Interim results for the six months ended 31 December 2014

Size: px
Start display at page:

Download "Interim results for the six months ended 31 December 2014"

Transcription

1 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 its unaudited interim results for the six month period from 1 July 2014 to 31 December 2014 ( 1H FY 15 ). The unaudited financial statements comprising the profit and loss and cashflow statements for the six months to 31 December 2014 ( 1H FY15 ) along with the balance sheet as at 31 December 2014 are set out below, together with the unaudited profit and loss and cashflow comparatives for the six months to 31 December 2013 ( 1H FY14 ). SUMMARY FINANCIALS Period ended 31 December (US$m) 1H FY15 1H FY14 Change Sales % Gross margin % Operating profit** % EBITDA** % Net result after tax (0.9) (1.9) 53% Net debt (52) (85) 39% Net assets % Net assets per share (US cents) % ** Operating profit and EBITDA are as per segmental reporting on page 13. The full profit and loss account is detailed on page 4. Sales: Sales of $43m increased 24% over 1H FY14 ($35m). There was growth in sales in all of our global sales regions. Gross margin: Gross margin increased 18% to $14.5m. Gross margin % of 34% was consistent with 1H FY14 (35%). EBITDA: EBITDA increased 24% in line with sales revenues to $6.4m. EBITDA improvements are after $1.5m increased SG&A investment in PCL s operational management and global customer service infrastructure, including in-region application capacity, to support anticipated future sales growth. Net Result after Tax: 1H FY15 net result of ($0.9m) represented a $1m (53%) improvement on 1H FY14. The net result reflects $1.2m improved EBITDA, $0.6m increased Long Term Incentive Plan (LTIP) costs, $3m adverse foreign exchange movements and $3.8m favourable interest and tax. Net debt: Net debt of $52m is $33m lower than the $85m at 31 December This reflects $43m November 2014 placement proceeds, offset by increases in inventory production ahead of anticipated H2 and FY16 sales growth. During 1H FY15 the Group successfully restructured its principal bank facilities. $20m of debt was repaid a year early and the balance refinanced onto a new $71m 5 year facility (to September 2019) at a 3% lower interest rate. Share Placement: In November 2014 the Group issued 5 million new ordinary shares at GBP 5.50 per share raising $43m to fund expansion of its production capacity, described in more detail below. 1

2 Interim results for the six months ended 31 December 2014 (continued) BUSINESS DEVELOPMENTS Market: Since the end of FY14 the Stevia market has seen an unparalleled series of milestone F&B product launches and roll-outs integrating stevia into mainstream products. High profile Cola rollouts led by Coca-Cola Life, Pepsi Next and Pepsi True into major markets like the USA, Mexico, UK, France, Japan and other markets and reformulations across a range of leading carbonated Lemon Lime, Orange and other brands indicate clearly that stevia is now seen as a mainstream sweetener of choice in the Carbonated Soft Drink (CSD) category. The period has also seen a wide range of stevia sweetened product launches from major retailers across Europe and America and iconic brand adoption in categories as diverse as Ketchups, Yogurts and Confectionery. Global brand adoption has been mirrored with growth in product launches by large regional F&B brands across the world: from Chile in the South to Finland in the North and from Japan, China, and Philippines in the East to Mexico in the West. Mintel reports 2,274 new product launches in 2014 taking 5 year launches over 6,000. Mintel report that food product adoption exceeded beverages by number, confirming the widening usage of stevia as a mainstream ingredient. With 4 billion consumers now having regulatory access to stevia, market estimates suggest that the current footprint of products already launched using stevia has the potential to support billion dollar industry when existing launches are rolled out fully across the next 10+ years. Innovation: PureCircle continues to lead stevia innovation with new products and applications designed to meet identified market needs and unlock further demand to help moderate calories naturally. 1H FY15 saw important developments including the successful launch of Sigma D, which has excellent application properties in the dairy sector, and further developments within our proprietary flavor systems. Each of our new developments continue to grow overall market usage and strengthen further our market share. With our strong diversified customer base, our unique breadth of product innovation and application support and our global supply chain and customer support infrastructure already established PureCircle continues to retain and build further market leadership. Production capacity expansion: With the prospects of sustained long term market growth, PureCircle has started to expand its production capacity so as to meet anticipated future increased volume demand and further sustain market share and its first mover advantage. The PureCircle Board has approved $42m of capital expenditure projects that will increase production capacity of refined stevia sweeteners and natural flavor systems and provide additional investment in next generation stevia innovation. It is expected that $34m of the investment will be for production capacity expansion to come on stream in FY17 with the balance of $8m supporting innovation projects through FY18. The $42m investment will be funded from the $43m November 2014 Placement proceeds described earlier. The production capacity expansion will be centred on the Group s existing Malaysia and China production facilities. Leaf: with growth in end consumer demand, leaf supply has tightened. Prices in China have increased year on year. We are actively managing this long term through leading the diversification of leaf supply outside China. But in the short term higher leaf prices will increase cost of sales. 2

