureCircle extensions into the market. Regulatory: FY14 saw PureCircle secure regulatory approvals for important next generation innovation. GRAS Letter of No Objection from the U.S. FDA for Reb M a new, zero-calorie sweetener from the stevia leaf jointly developed by The Coca-Cola Company and PureCircle is an important

4 milestone for us. It is another example of our ongoing commitment to sweetener innovation and our global commitment to offering solutions to help the food and beverage industry to develop more reduced, low and no-calorie food and beverage options. In FY14 PureCircle also secured approval for an increased range of natural flavours. There are now four approved flavours in market and they provided a significant contribution to FY14 sales growth. PureCircle continues to work with regulatory authorities to widen the range of Stevia 3.0 TM product available to consumers around the world. During FY14 the Indonesian market opened and further regulatory approvals, including India, are in the pipeline for subsequent years. Integrated business model: Our business model is based on proprietary innovation, supported by a fully integrated supply chain. PureCircle is unique as a Stevia producer and marketer in that we 100% control our supply chain from leaf through production to end customer relationship and formulation support. Our in-market application and formulation support with customers enables us to identify developing market needs. Our integrated supply chain enables us to develop and deliver solutions to those market needs at pace. PureCircle Stevia 3.0 TM is the name we use to describe our proprietary portfolio of high purity stevia ingredient solutions. PureCircle Stevia 3.0TM is a range of stevia products that provide customers with formulating flexibility across calorie reduction, specific taste and formulation requirements and price points. Frequently used in blend combinations of products, Stevia 3.0 TM provides unparalleled operational flexibility for our clients. During FY14 our Stevia 3.0 TM portfolio comprised eight sweetener and four natural flavour ingredients. PureCircle product portfolio: PureCircle continued its expansion of proprietary ingredients this year with the launch of six new products that further rounded out the PureCircle Stevia 3.0 TM portfolio of sweeteners and flavours. Each of these innovations played a critical role in enabling major Food and Beverage brands to find a customized stevia solution that surpasses consumer expectations and meets their company goals. An important development in FY14 was the increased use by customers of blends of PureCircle products. Facilitated by our extensive in-market application laboratory support, the growing use of blends further enables great tasting formulations to be created thereby driving market adoption. In addition blended formulations using PureCircle proprietary products further strengthen our market share. Application formulation and technical support: During FY14 in-market application laboratories were opened in Mexico and Malaysia to support the important LATAM and South East Asia Markets. To introduce the newest taste breakthroughs to the market faster, PureCircle expanded its PureCircle University program. Started in 2013, this program allows customers to take advantage of PureCircle s expertise and actively engages in extensive side-by-side development. In FY14, our PureCircle Technical Team hosted more than 100 PureCircle University programs around the globe for Fortune 500 companies across all food and beverage categories. A key output from the FY14 PureCircle University program has been the accelerated use by customers of blends of proprietary PureCircle Stevia 3.0 TM products. Stevia advocacy: The Global Stevia Institute ( GSI ) (www.globalsteviainstitute.com ) has taken stakeholder engagement to a new level this year through partnering with key customers to enhance

5 relationships with health professionals in all areas of the world on events, speaking engagements and seminars. Through advisory board member led activity, the GSI was able to reach more than 6,000 health professionals and influencers in FY14. In addition, the GSI is working in tighter collaboration than ever before with key customers to tailor advocacy support for significant product launches and reformulations. Supply chain: In FY14 the Group supply chain delivered record sales volumes across a wider product portfolio to a wider range of delivery locations than ever before. The supply chain achieved this whilst also supporting the practical aspects of scaling up new innovation and whilst reducing unit costs of production. Overall this provides a sound platform for future profitable growth and confirmation of the scalable nature of the Group s business model. Within the supply chain, investment in leaf supply was increased sharply in anticipation of sustained growth in market demand. Our leaf businesses in Africa and South America increased supply and looking ahead we expect these regions to significantly contribute in overall supply. Organisation: In FY14 in anticipation of sustained sales growth, the Group further strengthened its senior management team. Jordi Ferre, previously President of our Commercial division, was appointed Chief Operating Officer (COO) and effective 1 July 2014 relocated to Kuala Lumpur. Jordi Ferre was replaced as President of Commercial Division by Jason Hecker, formerly Group Head of Marketing who has been with PureCircle since 2009 and is based in our Global Sales and Marketing headquarters in Oakbrook, Illinois. A new Operating Committee reporting to the COO has been implemented including new senior hires in key areas of Leaf Development and Supply, Quality Control, Operational Finance and Human Resources. The Group will continue to invest in management to support growth effectively in a sustained manner. The audited results for the year to 30 June 2014 comprising the Group s Consolidated Statement of Comprehensive Income, Statement of Financial Position and Statement of Cashflows are set out in Appendix 1 in pages 11 to 15. The Group s full Annual Report and accounts will be posted to shareholders in November Commenting on the FY14 performance and outlook, the Chairman Paul Selway-Swift said: Our strategy of introducing new and innovative ingredients and customizable ingredient combinations to meet growing market needs is winning business for PureCircle. We are generating revenues from a well-balanced range of natural sweetener and flavour products and from a wide range of customers and regions directly and through our business partners. I commented in our FY13 results statement that FY13 had seen the first tangible market indications of stevia developing into a mainstream ingredient. Developments in all our markets during FY14 have clearly confirmed this and adoption is accelerating. In particular, recent Carbonated Soft Drinks launches with PureCircle s natural ingredients, most notably reformulated Cola drinks by major soft drink companies into large markets, provide enhanced confidence of sustainable sizeable growth for our business. Our operationally geared business model means that larger sales volumes translate directly into improved profitability. FY14 has again confirmed this and has endorsed our earlier decision to invest in production facilities capable of delivering stevia in the volume we anticipated the market would