3 Interim results for the six months ended 31 December 2014 (continued) Sustainability: In January PureCircle issued the industry s first sustainability report. The report demonstrates the efficient carbon and water footprint of stevia relative to other major sweeteners and tracks progress against the Company s social and environmental goals. The full report may be downloaded at Management and systems: To support management of growth, in 1H FY15 we strengthened our management with the appointment of Jordi Ferre as Chief Operating Officer and implemented an Operating Committee reporting to him with key new hires in Manufacturing, Leaf Development, HR and Planning. At the same time we have strengthened management in each of our key Commercial regions. We also implemented the first stages of Group ERP information systems. Outlook: Commenting on the 1H FY15 trading, the Group CEO Magomet Malsagov said: the size and breadth of F&B product launches and roll-outs in 1H FY15 indicate that stevia is well on the way to becoming an important ingredient for F&B companies wishing to moderate calories. Further the existing footprint of products launched using stevia provides a sound basis for a multi-billion $ stevia industry in the years to come. In 1H FY15 we again strengthened our position as market leader with further proprietary product innovation and growth in both delivered sales and project pipelines. With sustained long term growth prospects, PureCircle has started to expand our production capacity and expect this to come on stream in FY17. We are generating revenues from a wide range of natural sweetener and flavor products and from a wide range of customers directly and through our business partners. With accelerating roll-outs of food and beverage products using PureCircle's stevia solutions, particularly in the important Carbonated Soft Drink category, the Company is confident of large long term sales growth and with it improvements in profitability. However, until market consumption smooths out, that growth will come with a lumpy sales profile and therefore some volatility: this adds some complexity to our ability to provide guidance in the short term. Magomet Malsagov, CEO William Mitchell, CFO RFC Ambrian Ltd (NOMAD) Stephen Allen NOTES TO EDITORS PureCircle is the global leader in the production of high purity Stevia sweeteners and natural flavors. PureCircle is leading the industry with the development of a sustainable, vertically integrated supply chain operating in four continents. Across these regions, PureCircle sources dry stevia leaves, undertakes extraction processes and refines the extract into sweeteners which it markets as a mainstream ingredient to Food and Beverage manufacturers worldwide. PureCircle provides a sustainable cash crop for rural farming communities in each region and works closely with these communities to maximize the social, economic, and environmental benefits of its operations. PureCircle s investment in research and development has given it a leadership position in the Stevia industry and its scientists are globally recognized experts in their field. PureCircle has pioneered the industry trust mark Stevia PureCircle that educates consumers about the benefits of Stevia and provides a strong base of trust for both consumers and Food & Beverage companies alike. PureCircle also funds the Global Stevia Institute (globalsteviainstitute.com) which provides a global platform for stevia education and outreach, led by internationally recognized health professionals. PureCircle s corporate offices are located in Chicago, USA; Asuncion, Paraguay; Kuala Lumpur, Malaysia; Ganzhou, China; Shanghai, China and Kericho, Kenya. PureCircle is listed on the London Stock Exchange AiM market under the ticker symbol: PURE. For more information on PureCircle, visit: 3

4 Condensed consolidated statement of comprehensive income for the period ended 31 December 2014 Notes Unaudited Six months ended 31 December 31 December Continuing operations Revenue 43,228 34,851 Cost of sales (28,435) (22,596) Gross profit 14,793 12,255 Other income ,057 Other expenses 7 (1,348) - Administrative expenses (13,693) (11,782) Finance income Finance costs (3,768) (4,537) Share of loss of joint ventures (516) (532) Loss before taxation (4,372) (2,359) Income tax credit 15 3, Loss for the period (927) (1,889) Other comprehensive income (net of tax): Items that may be reclassified subsequently to profit or loss: Exchange difference arising on translation of foreign operations (5,646) (1,160) Share of other comprehensive income of investments accounted for using equity method (34) (43) (5,680) (1,203) Total comprehensive loss for the period (net of tax) (6,607) (3,092) Loss for the financial period attributable to: Owners of the company (899) (1,894) Non-controlling interest (28) 5 (927) (1,889) Total comprehensive loss attributable to: Owners of the company (6,590) (3,106) Non-controlling interest (17) 14 (6,607) (3,092) Earnings per share (US cents) Basic 17 (0.54) (1.15) Diluted 17 (0.54) (1.15) 4

5 Condensed consolidated statement of financial position As at 31 December 2014 Unaudited Audited 31 December 30 June Notes Assets Non-current assets Property, plant and equipment 11 59,651 63,715 Intangible assets 11 37,818 38,023 Biological assets 13 3,990 4,237 Prepaid land lease payments 2,973 2,999 Deferred tax assets 9,282 5,876 Investment in joint ventures Trade receivables - 1,950 Other receivables 1, , ,502 Current assets Inventories 12 96,810 86,519 Trade receivables 36,220 37,362 Other receivables and prepayments 7,547 4,962 Tax recoverable Cash and bank balances 58,325 45, , ,289 Total assets 314, ,791 Equity and liabilities Equity Share capital 16 16,973 16,472 Share premium , ,240 Foreign exchange translation reserve (4,771) 920 Share option reserve 7,597 5,076 Accumulated losses (39,102) (38,203) Equity attributable to owners of the company 186, ,505 Non-controlling interest Total equity 187, ,227 Non-current liabilities Long-term borrowings 14 67,515 2,169 Deferred income Other payables and accruals 2,180 2,111 70,014 4,640 Current liabilities Trade payables 5,799 5,879 Other payables and accruals 9,090 10,364 Short-term borrowings 14 42, ,681 57, ,924 Total liabilities 127, ,564 Total equity and liabilities 314, ,791 Net assets per share (USD)

6 Condensed consolidated statement of changes in equity as at 31 December 2014 Attributable to owners of the Company Foreign exchange Share Non- Share Share translation option Accumulated controlling Total capital premium reserve reserve losses Sub-total interest equity Balance at 1 July , , ,076 (38,203) 147, ,227 Loss for the period (899) (899) (28) (927) Other comprehensive income - - (5,691) - - (5,691) 11 (5,680) Total comprehensive loss for the period (net of tax) - - (5,691) - (899) (6,590) (17) (6,607) Share option scheme compensation expense granted during the period ,570-2,570-2,570 Issuance of shares , ,463-43,463 Exercise of share options 1 48 (49) Balance at 31 December , ,251 (4,771) 7,597 (39,102) 186, ,653 6

7 Condensed Consolidated Statement of Changes in Equity as at 31 December 2013 Attributable to owners of the Company Foreign exchange Share Non- Share Share translation option Accumulated controlling Total capital premium reserve reserve losses Sub-total interest equity Balance at 1 July , ,898 1,432 1,530 (40,519) 141, ,516 Loss for the period (1,894) (1,894) 5 (1,889) Other comprehensive income - - (1,212) - - (1,212) 9 (1,203) Total comprehensive loss for the period (net of tax) - - (1,212) - (1,894) (3,106) 14 (3,092) Share option scheme compensation expense granted during the period ,522-1,522-1,522 Exercise of share options (43) Balance at 31 December , , ,009 (42,413) 140, ,946 7

8 Condensed consolidated cash flow statement for the period ended 31 December 2014 Unaudited 6 months ended 31 December 31 December CASH FLOWS FOR OPERATING ACTIVITIES Loss before taxation (4,372) (2,359) Adjustments for:- Amortisation of deferred income (49) (21) Amortisation of prepaid land lease payments Depreciation of property, plant and equipment 2,893 2,927 Interest expense 3,768 4,537 Interest income (12) (180) Share based payments 2,570 1,522 Amortisation of intangible assets Inventories written off 12 4 Intangible assets written off 47 - Unrealised exchange loss/(gain) 1,922 (1,250) Share of loss in joint ventures Operating cash flow before working capital changes 7,481 5,822 Increase in inventories (10,044) (4,038) (Increase)/decrease in trade and other receivables (355) 1,428 Decrease in trade and other payables (1,930) (5,205) NET CASH FOR OPERATIONS (4,848) (1,993) Interest received Interest paid (3,768) (4,537) Tax refund/(paid) 101 (121) NET CASH FOR OPERATING ACTIVITIES (8,503) (6,471) CASH FLOWS FOR INVESTING ACTIVITIES Addition of intangible assets (1,964) (2,708) Addition of leasehold land (50) - Addition of property, plant and equipment (1,411) (3,436) Proceeds from disposal of property, plant and equipment 1 - Investment in joint venture (342) (336) NET CASH FOR INVESTING ACTIVITIES (3,766) (6,480) BALANCE CARRIED FORWARD (12,269) (12,951) 8