6 demand. Since 1 July 2012 we have achieved a $56m (124%) increase in annual sales which has led to a $25m improvement in annual net profit. We remain confident in the future growth of the PureCircle Stevia 3.0 TM enabled market and that it will generate sustained sales growth for our business. Once delivered we expect the increased sales volumes to generate further improved profitability. Enquiries: PureCircle Limited (www.purecircle.com) Magomet Malsagov, CEO William Mitchell, CFO RFC Ambrian Ltd (NOMAD) Stephen Allen NOTES TO EDITORS PureCircle is the global leader in production and marketing of stevia ingredients. PureCircle leads the industry with development of a vertically integrated, sustainable and natural supply chain. Stevia is grown for PureCircle across South America, Africa, Asia and the United States where it provides a sustainable cash crop for farming communities. As part of the company s proprietary Stevia 3.0 TM portfolio, PureCircle has developed a broad range of ingredient solutions and has pioneered such ingredients as Reb A, SG95, and breakthrough ingredients such as PureCircle Alpha, Reb D, Reb M as well as PureCircle Flavors. PureCircle also established joint venture partnerships with sugar industry leaders to innovatively combine stevia and sugar for natural sweetening solutions and locally support customers. These global partnerships include Tereos PureCircle Solutions, with Tereos and NPSweet A/S with Nordzucker, in Europe. As part of its industry leadership, PureCircle pioneered the trust mark Stevia PureCircle, which educates consumers about the benefits of stevia and provides a strong base of trust for both consumers and food and beverage companies alike. The company also founded The Global Stevia Institute, (www.globalsteviainstitute.com ) the leading resource for accurate, science-based information on stevia led by a global advisory board of internationally recognized health professionals. PureCircle s global headquarters are in Kuala Lumpur, Malaysia. PureCircle is listed on the London Stock Exchange AiM market under the ticker symbol: PURE. For more information on PureCircle, visit: BUSINESS REVIEW CHAIRMAN S STATEMENT FY14 saw strong evidence of stevia becoming established as a sustainable mainstream ingredient of choice for the world s leading Food and Beverage brands. The range of categories and regions using stevia is now truly global and continues to accelerate. The combination of product successes enabled by PureCircle s Stevia 3.0 TM and the continued pressures to moderate calorific content in Food and Beverage suggest stevia adoption will continue to grow. In this context the FY14 developments in Carbonated Soft Drink use of proprietary PureCircle stevia blends warrant particular mention. At a Company level FY13 and FY14 demonstrated the robustness and scalability of our business model. Our proprietary innovation unlocks additional market and leads to improved sales volumes which in turn improve margins and profitability. Encouragingly, in FY14 we again broadened our Stevia 3.0 TM portfolio and further increased our innovation pipeline which gives further confidence about future sustainable sales growth. We remain confident about the long term future of the high purity stevia market and of the opportunity for PureCircle to play the leading role in it. Sustainable mainstream usage of PureCircle stevia will lead to increased sales which, when realised, will drive future profitability.

7 CEO REVIEW Market: In FY14 the stevia market continued to accelerate. Mintel data indicates that more than 2,200 Food and Beverage products using Stevia were launched in FY14 alone, a cumulative annual increase of over 55% a year since FY09. Importantly, in FY14 adoption included larger brands in larger categories, as well as continued penetration of new categories and new regions. In this context, the accelerated adoption of stevia by the important Carbonated Soft Drink category warrants particular note. Currently over 4.1 billion people across 68 countries have access to products with PureCircle ingredients, helping to cut an estimated 500 billion calories a year. With increased product usage, consumer awareness and positive sentiment for stevia continues to grow across all major markets. In all of the key markets we have been tracking, awareness levels have jumped significantly in just a few short years. For example, US awareness levels are now over 60%, up from only 23% in In both the UK and Mexico, CY2013 awareness levels jumped to over 20% from only 8% in The consumer and brand trends indicate a growing mainstream adoption of stevia and a strong platform for sustainable sales growth. Regulatory: Having secured regulatory access for more than a billion new consumers in FY13, new regulatory approvals have continued in FY14. Product approvals have included new flavour ingredients and in December 2013 FDA GRAS approval for Reb M, (formerly Reb X) a new zerocalorie sweetener from the stevia leaf jointly developed by The Coca-Cola Company and PureCircle, was granted. Regional approvals achieved have included Indonesia with India, Bangladesh and Sri Lanka in final stages of approval. Marketing and technical support: As the Everything Stevia company, PureCircle s marketing strategy is to offer our customers a unique combination of consumer insights, stevia advocacy support, practical in-region application formulation support and ongoing unparalleled innovation. The improved FY14 results endorse this strategy. The PureCircle Consumer Insights Group continued to strengthen its global expertise with industryleading market and consumer research on the sweeteners category. In FY14 we have expanded our proprietary database of research to include markets such as Russia, Turkey and Sweden, expanding the total number of countries to 15. The Global Stevia Institute ( GSI ) (www.globalsteviainstitute.com ), already recognised as the leader in stevia advocacy, was strengthened with additional Advisory Board members and its reach now extends to cover regularly more than 6,000 health and food professionals. In addition, the GSI works in tight collaboration with key customers, to tailor advocacy support for significant product launches and reformulations. Our in region formulation support was strengthened with the opening of application laboratories in Mexico and Malaysia. Our PureCircle university program was extended to more than 100 customer sessions in FY14. All our marketing activity is underpinned by sustained product innovation.

8 Joint Ventures: The Group goes to market in mainland EU through its two joint ventures NP Sweet and TPCS. FY14 was only the second full year of EU approval for stevia. Both JVs continue to develop their businesses in line with our wider Group innovation led strategy. We increased investment in the EU in market application support in FY14 and this is helping to build market. Supply chain: In FY14 our factories produced record volumes of finished goods including twelve Stevia 3.0 TM products commercially for market against six in FY13 and just two in FY12. At the same time our production team was engaged in scaling production of new innovation to come on stream in FY15. In FY14 our product unit costs were reduced due to the benefits of innovation, higher volumes and process efficiency. We expect further improvements with continued innovation and volume increases. Investment in leaf supply was increased sharply in anticipation of sustained growth in market demand. Our leaf businesses in Africa and South America increased supply and moving forward we expect these regions to contribute significantly in overall supply. R&D: We strengthened our position as the stevia industry innovation leader in significant ways this year. The PureCircle Leaf Research scientists successfully sequenced the entire stevia genome. This proprietary, scientific breakthrough will significantly accelerate the development of naturally sourced, superior-tasting stevia leaf extracts through PureCircle s traditional plant breeding program. In addition, we expanded the Global Innovation Lab based in the US and the created a dedicated Global Innovation Group. The Group evaluated over 100 new items, leading to the successful launch of six new products, each incrementally adding distinct technical advantages and benefits to our portfolio of offerings. We also expanded our pipeline of innovation projects to include more fundamental glycoside research and focused research against still largely untapped segments of the global food and beverage market such as flavour enhancement and geographic specific opportunities. Management: PureCircle continues to invest in management with the skills and experience to drive and support our ambitious growth plans across all aspects of our business. In FY14 our investments have had a particular emphasis on product application development and increased in region sales and marketing including the opening of sales offices in Mexico, India, Malaysia and Turkey and additional investment into the UK and Shanghai. Effective 1 July 2014 Jordi Ferre, previously President of our Commercial division, was appointed Chief Operating Officer (COO) and relocated to Kuala Lumpur. Jason Hecker, formerly Group Head of Marketing, took over as President of Commercial division based in our Global Sales and Marketing headquarters in Oakbrook, Illinois. A new Operating Committee reporting to the COO has been implemented including new senior hires in key areas of Leaf Development and Supply, Quality Control, Operational Finance and Human Resources. Looking forward we will further upgrade our IT systems including the implementation of a global ERP system across FY15 and FY16 and further strengthen our supply chain and customer service organisation to support sustained sales growth.