9 Condensed consolidated cash flow statement for the period ended 31 December 2014 (continued) Unaudited 6 months ended 31 December 31 December BALANCE BROUGHT FORWARD (12,269) (12,951) CASH FLOWS FOR FINANCING ACTIVITIES Placement of shares 43,463 - Drawdown of borrowings 105,101 17,066 Repayment of borrowings (123,047) (22,194) Net repayment of hire purchase (19) (19) Decrease/(increase) in restricted cash 7,589 (36) NET CASH FROM/(FOR) FINANCING ACTIVITIES 33,087 (5,183) Effects of foreign exchange rate changes on cash and cash equivalents (769) (232) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD 38,014 46,605 CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD 58,063 28,239 GROSS CASH 58,325 30,589 LESS: RESTRICTED CASH (262) (2,350) CASH AND CASH EQUIVALENTS 58,063 28,239 9

10 Notes to interim financial statements 1. General information The Company was incorporated and registered as a private limited company in Bermuda, under the Companies (Bermuda) Law 1991 (as amended). The Company has its primary listing on the AIM market operated by the London Stock Exchange, plc (AIM). The Company is engaged principally in the business of investment holding whilst the principal activities of the rest of the Group are the production, marketing and distribution of natural sweeteners and flavours. The unaudited condensed consolidated interim financial statements have been authorised for issue by the Board of Directors on 16 March Basis of preparation The condensed consolidated interim financial statements for the six months ended 31 December 2014 have been prepared in accordance with IAS 34, Interim financial reporting. In preparing these condensed interim financial statements, the significant judgments and estimates made by management in applying the Group s accounting policies were the same as those that applied to the consolidated financial statements for the year ended 30 June The condensed consolidated interim financial statements should be read in conjunction with the Group s annual financial statements for the year ended 30 June 2014 ( FY2014 ), which have been prepared in accordance with IFRSs. 3. Accounting policies The accounting policies adopted for 1H FY2015 are as stated in the Group s FY2014 financial statements, with the addition of new standards and amendments to standards that are mandatory for the financial year beginning 1 July 2014, the new standards are summarised below: (i) Financial year beginning on/after 1 July 2014 Amendment to IAS 32, Financial Instruments: Presentation does not change the current offsetting model in IAS 32. It clarifies the meaning of currently has a legally enforceable right of set-off that the right of set-off must be available today (not contingent on a future event) and legally enforceable for all counterparties in the normal course of business. It clarifies that some gross settlement mechanisms with features that are effectively equivalent to net settlement will satisfy the IAS 32 offsetting criteria. Amendments to IFRS 10, IFRS 12 and IAS 27 introduce an exception to consolidation for investment entities. Investment entities are entities whose business purpose is to invest funds solely for returns from capital appreciation, investment income or both and evaluate the performance of its investments on fair value basis. The amendments require investment entities to measure particular subsidiaries at fair value instead of consolidating them. Amendment to IFRS 2 Share-based Payment clarifies the definition of vesting conditions by separately defining performance condition and service condition to ensure consistent classification of conditions attached to a share-based payment. 10

11 Notes to interim financial statements (continued) 4. Accounting policies (continued) The accounting policies adopted for 1H FY2015 are as stated in the Group s FY2014 financial statements, with the addition of new standards and amendments to standards that are mandatory for the financial year beginning 1 July 2014, the new standards are summarised below (continued): (i) Financial year beginning on/after 1 July 2014 (continued) Amendment to IFRS 8 Operating Segments requires disclosure of the judgements made by management in aggregating operating segments. This includes a description of the segments which have been aggregated and the economic indicators which have been assessed in determining that the aggregated segments share similar economic characteristics. The standard is further amended to require a reconciliation of segment assets to the entity s assets when segment assets are reported. Amendment to IFRS 13 Fair Value Measurement relates to the Basis for Conclusions which is not an integral part of the Standard. The Basis for Conclusions clarifies that when International Accounting Standards Board (IASB) issued IFRS 13, it did not remove the practical ability to measure short-term receivables and payables with no stated interest rate at invoice amounts without discounting, if the effect of discounting is immaterial. Amendment to IAS 24 Related Party Disclosures extends the definition of related party to include an entity, or any member of a group of which it is a part, that provides key management personnel services to the reporting entity or to the parent of the reporting entity. The adoption of the above standards and interpretations does not have any material impact on the interim financial statements in the period of initial application. 5. Fair value estimation Assets and liabilities measured at fair value can be determined based on valuation methods as defined in the fair value measurement hierarchy as follows: (i) Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). (ii) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). (iii) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The Group s biological assets are measured at fair value less cost to sell and classified as Level 3 of which valuation inputs are not based on observable market data as management considers that the costs of the biological assets approximate fair value as little biological transformation has taken place since initial cost incurrences, and expect that the impact of the biological transformation on price is not expected to be material. There are no other assets and liabilities of the Group which are measured at fair value. The carrying values of the financial assets and liabilities of the Group at the balance sheet date approximated their fair values. 11

12 Notes to interim financial statements (continued) 6. Other income Other income represents net foreign exchange gain and other miscellaneous income. 7. Other expenses Other expenses represent net foreign exchange loss and other operating expenses. 8. Principal risks and uncertainties The Group set out in its FY2014 Annual Report and Financial Statements the financial risks including foreign currency risk, interest rate risk, credit risk, liquidity and cash flow risks and capital risk management that could impact its performance; these remain unchanged since the Annual Report was published. The Group operates a structured risk management process, which identifies and evaluates risks and uncertainties and reviews mitigation activity. 9. Seasonality At 31 December 2014 the Group had gross cash of USD58 million (30 June 2014: USD46 million) and net debt of USD52 million (30 June 2014: USD80 million). Net debt is defined as short-term and long-term borrowings less cash and bank balances. The Group s sales are seasonally weighted towards the H2 of each year and net debt is expected to reduce over time as sales increase and then convert to cash. At 31 December 2014, the Group had more than USD76 million cash and banking facilities headroom. The Directors believe the banking facilities to be sufficient for projected funding requirements. 10. Segmental information Management determines the Group s operating segments based on the criteria used by the Chief Operating Decision Maker who has been identified as the Chief Executive Officer (CEO) for making strategic decisions. Management considers the Group to be a single operating segment whose activities are the production, marketing and distribution of natural sweeteners and flavors. From a geographical perspective, the Group is a multinational with operations located on all continents, but managed as one unified global organization. 12

13 Notes to interim financial statements (continued) 10. Segmental information (Cont d) 31 December 31 December Revenue 43,228 34,851 Cost of sales (28,735) (22,596) Gross profit 14,493 12,255 Other income Administrative expenses (11,156) (9,665) Operating profit 3,497 2,895 Other expenses (2,811) (2,242) Foreign exchange (loss)/gain (1,074) 2,057 Finance costs (3,768) (4,537) Share of loss in joint ventures (216) (532) Taxation 3, Loss for the financial period (927) (1,889) EBITDA 6,393 5,175 Reconciliation of Adjusted EBITDA to loss for the financial year EBITDA 6,393 5,175 Share based payment (2,570) (1,522) Others (246) (500) Foreign exchange (loss)/gain (1,074) 2,057 Finance costs (3,768) (4,537) Taxation 3, Non-controlling interest (28) 5 Depreciation and amortisation (3,079) (3,037) Loss for the financial period (927) (1,889) Under segmental reporting, share of loss in joint venture includes Group s realised profit amounting to USD 0.3 million, arising from its sales to the joint ventures. Under the statement of comprehensive income, the profit is included within the gross profit line. 13

14 Notes to interim financial statements (continued) 10. Segmental information (Cont d) 31 December 31 December Cash Flow Operating cash flow before working capital changes 7,481 5,822 Increase in inventories (10,044) (4,038) (Increase)/decrease in receivables (355) 1,428 Decrease in payables (1,930) (5,205) Net cash for operations (4,848) (1,993) Net cash from/(for) financing activities 33,087 (5,183) Gross cash at end of the financial period 58,325 30, December 30 June Statement of Financial Position Property, plant and equipment 59,651 63,715 Inventories 96,810 86,519 Third party trade receivables 26,091 29,107 Trade receivables from jointly controlled entities 10,129 10,205 Cash and bank balances 58,325 45,865 Total assets 314, ,791 Borrowings 109, ,850 Net debt 51,478 79,985 Geographical information 31 December 2014 Bermuda Asia Europe Americas Goodwill Total Sales - 9,622 4,851 28,755-43,228 Non-current assets ,092 2,007 12,811 1, , December 2013 Sales - 7,879 3,144 23,828-34,851 Non-current assets 1, ,894 1,624 11,601 1, ,502 The primary performance indicators used by the Group are revenues, gross profit, EBITDA, net cash from operations and net debt. 14