9 GROUP FINANCIAL REVIEW The Group s FY14 financial year covers the year from 1 July 2013 to 30 June FY13 comparatives are for the year from 1 July 2012 to 30 June Set out below is an extract from the audited FY14 financial statements. The full consolidated statement of comprehensive income, statement of financial position and statement of cash flows follow in pages 11 to 15. Trading FY14 USD 000 FY13 USD 000 (Restated) Revenue 101,045 70,200 Cost of sales (64,403) (52,382) Gross margin 36,642 17,818 Gross margin % 36% 25% Other income Administrative expenses (19,860) (17,260) Adjusted operating profit 17, Other expenses (6,140) (3,917) Foreign exchange gain 1,265 2,381 Finance costs (9,253) (8,416) Share of loss in joint ventures* (503) (355) Taxation (265) (102) Profit/(Loss) for the financial year 2,320 (9,428) Net debt and funding headroom Gross debt 125, ,070 Gross cash (45,865) (48,919) Net debt 79,985 75,151 Financing and funding headroom 60,000 55,000 EBITDA** 22,862 9,062 *Share of loss in joint ventures includes group margin on sales by Joint Ventures to external parties. ** EBITDA is defined as EBITDA with other expenses (principally the charge for the Group s LTIP scheme) added back. Segmental reporting: The Group operates as a single segment company comprising of the integrated production and marketing of PureCircle Stevia 3.0 TM products. Sales: FY14 sales were $31m (44%) higher than FY13, reflecting higher sales across all products and regions, led by our innovation and flavour range in particular. Average prices improved 5% due to sales mix including more Reb A sales and less co-products than FY13. Sales to Global Key Accounts increased slightly faster than sales to Regional and smaller accounts. Sales volumes: FY14 total volumes increased by 37% led by the accelerating usage of stevia by Food and Beverages companies and underpinned by PureCircle s proprietary Stevia 3.0 TM portfolio of innovation which continues to enable market adoption. Our flavour range which now has four

10 products in market showed the highest rate of growth. Volume growth was partially offset by reduced co-product sales. Gross margin: In FY14 gross margin was $37m, an increase of $19m (106%) over FY13 reflecting improved sales volumes, better sales mix and lower production unit costs. At 36%, the FY14 gross margin represents an 11 percentage point improvement over the 25% in FY13. However, sales volume utilisation of capacity remains modest and gross margin percentage should improve further as sales volumes increase. Operating profit and EBITDA: The Group has a highly geared operational business model and increases in sales volumes should flow through to improved profitability due to the high fixed cost nature of the Group s sales, marketing and production capacity. FY14 Operating profit and EBITDA again confirm that this is the case. On a $31m increase in sales FY14, Operating profit was $16m higher than FY13 at $17m and EBITDA was $14m (152%) higher at $23m. Other expenses: FY14 other expenses principally comprise non cash costs of the Group s LTIP scheme and similar discretionary remuneration. Share of loss of Joint Ventures: the Group goes to market in mainland EU through its two joint ventures NP Sweet and TPCS. FY14 was only the second full year of EU approval for stevia and both JVs are developing their businesses in line with PureCircle s innovation led strategy. The FY14 JV share of results reflect the Group s full gross margin realised on sales by the JVs to third parties and increased investment in in-market application support made during the year. Finance costs: As expected the Group has run a higher net debt balance across FY14 reflecting the decision to build inventories in H2 FY13 ahead of anticipated sales growth in FY14 and FY15. The higher average net debt has resulted in an increased interest charge of $9m (FY13 $8m). This will reduce with sustained higher operational cashflow and reduced interest rates on the newly secured principal debt facility. Net profit after tax: The Group moved to a $2m net profit in FY14, an $11m improvement on FY13. This reflects the $14m EBITDA improvement partially offset by higher interest charge and lower tax credit as all entities improved profitability. Net cash from operations before financing: The Group generated $16m of cash from operations before financing, an improvement of $25m against FY13. The improvement reflects stronger EBITDA and a levelling of inventory volumes from historic highs. Further improvements are expected as sales volumes increase. Financing and funding headroom: The Group ended FY14 with cash and facility headroom of $60m and net debt of $80m. Since the FY14 year end the Group has repaid early $34m of gross debt and has accepted an offer of a new five year $71m facility with its existing bankers to renew and extend its principal debt facilities that were due to expire in June The new facility is expected to complete in September 2014 and will attract a lower interest rate than the existing facility. The Group is sufficiently funded for its current expansion plans.

11 Appendix 1 AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, STATEMENT OF FINANCIAL POSITION AND STATEMENT OF CASHFLOWS AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FY14 USD 000 FY13 USD 000 (Restated) Revenue 101,045 70,200 Cost of sales (63,570) (52,167) Gross profit 37,475 18,033 Administrative expenses (24,461) (19,159) Other income 1,426 2,625 Other expenses (1,539) (2,019) Finance income Finance costs (9,253) (8,416) Share of loss in joint ventures (1,336) (570) Profit/(Loss) before taxation 2,585 (9,326) Income tax (265) (102) Profit/(Loss) for the financial year 2,320 (9,428) Other comprehensive income/(loss) (net of tax) Items that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations (514) (379) Share of other comprehensive income/(loss) of joint ventures 5 (53) Total comprehensive income/(loss) for the financial year (net of tax) 1,811 (9,860) Profit/(Loss) for the financial year Attributable to: Owners of the company 2,316 (9,492) Non-controlling interest ,320 (9,428) Total comprehensive income/(loss) Attributable to: Owners of the company 1,804 (9,928) Non-controlling interest ,811 (9,860) Profit/(Loss) per share (US cents) - Basic 1.41 (5.80) - Diluted 1.37 (5.80)

12 AUDITED STATEMENT OF FINANCIAL POSITION ASSETS FY14 FY13 FY12 USD 000 USD 000 USD 000 (Restated) (Restated) NON-CURRENT ASSETS Investment in joint ventures Intangible assets 38,023 32,280 26,684 Property, plant and equipment 63,715 65,889 66,586 Biological assets 4,237 4,172 6,047 Prepaid land lease payments 2,999 3,181 3,102 Deferred tax assets 5,876 5,661 6,048 Trade receivables 1, Other receivables, deposits and prepayments , , ,638 CURRENT ASSETS Inventories 86,519 86,475 66,315 Trade receivables 37,362 34,779 28,910 Other receivables, deposits and prepayments 4,962 5,924 4,425 Tax recoverable Amount owing by subsidiaries Short-term deposits with licensed banks 10,718 37,599 9,733 Cash and bank balances 35,147 11,320 14, , , ,673 TOTAL ASSETS 292, , ,311 EQUITY AND LIABILITIES EQUITY Share capital 16,472 16,460 15,449 Share premium 163, , ,330 Foreign exchange translation reserve 920 1,432 1,868 Share option reserve 5,076 1, Accumulated losses (38,203) (40,519) (31,027) EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 147, , ,824 NON-CONTROLLING INTEREST TOTAL EQUITY 148, , ,476

13 NON-CURRENT LIABILITIES Deferred tax liabilities Long-term borrowings 2,169 96,581 84,026 Deferred income Other payables and accruals 2,111 1,147 1,069 4,640 98,270 86,237 CURRENT LIABILITIES Trade payables 5,879 11,714 3,572 Other payables and accruals 10,364 7,420 5,923 Income tax liabilities Short-term borrowings 123,681 27,489 17, ,924 46,871 26,598 TOTAL LIABILITIES 144, , ,835 TOTAL EQUITY AND LIABILITIES 292, , ,311 NET ASSETS PER SHARE (USD) AUDITED CONSOLIDATED STATEMENT OF CASHFLOWS CASH FLOWS FROM OPERATING ACTIVITIES USD 000 USD 000 (Restated) Profit/(Loss) before taxation 2,585 (9,326) Adjustments for: Amortisation of prepaid land lease payments Amortisation of deferred income (105) (88) Amortisation of intangible assets Depreciation of property, plant and equipment 6,016 5,793 Interest expense 9,253 8,416 Interest income (273) (181) Loss on disposal of plant and equipment Share based payment (credit)/expense 3,768 1,481 Intangible assets written off Inventories written off Change in fair value of biological asset Unrealised exchange gain (408) (1,234) Share of loss in joint ventures 1,

14 Operating cash flow before working capital 22,677 6,624 changes Decrease/(Increase) in inventories 121 (20,584) Decrease in biological assets - 1,352 Increase in trade and other receivables (4,423) (6,883) (Decrease)/Increase in trade and other payables (2,906) 9,898 NET CASH FROM/(USED IN) OPERATIONS 15,469 (9,593) Interest received Interest paid (9,253) (8,416) Tax paid (1,248) (19) NET CASH FROM/(USED IN) OPERATING ACTIVITIES 5,241 (17,847) CASH FLOWS FOR INVESTING ACTIVITIES Addition of intangible assets (6,200) (5,856) Addition of property, plant and equipment (4,495) (4,299) Proceeds from disposal of property, plant and equipment Increase in investment in joint ventures (684) (613) NET CASH USED IN INVESTING ACTIVITIES (11,349) (10,621) CASH FLOWS FROM FINANCING ACTIVITIES Drawdown of borrowings 34,648 42,768 Repayment of borrowings (31,521) (20,296) Repayment of hire purchase (45) (40) Proceeds from private placement - 31,322 Proceeds from share options exercised Increase in restricted cash (5,537) (1,373) NET CASH FROM FINANCING ACTIVITIES (2,322) 52,483 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (8,430) 24,015 Effects of foreign exchange rate changes on cash and cash equivalents (161) (448) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 46,605 23,038 CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR 38,014 46,605

PURECIRCLE LIMITED ( PureCircle or the Company ) FY15 RESULTS AND INTENTION TO LIST ON THE LONDON STOCK EXCHANGE MAIN MARKET

PURECIRCLE LIMITED ( PureCircle or the Company ) FY15 RESULTS AND INTENTION TO LIST ON THE LONDON STOCK EXCHANGE MAIN MARKET PURECIRCLE LIMITED ( PureCircle or the Company ) FY15 RESULTS AND INTENTION TO LIST ON THE LONDON STOCK EXCHANGE MAIN MARKET PureCircle (www.purecircle.com) the world s leading producer and marketer of

More information

With that I will hand over now to William Mitchell who will take you through in detail our financial review.

With that I will hand over now to William Mitchell who will take you through in detail our financial review. Company: PureCircle Limited Conference Title: Full Year 2014 Results Presenters: Magomet Malsagov, William Mitchell, Jordi Ferre Date: Wednesday 10 th September 2014 PureCircle Limited Full Year 2014 Results

More information

Interim results for the six months ended 31 December 2014

Interim results for the six months ended 31 December 2014 PureCircle Limited ( PureCircle or the Company ) Interim results for the six months ended 31 December 2014 PureCircle (LSE: PURE) the world s largest producer and marketer of high purity stevia today announces

More information

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance

The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results Profits double as strategy delivers continued improved performance The Group (AIM: RTG), one of the UK s leading recruitment

More information

K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces. Unaudited Half Yearly Report For the six months to 30 June 2009.

K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces. Unaudited Half Yearly Report For the six months to 30 June 2009. KBT 2 September K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces Half Yearly Report For the six months Key Points Encouraging results in more difficult trading environment demonstrate resilience

More information

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 DENSITRON TECHNOLOGIES PLC PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 Densitron Technologies plc ( Densitron or the Company or the Group ), the designer, developer and distributor

More information

Financial highlights:

Financial highlights: Mortice Limited 1 The Company s Annual Report and Accounts for the financial year ended on 31 st March, 2013 together with a notice convening the Company s Annual General Meeting at 36, Robinson Road,

More information

Mediwatch plc. Interim Results for the six months to 30 April 2013

Mediwatch plc. Interim Results for the six months to 30 April 2013 3 June 2013 Mediwatch plc Interim Results for the six months to 30 April 2013 Mediwatch plc ("Mediwatch", "the Company" or "the Group", AIM: MDW), the innovative urological diagnostic company, is pleased

More information

VMob Group Limited. Unaudited Interim Report. For the 6 months ended 30 September 2014

VMob Group Limited. Unaudited Interim Report. For the 6 months ended 30 September 2014 Unaudited Interim Report For the 6 months ended 30 September 2014 Directors Report The last six months has continued to be a period of growth and development for the Company, highlighted by a number of

More information

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

PENSONIC HOLDINGS BERHAD (300426-P) (Incorporated in Malaysia) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015

PENSONIC HOLDINGS BERHAD (300426-P) (Incorporated in Malaysia) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 AUGUST 2015 (Unaudited) Individual Quarter

More information

For personal use only

For personal use only COMPUMEDICS LIMITED (ACN 006 854 897) ASX final report 30 June 2014 Lodged with the ASX under Listing Rule 4.3A Contents Results for Announcement to the Market (Appendix 4E item 2) Consolidated statement

More information

Half Year Financial Statement And Announcement for the Period Ended 31/12/2010

Half Year Financial Statement And Announcement for the Period Ended 31/12/2010 AUSSINO GROUP LTD Company Registration No.: 199100323H Half Year Financial Statement And Announcement for the Period Ended 31/12/2010 PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2

More information

Full year results. Corero Network Security plc, the AIM network security company, announces its audited results for the year ended 31 December 2014.