15 Notes to interim financial statements (continued) 10. Segmental information (Cont d) EBITDA is calculated as EBITDA adjusted to exclude discretionary items such as share based, bonus, foreign exchange gain/losses and any other non-recurring expenses. The entity is domiciled in Bermuda. The entity s non-current assets are located in countries other than Bermuda. There is no revenue from Bermuda. 11. Property, plant and equipment and intangible assets During the period, the Group invested USD1.4 million in property, plant and equipment. The addition to intangible assets is in respect of capitalisation of project developments during the period, net of amortisation for products now launched commercially. 12. Inventories 31 December 30 June Raw materials 14,343 14,422 Work-in-progress 18,030 11,898 Finished goods 64,437 60,199 96,810 86, Biological assets As at 31 December 2014, total biological assets of USD 3.9 million (30 June 2014: USD 4.2 million) represent 5.4 million nursery plants (30 June 2014: 5.2 million). Nursery plants are carried at cost as it is deemed to have limited biological transformation. Seedlings from nursery plants are sold to farmers upon harvest and are carried at a consistent unit cost. 15

16 Notes to interim financial statements (continued) 14. Borrowings 31 December 30 June Current - Hire purchase Term loans 42, ,649 42, ,681 Non-Current - Hire purchase Term loans 67,490 2,133 67,515 2,169 Total borrowings 109, ,850 During the period, the Group repaid bank loan amounting to USD123 million, in line with previously disclosed repayment terms. The Group then drew down bank loans amounting to USD105 million at a weighted average effective interest rate of 5% per annum. The proceeds were used to meet working capital. 15. Income taxes Income tax expense is recognised based on management s best estimate of the weighted average annual income tax rate expected for the full financial year. The Group has no estimated assessable profit. The Company was granted a tax assurance certificate dated 18 August 2007 under the Exempted Undertakings Tax Protection Act 1966 pursuant to which it is exempted from any Bermuda taxes (other than local property taxes) until 28 March 2016 which was extended to 31 March 2035 following the enactment of the Exempted Undertakings Tax Protection Amendment Act A subsidiary of the Group, PureCircle Sdn Bhd (PCSB), has been granted the Bio-Nexus Status by the Malaysian Biotechnology Corporation Sdn Bhd in which PCSB is entitled to a 100% income tax exemption for a period of 10 years on its first statutory income commencing in Upon the expiry of the 10-year incentive period, PCSB will be entitled to a concessionary tax rate of 20% on income derived from qualifying activities for a further period of 10 years. Another subsidiary of the Group, PureCircle (Jiangxi) Co. Ltd. (PCJX), has also been granted a 10% exemption on corporate tax from 1 January 2013 to 31 December 2020 by Ganzhou State Tax Revenue Department under the Western Ganzhou State Development program. 16

17 Notes to interim financial statements (continued) 16. Share capital and share premium Number of shares Ordinary shares Share premium Total 000 Balance at 1 July ,722 16, , ,712 Issuance of shares 5, ,963 43,463 Exercise of share options Balance at 31 December ,728 16, , ,224 Balance at 1 July ,602 16, , ,358 Exercise of share options Balance at 31 December ,614 16, , ,401 In November 2014, the Group completed a placement of 5 million new ordinary shares at GBP5.50 per share. The placement raised USD43.5 million in cash, net of expenses. 17. Earnings per share The basic earnings per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of ordinary shares in issue during the period. 6 months ended 31 December 31 December Loss attributable to equity holders of the Company () (899) (1,894) Weighted average number of ordinary shares in issue ( 000) 166, ,616 Basic loss per share (US Cents) (0.54) (1.15) Diluted earnings per share is not applicable as the potential ordinary shares under the Company s Long Term Incentive Plan would have an anti-dilutive effect. 18. Dividends No dividends were declared or paid by the Company during the interim period. 19. Contingent liabilities and capital commitments At the end of the period, there are no material contingent liabilities which, upon becoming enforceable, may have a material impact on the financial position of the Group. Capital commitments amounting to approximately USD1.1million is approved and contracted for, these are incurred for the purchase of land and upgrading of plant and machinery in Malaysia. Subsequent to the period, the Group approved an expansion capital expenditure of USD7.8 million. 17