Full year results. Corero Network Security plc, the AIM network security company, announces its audited results for the year ended 31 December 2014. 26 March 2015 Corero Network Security plc (AIM: CNS) ( Corero or the Company ) Full year results Corero Network Security plc, the AIM network security company, announces its audited results for the year

More information

Half Year 2015 Results

Half Year 2015 Results Half Year 2015 Results Letter to shareholders LifeWatch First Half Highlights Revenue growth of 9.1% to USD 52.5 million Above-market growth of over 12% in core monitoring services resulting in market

More information

EMPRESARIA GROUP PLC

EMPRESARIA GROUP PLC 5 September EMPRESARIA GROUP PLC Half Yearly Results for the six months ended Empresaria Group plc ( Empresaria or the Group, AIM: EMR), the international specialist staffing group announces its unaudited

More information

INTERIM RESULTS. For the six months ended 31 December 2014

INTERIM RESULTS. For the six months ended 31 December 2014 INTERIM RESULTS For the six months ended 31 December 1 CONTENTS Page Six Month Key Highlights 3 Overview 4-6 Consolidated Income Statement 7 Consolidated Statement of Comprehensive Income 8 Consolidated

More information

K3 Business Technology Group plc. Unaudited Half Yearly Report for the six months to 31 December 2014

K3 Business Technology Group plc. Unaudited Half Yearly Report for the six months to 31 December 2014 K3 Business Technology Group plc Unaudited Half Yearly Report for the six months to 31 December 2014 World World Class Class Software. Software. World World Class Class Service. Service. K3 Business Technology

More information

IMMEDIA GROUP PLC. ( Immedia or the Company ) INTERIM RESULTS

IMMEDIA GROUP PLC. ( Immedia or the Company ) INTERIM RESULTS IMMEDIA GROUP PLC ( Immedia or the Company ) INTERIM RESULTS Immedia Group Plc (AIM: IME), which provides bespoke digital networks, music strategies and brand conversation, today announces its interim

More information

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2014

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2014 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Aalberts Industries increases earnings per share +10%

Aalberts Industries increases earnings per share +10% Aalberts Industries increases earnings per share +10% Langbroek, 26 February 2015 Highlights o Revenue EUR 2,201 million, increase +8% (organic +3.1%) o Operating profit (EBITA) +10% to EUR 247 million;

More information

Escher Group Holdings plc

Escher Group Holdings plc 14 September 2015 Escher Group Holdings plc Half year results Escher Group Holdings plc (AIM: ESCH, Escher or the Group ), a world leading provider of point-ofservice software for use in the postal, retail

More information

Fairpoint Group plc. Interim Results for the six months ended 30 June 2011

Fairpoint Group plc. Interim Results for the six months ended 30 June 2011 Fairpoint Group plc Interim Results for the six months ended 30 June 2011 13 September 2011 Fairpoint Group plc ( Fairpoint or the Group ) today announces its interim results for the six months ended 30

More information

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015 9 September EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended EU Supply, the e-procurement SaaS provider, is pleased to announce its unaudited interim results

More information

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC

More information

Headlines. Chairman s statement

Headlines. Chairman s statement Energy Technique Plc ( Energy Technique or the Company ) Half-Yearly Report 30 September 2011 Headlines Diffusion increased sales by 18% over corresponding half year; Turnaround in Diffusion s operating

More information

Helmut Engelbrecht, Chief Executive of URENCO Group, commenting on the half-year results, said:

Helmut Engelbrecht, Chief Executive of URENCO Group, commenting on the half-year results, said: news release 3 September 2014 URENCO Group Half-Year 2014 Unaudited Financial Results London 3 September 2014 URENCO Group ( URENCO or the Group ), an international supplier of uranium enrichment and nuclear

More information

Results PostNL Q1 2015

Results PostNL Q1 2015 Results PostNL Q1 2015 On track to achieve full year 2015 outlook Financial highlights Q1 2015 Revenue at 1,058 million (Q1 2014: 1,033 million) Underlying cash operating income at 68 million (Q1 2014:

More information

Aalberts Industries Net profit and earnings per share +15%

Aalberts Industries Net profit and earnings per share +15% PRESS RELEASE 1 ST HALF YEAR 2015 Aalberts Industries Net profit and earnings per share +15% Langbroek, 13 August 2015 Highlights o Revenue EUR 1,244 million, increase +18% (organic +2%). o Operating profit

More information

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m)

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m) Thu, 24th Jul 2014 07:00 RNS Number : 1728N RTC Group PLC 24 July 2014 RTC Group Plc ("RTC", "the Company" or "the Group") Interim results for the six months June 2014 RTC Group Plc,the business services

More information

Results For The Financial Year Ended 31 December 2014 Unaudited Financial Statements and Dividend Announcement

Results For The Financial Year Ended 31 December 2014 Unaudited Financial Statements and Dividend Announcement Financial Statements and Related Announcement::Full Yearly Results http://infopub.sgx.com/apps?a=cow_corpannouncement_content&b=announcem... Page 1 of 1 2/27/2015 Financial Statements and Related Announcement::Full

More information

Results PostNL Q3 2014

Results PostNL Q3 2014 Results PostNL Q3 2014 The Hague, 3 November 2014 PostNL reports solid Q3 2014 results Financial highlights Q3 2014 Revenue increased to 988 million (Q3 2013: 969 million) Underlying cash operating income

More information

Financial Results. siemens.com

Financial Results. siemens.com s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014

More information

REGUS GROUP PLC INTERIM RESULTS SIX MONTHS ENDED 30 JUNE 2007

REGUS GROUP PLC INTERIM RESULTS SIX MONTHS ENDED 30 JUNE 2007 3 September 2007 REGUS GROUP PLC INTERIM RESULTS SIX MONTHS ENDED 30 JUNE 2007 Regus, the world s largest provider of outsourced workplaces, announces today its interim results for the six months ended