18 Notes to interim financial statements (continued) 20. Events after the end of the reporting period There were no events that had a material impact to the condensed consolidated interim financial statements after the end of the reporting period. Please refer to note 19 relating to post balance sheet capital expenditure expansion. 21. Significant related party transactions (a) Identities of related parties: The Group and / or the Company have related party relationships with: (i) its subsidiaries and joint ventures; (ii) the directors who are the key management personnel; and (iii) companies in which certain directors are common directors and / or substantial shareholders. The following transactions were carried out by the Group during the period: (b) Related parties (i) Related Parties 31 December 31 December Sales of goods to jointly controlled entities 2,885 2,536 (ii) Key Management Personnel Key management includes executive and non-executive directors. The compensation paid or payable to key management for employee services is shown as below: 31 December 31 December Paul Selway-Swift Magomet Malsagov John Robert Slosar - 21 Olivier Phillipe Marie Maes Peter Lai Hock Meng Christopher Pratt 34 - William Mitchell December 31 December Remuneration

19 Notes to interim financial statements (continued) 21. Significant related party transactions (continued) (b) Related parties (Cont d) (ii) Key Management Personnel (Cont d) The Company Direct Interests Number of Ordinary Shares Of USD0.10 Each At At 1 July 31 December Bought Sold Paul Selway-Swift 202,300 5, ,800 Magomet Malsagov 14,855,612 11,300-14,866,912 Christopher Pratt 686,916 5, ,416 Olivier Phillipe Marie Maes 408,210 10, ,310 Peter Lai Hock Meng 191,400 8, ,100 William Mitchell 910,890 13, ,540 The Company Direct Interests Number of Options over Ordinary Shares Of USD0.10 Each At At 1 July 31 December Award Exercise Magomet Malsagov 686,640 5, ,976 Christopher Pratt - 3,280-3,280 Olivier Phillipe Marie Maes 2,900 4,110 (2,900) 4,110 Peter Lai Hock Meng 3,200 4,360 (3,200) 4,360 William Mitchell 529,170 4, ,859 19

20 Independent review report to PureCircle Limited PureCircle Limited (Incorporated in Bermuda) Registration No.: Introduction We have been engaged by the Company to review the condensed consolidated interim financial statements for the six months ended 31 December 2014 set out on pages 4 to 19, which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows and related notes. Directors responsibilities The condensed consolidated interim financial statements are the responsibility of, and have been approved by, the directors of PureCircle Limited. The directors are responsible for preparing the condensed consolidated interim financial statements in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the Company s annual financial statements. As disclosed in Note 2, the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards. The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" ( IAS 34 ). The maintenance and integrity of the PureCircle Limited website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the condensed consolidated interim financial statements since they were initially presented on the website. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed consolidated interim financial statements based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of preparing the condensed consolidated interim financial statements under IAS 34 and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers (AF 1146), Chartered Accountants, Level 10, 1 Sentral, Jalan Travers, Kuala Lumpur Sentral, P.O. Box 10192, Kuala Lumpur, Malaysia T: +60 (3) , F: +60 (3) , 20

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

PURECIRCLE LIMITED ( PureCircle or the Company ) FY14 RESULTS

PURECIRCLE LIMITED ( PureCircle or the Company ) FY14 RESULTS 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

More information

Dick Smith Holdings Limited ACN 166 237 841

Dick Smith Holdings Limited ACN 166 237 841 Appendix 4D Dick Smith Holdings Limited ACN 166 237 841 Half-year financial report For the 26 weeks ended This half-year financial report is provided to the Australian Securities Exchange (ASX) under ASX

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

Hydrogen Group Plc UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015

Hydrogen Group Plc UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015 Hydrogen Group Plc 15 September 2015 UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015 The Board of Hydrogen Group plc ( Hydrogen or the Group ) (AIM: HYDG) announces its unaudited results for the

More information

PURECIRCLE LIMITED (Incorporated in Bermuda) Registration No : 40431

PURECIRCLE LIMITED (Incorporated in Bermuda) Registration No : 40431 FINANCIAL REPORT for the financial period from 01 January 2008 to 30 June 2008 CONTENTS Page Directors Report.1 Independent Auditors Report... 5 Balance Sheets... 7 Consolidated Income Statements... 9