More information

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets Consolidated Balance Sheets June 30, 2015, December 31, 2014, and (June 30, 2015 and 2014 are reviewed, not audited) Assets 2015.6.30 2014.12.31 2014.6.30 Current assets: Cash and cash equivalents $ 36,400,657

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Surface Transforms Plc. ( Surface Transforms or the Company ) Half-year financial results for the six months ended 30 November 2015

Surface Transforms Plc. ( Surface Transforms or the Company ) Half-year financial results for the six months ended 30 November 2015 3 February 2016 Surface Transforms Plc. ( Surface Transforms or the Company ) Half-year financial results for the six months 30 November Surface Transforms, (AIM:SCE) manufacturers of carbon fibre reinforced

More information

15 September 2011 VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars

15 September 2011 VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars 15 September VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars As communicated in our annual financial statements for the

More information

N Brown Group plc Interim Report 2013

N Brown Group plc Interim Report 2013 N Brown Group plc Interim Report 2013 2013 4CUSTOMER CENTRIC SEGMENTS FINANCIAL SUMMARY Financial Highlights 2013 2012 Revenue 409.6m 379.3m Operating profit 48.4m 45.7m Adjusted profit before taxation*

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

Reconciliations between IFRS and UK GAAP

Reconciliations between IFRS and UK GAAP Reconciliations between IFRS and UK GAAP The following reconciliations provide a quantification of the effect of the transition to IFRS. The following seven reconciliations provide details of the impact

More information

Crimson Tide plc. Preliminary Announcement of Results to 31 December 2010

Crimson Tide plc. Preliminary Announcement of Results to 31 December 2010 12 May 2011 Crimson Tide plc Preliminary Announcement of Results to 2010 Crimson Tide plc ( Crimson Tide or the Company ), a leading service provider of mobile data and software solutions for business,

More information

ARM Holdings plc Consolidated balance sheet - IFRS

ARM Holdings plc Consolidated balance sheet - IFRS ARM Holdings plc Consolidated balance sheet - IFRS 30 June 31 December 2010 2009 Unaudited Audited 000 000 Assets Current assets: Financial assets: Cash and cash equivalents 53,746 34,489 Short-term investments

More information

Poste Italiane: growth in revenue and operating profit. Board of Directors approves Half Year results

Poste Italiane: growth in revenue and operating profit. Board of Directors approves Half Year results Poste Italiane: growth in revenue and operating profit Board of Directors approves Half Year results Approves filing of regulatory files for a listing and the adoption of a new governance code Total revenues:

More information

ADVANCED SYSTEMS AUTOMATION LIMITED (Company Registration No: 198600740M) (Incorporated in the Republic of Singapore)

ADVANCED SYSTEMS AUTOMATION LIMITED (Company Registration No: 198600740M) (Incorporated in the Republic of Singapore) Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly... http://infopub.sgx.com/apps?a=cow_corpannouncement_content&b=announcem... Page 1 of 1 8/13/2015 Financial Statements

More information

Midas Capital announces preliminary results for the year to 31 December 2009

Midas Capital announces preliminary results for the year to 31 December 2009 News Release 31 March 2010 Midas Capital announces preliminary results for the year to 31 December 2009 Midas Capital plc, the AIM quoted company Fund Management company, announces its preliminary results

More information

Consolidated Profit and Loss Account for the year ended 31 December 2002

Consolidated Profit and Loss Account for the year ended 31 December 2002 Consolidated Profit and Loss Account for the year ended 31 December 2002 -------------------2002------------------ -------------------2001------------------ Note Results from Other items Total Results

More information

GROUP (Unaudited) Nine Months September 2015 $ 000. GROUP (Unaudited) September 2014 $ 000

GROUP (Unaudited) Nine Months September 2015 $ 000. GROUP (Unaudited) September 2014 $ 000 TO: THE STOCKHOLDERS OF THE GLEANER COMPANY LIMITED CONSOLIDATED INCOME STATEMENT FOR NINE MONTHS ENDED SEPTEMBER 30, 2015 Notes Three Months Three Months (Audited) Twelve Months ended Dec 31, 2014 Restated

More information

condensed consolidated interim financial statements 2015

condensed consolidated interim financial statements 2015 January march 2015 condensed consolidated interim financial statements 2015 (unaudited) contents 1. Income Statement 1 2. Statement of Comprehensive Income 2 3. Balance Sheet 3 4. Statement of Changes

More information

Auriant Mining AB (publ)

Auriant Mining AB (publ) Auriant Mining AB (publ) Interim report for the period from January March Highlights: Total gold production in the first quarter was 84 kg (2,699 oz) which was the same as in Q1 : 84 kg (2,690 oz). Consolidated

More information

Sonic Healthcare Limited ABN 24 004 196 909. PRELIMINARY FINAL REPORT FOR YEAR ENDED 30 JUNE 2007 Lodged with the ASX under Listing Rule 4.

Sonic Healthcare Limited ABN 24 004 196 909. PRELIMINARY FINAL REPORT FOR YEAR ENDED 30 JUNE 2007 Lodged with the ASX under Listing Rule 4. ABN 24 004 196 909 PRELIMINARY FINAL REPORT FOR YEAR ENDED 30 JUNE Lodged with the ASX under Listing Rule 4.3A RESULTS FOR ANNOUNCEMENT TO THE MARKET For the year ended Financial Results Revenue from ordinary

More information

FORMATION GROUP PLC. ('Formation' or 'the Group') Preliminary Results for the year ended 31 August 2015

FORMATION GROUP PLC. ('Formation' or 'the Group') Preliminary Results for the year ended 31 August 2015 29 January 2016 FORMATION GROUP PLC ('Formation' or 'the Group') Preliminary Results for the year ended 31 August 2015 Formation Group (AIM: FRM), the property development and project management company,

More information

Consolidated Statement of Financial Position

Consolidated Statement of Financial Position INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2014 Consolidated Statement of Financial Position in CHF 1,000 Note 30 June 2014 31 December 2013 (unaudited) (audited) Assets Non-current assets

More information

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years.

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years. Financial Review Long-term model delivering widespread growth This is another set of record results with widespread growth in all sectors and all regions. High returns were maintained and good cash generation

More information

Reece Australia Limited (ABN 49 004 313 133) and controlled entities Financial Information

Reece Australia Limited (ABN 49 004 313 133) and controlled entities Financial Information Reece Australia Limited (ABN 49 004 313 133) and controlled entities Financial Information FOR THE YEAR ENDED 30 JUNE PROVIDED TO THE ASX UNDER LISTING RULE 4.3A Reece Australia Limited (ABN 49 004 313

More information

Financial results for the six months ended 30 June 2007

Financial results for the six months ended 30 June 2007 13 August 2007 Fleet Place House 2 Fleet Place, Holborn Viaduct London EC4M 7RF Tel: +44 (0)20 7710 5000 Fax: +44 (0)20 7710 5001 www.mcgplc.com Financial results for the six months 2007 Management Consulting

More information

Annual Report & Accounts 2012

Annual Report & Accounts 2012 Allergy Therapeutics plc Annual Report & Accounts 2012 Interim Report for the six months ended 31 December 2012 www.allergytherapeutics.com www.pollinex.com Highlights At a Glance Revenue 25.7m (H1 2012:

More information

Asia Pacific Wire & Cable Company Reports Full Year 2013 Financial Results

Asia Pacific Wire & Cable Company Reports Full Year 2013 Financial Results Asia Pacific Wire & Cable Company Reports Full Year 2013 Financial Results Gross profit was $51.8 million, an increase of 2.6% from $50.5 million in FY2012 Cash flows from operations was $20.6 million,

More information

Sportingbet Plc. Unaudited results for the first quarter ended 31 October 2010

Sportingbet Plc. Unaudited results for the first quarter ended 31 October 2010 Unaudited results for the first quarter ended 31 October 2010 Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the quarter ended 31 October 2010. Key Highlights

More information

Consolidated Statements of Profit or Loss Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2014 and 2015

Consolidated Statements of Profit or Loss Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2014 and 2015 Consolidated Statements of Profit or Loss Sales: Products 1,041,794 1,071,446 8,928,717 Post sales and rentals 1,064,555 1,068,678 8,905,650 Other revenue 89,347 91,818 765,150 Total sales 2,195,696 2,231,942

More information

CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS

CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS Clinical Computing Plc (the Company or the Group ), the international developer of clinical information systems and project and resource management software,

More information

MediaZest plc. ( MediaZest, the Company or the Group ; AIM:MDZ) Final Results for the Year Ended 31 March 2013

MediaZest plc. ( MediaZest, the Company or the Group ; AIM:MDZ) Final Results for the Year Ended 31 March 2013 CHAIRMAN S STATEMENT Introduction MediaZest plc ( MediaZest, the Company or the Group ; AIM:MDZ) Final Results for the Year Ended 31 March 2013 The results for MediaZest plc (the Group ) for the year ended

More information

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

An income statement and statement of comprehensive income (continued)

An income statement and statement of comprehensive income (continued) FIRST RESOURCES LIMITED Unaudited Financial Statements for the Third Quarter ( 3Q ) and Nine Months ( 9M ) Ended 30 September 2015 1(a) An income statement and statement of comprehensive income or a statement

More information

THINKSMART REVENUE UP 30% - ON TRACK TO ACHIEVE FULL YEAR PROSPECTUS FORECASTS

THINKSMART REVENUE UP 30% - ON TRACK TO ACHIEVE FULL YEAR PROSPECTUS FORECASTS ANNOUNCEMENT 29 th August, 2007 THINKSMART REVENUE UP 30% - ON TRACK TO ACHIEVE FULL YEAR PROSPECTUS FORECASTS ThinkSmart Limited (ASX:TSM) today reported a half year profit before tax for the six months

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

KCOM GROUP PLC (KCOM.L) ANNOUNCES UNAUDITED PRELIMINARY RESULTS TO 31 MARCH 2013. Improving quality and long term sustainability of the business

KCOM GROUP PLC (KCOM.L) ANNOUNCES UNAUDITED PRELIMINARY RESULTS TO 31 MARCH 2013. Improving quality and long term sustainability of the business 7 June 2013 KCOM GROUP PLC (KCOM.L) ANNOUNCES UNAUDITED PRELIMINARY RESULTS TO 31 MARCH 2013 Summary Improving quality and long term sustainability of the business Group performance in line with expectations

More information

Year ended 31 Dec 2009

Year ended 31 Dec 2009 PACE PLC CHANGE OF FUNCTIONAL AND PRESENTATIONAL CURRENCY AND COMPARATIVES RE-PRESENTED IN US DOLLARS Introduction Pace announced at the time of its preliminary results announcement that the Board had

More information

ST IVES PLC HALF YEAR REPORT 2014

ST IVES PLC HALF YEAR REPORT 2014 ST IVES PLC HALF YEAR REPORT 2014 ST IVES PLC HALF YEAR REPORT 2014 CONTENTS Overview 01 Highlights 02 Group at a Glance 04 Chief Executive s Statement 02 04 Group at a glance Our business operates in

More information

Publishing Technology plc

Publishing Technology plc Publishing Technology plc 23 March 2009 Publishing Technology plc Announces Preliminary Results for 2008 Significant EBITDA growth underlines strong trading performance Publishing Technology plc (PTO.L)

More information

K3 BUSINESS TECHNOLOGY GROUP PLC

K3 BUSINESS TECHNOLOGY GROUP PLC K3 BUSINESS TECHNOLOGY GROUP PLC Second Half Year Statement 2010 Chairman s Statement 01 Consolidated Income Statement 08 Consolidated Statement of Comprehensive Income 09 Consolidated Statement of Financial

More information

Net cash balances at the year-end were 2.87 million (2014: 2.15 million) and total capital expenditure during the year was 626,000 (2014: 386,000).

Net cash balances at the year-end were 2.87 million (2014: 2.15 million) and total capital expenditure during the year was 626,000 (2014: 386,000). Preliminary Announcement for the year ended 30 September 2015 Chairman s Statement The result for the year to 30 September 2015 is a net Profit before Taxation of 1,869,000 (2014: 1,333,000), on Revenues

More information

Ellipsiz Ltd and its Subsidiaries Registration Number: 199408329R

Ellipsiz Ltd and its Subsidiaries Registration Number: 199408329R Registration Number: 199408329R First Quarter Financial Information and Dividend Announcement for the period Statements of Financial Position Note Company June June Var. Var. % % Non-current assets Property,

More information

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Period of accounts Start date: 1st June 2008 End date: 31st May 2009 Contents of the

More information

Net attributable income totaled 64.7million in first-half 2015 compared with 69.0 million in firsthalf

Net attributable income totaled 64.7million in first-half 2015 compared with 69.0 million in firsthalf HALF-YEAR RESULTS 2015 H1 2015: FURTHER STRONG GROWTH FOR COMMUNICATION AND SHIPPING SOLUTIONS Sales up 10.4%, or -1.1% organically 1 CSS activities: organic growth of 16.0% Current operating margin 2

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS

HSBC BANK CANADA FIRST QUARTER 2014 RESULTS 7 May 2014 HSBC BANK CANADA FIRST QUARTER 2014 RESULTS Profit before income tax expense for the quarter ended 2014 was C$233m, a decrease of 13.4% compared with the same period in and broadly unchanged

More information

Consolidated Statement of Profit or Loss

Consolidated Statement of Profit or Loss Consolidated Statement of Profit or Loss Sales: Products 864,699 1,041,794 $ 10,114,505 Post sales and rentals 941,610 1,064,555 10,335,485 Other revenue 79,686 89,347 867,447 Total sales 1,885,995 2,195,696

More information

MobilityOne Limited ("MobilityOne", "Company" or the "Group") Audited results for the year ended 31 December 2015

MobilityOne Limited (MobilityOne, Company or the Group) Audited results for the year ended 31 December 2015 1 of 19 30-Jun-2016 10:18 PM Regulatory Story Go to market news section MobilityOne Limited - MBO Released 13:00 30-Jun-2016 Final Results RNS Number : 8309C MobilityOne Limited 30 June 2016 MobilityOne

More information

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Condensed Interim Consolidated Financial Statements of THE BRICK LTD. For the three months ended March 31, 2013 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 For Immediate Release DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 HIGHLIGHTS Q1 2014 First quarter 2014 ( Q1 ) Revenues of 77.9 million, Q1 Gross Profit of 18.8 million and Q1 Net Income of

More information

FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS. Commenting on the results, Group Chief Executive Steve Russell said:

FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS. Commenting on the results, Group Chief Executive Steve Russell said: FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS Bond International Software plc ( the Group ), the specialist provider of software for the international recruitment and human resources

More information

Hydrogenics Reports Fourth Quarter and Full Year 2015 Results

Hydrogenics Reports Fourth Quarter and Full Year 2015 Results PRESS RELEASE Hydrogenics Reports Fourth Quarter and Full Year 2015 Results Kolon, Alstom, and China Wins Highlight 2015 Achievements Mississauga, Ontario. March 9, 2016 Hydrogenics Corporation (NASDAQ:

More information

PSG Solutions PLC 14 November 2006. PSG Solutions plc Interim Results for the six months ended 30 September 2006. Highlights

PSG Solutions PLC 14 November 2006. PSG Solutions plc Interim Results for the six months ended 30 September 2006. Highlights PSG Solutions PLC 14 November 2006 PSG Solutions plc Interim Results for the six months ended 30 September 2006 Highlights Turnover increased by 28% to over 7 million (2005: 5.5 million) Profit before

More information

Storage Wireless Wireline telecom

Storage Wireless Wireline telecom Storage Wireless Wireline telecom CML Microsystems Plc designs, manufactures and markets a range of semiconductors for global industrial and professional applications within the storage, wireless and wireline

More information

FINANCIAL RESULTS Q2 2015

FINANCIAL RESULTS Q2 2015 FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution

More information

STARBURST HOLDINGS LIMITED (Incorporated in the Republic of Singapore on 28 October 2013) (Company Registration No.: 201329079E)

STARBURST HOLDINGS LIMITED (Incorporated in the Republic of Singapore on 28 October 2013) (Company Registration No.: 201329079E) STARBURST HOLDINGS LIMITED (Incorporated in the Republic of Singapore on 28 October 2013) (Company Registration No.: 201329079E) UNAUDITED FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT For the Financial

More information

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 A view of financial and non financial elements as may be presented in set of financial statements. Content Page [010000] Filing

More information

Big Yellow Group PLC Interim 2003

Big Yellow Group PLC Interim 2003 Big Yellow Group PLC Interim 2003 CONTENTS ifc Financial Highlights 01 Trading Summary 02 Chairman s Statement 04 Consolidated Profit and Loss Account 05 Consolidated Balance Sheet 06 Reconciliation of

More information

Redflex reports significant profit increase

Redflex reports significant profit increase Redflex Holdings Limited ACN 069 306 216 31 Market Street, South Melbourne, Victoria, Australia 3205 Tel: +61 3 9674 1888 Fax: +61 3 9699 3566 www.redflex.com Release to Australian Stock Exchange Redflex

More information

Interim Financial Statements

Interim Financial Statements [Type text] Interim Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2015 Page 1 of 11 Table of Contents Consolidated income statement... 3 Consolidated statement of

More information

Significant reduction in net loss

Significant reduction in net loss press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany

More information

21 August 2007. Company Announcements Office Australian Stock Exchange Limited, Melbourne. By E-lodgement. Preliminary Final Report

21 August 2007. Company Announcements Office Australian Stock Exchange Limited, Melbourne. By E-lodgement. Preliminary Final Report 21 August 2007 Company Announcements Office Australian Stock Exchange Limited, Melbourne By E-lodgement Preliminary Final Report This release contains an announcement to the Australian Stock Exchange Limited

More information

For personal use only

For personal use only 1. Company details Name of entity Life Corporation Ltd ABN Financial year ended 48 108 051 529 30 June 2014 The previous corresponding period refers to the comparative amounts for the year ended 30 June

More information

*Adjusted basic earnings per share is defined as profit attributable to shareholders before restructuring expenses net of tax

*Adjusted basic earnings per share is defined as profit attributable to shareholders before restructuring expenses net of tax RNS Number : 0981D Tangent Communications PLC November 2010 Results Tangent Communications plc, a leading integrator of technology and marketing strategy, today announces interim results for the period

More information

PEGAS NONWOVENS SA. First quarter 2010 unaudited consolidated financial results

PEGAS NONWOVENS SA. First quarter 2010 unaudited consolidated financial results PEGAS NONWOVENS SA First quarter 2010 unaudited consolidated financial results May 20, 2010 PEGAS NONWOVENS SA announces its unaudited consolidated financial results for the first quarter of 2010 to March

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin. The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record

More information

Opening doors to new ideas. Interim Report 2007/08

Opening doors to new ideas. Interim Report 2007/08 Opening doors to new ideas Interim Report 2007/08 SPG Media Group Plc Interim Report 2007/08 Contents 2 Chairman s Statement 4 Consolidated Interim Income Statement 5 Consolidated Interim Balance Sheet

More information

長 江 製 衣 有 限 公 司 YANGTZEKIANG GARMENT LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 00294)

長 江 製 衣 有 限 公 司 YANGTZEKIANG GARMENT LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 00294) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information