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

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

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

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

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

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014

Summary of Significant Accounting Policies FOR THE FINANCIAL YEAR ENDED 31 MARCH 2014 46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and

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

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

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

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

For personal use only. (formerly Emerald Oil and Gas NL)

For personal use only. (formerly Emerald Oil and Gas NL) (formerly Emerald Oil and Gas NL) Interim Financial Report for the half year ended 31 December CORPORATE INFORMATION... 1 DIRECTORS REPORT... 2 AUDITOR'S INDEPENDENCE DECLARATION... 5 CONDENSED CONSOLIDATED

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

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

For personal use only

For personal use only General Purpose Financial Statements For the Half-Year Ended 31 December 2013 Financial Statements CONTENTS Pages Directors Report 2 Auditor s Independence Declaration 4 Independent Review Report 5 Directors

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

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

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

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

ATS AUTOMATION TOOLING SYSTEMS INC.

ATS AUTOMATION TOOLING SYSTEMS INC. Interim Consolidated Financial Statements For the period ended June 29, 2014 (Unaudited) (Condensed) Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars unaudited) June

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

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

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

Lodged with the ASX under Listing Rule 4.2A. Results for announcement to the market 2. Directors report 3. Consolidated interim income statement 6

Lodged with the ASX under Listing Rule 4.2A. Results for announcement to the market 2. Directors report 3. Consolidated interim income statement 6 TPG Telecom Limited ABN 46 093 058 069 and its controlled entities ASX Appendix 4D and Half Year Financial Report 31 January 2012 Lodged with the ASX under Listing Rule 4.2A Contents Page Results for announcement

More information

OOREDOO Q.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015

OOREDOO Q.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2015 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine months ended 2015 CONTENTS Page (s) Independent auditors

More information

D.E MASTER BLENDERS 1753 N.V.

D.E MASTER BLENDERS 1753 N.V. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

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

CEMATRIX CORPORATION Consolidated Financial Statements (in Canadian dollars) September 30, 2015

CEMATRIX CORPORATION Consolidated Financial Statements (in Canadian dollars) September 30, 2015 Consolidated Financial Statements September 30, 2015 Management s Responsibility for Financial Reporting and Notice of No Auditor Review of the Interim Consolidated Financial Statements for the Three and

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

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

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

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

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

Half Year Report For the six months ended 30 September 2011. Dorchester

Half Year Report For the six months ended 30 September 2011. Dorchester Half Year Report For the six months 30 September 2011 Dorchester CONTENTS 01 01 02 03 04 05 06 08 17 17 Summary of activity Financial summary Executive summary - chairman and executive director s report

More information

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management

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

Second Quarter Unaudited Financial Statements for the Period Ended 30 June 2012 `

Second Quarter Unaudited Financial Statements for the Period Ended 30 June 2012 ` (Company Registration No : 195800035D) Second Quarter Unaudited Financial Statements for the Period Ended 30 June 2012 ` 1(a) (i) The following statements in the form presented in the group s most recently

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

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

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

Condensed Consolidated Statement of Comprehensive Income For the second quarter ended 30 September 2013 (Unaudited)

Condensed Consolidated Statement of Comprehensive Income For the second quarter ended 30 September 2013 (Unaudited) Condensed Consolidated Statement of Comprehensive Income For the second quarter ended 30 September 2013 (Unaudited) Group Individual Quarter ended Unaudited Unaudited 30 Sep 2012 (Company No: 591898-H)

More information

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars)

BIOMARK DIAGNOSTICS INC. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS. June 30, 2015. (Stated in Canadian Dollars) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited Prepared by Management) NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

Total revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m 30.5m +6.9% EBIT* 31.3m 28.3m +10.

Total revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m 30.5m +6.9% EBIT* 31.3m 28.3m +10. Fyffes delivers further growth in revenue and earnings Preliminary Results Restated Change % Total revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m

More information

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015

Global Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary

More information

Berjaya Food Berhad Company No: 876057-U

Berjaya Food Berhad Company No: 876057-U Berjaya Food Berhad Company No: 876057-U Date: 10 June 2016 Subject: UNAUDITED INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 30 APRIL 2016 Table of contents Page Condensed Consolidated Statement of Profit

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012 Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March

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

FOR THE SIX MONTHS ENDED 30 JUNE

FOR THE SIX MONTHS ENDED 30 JUNE Interim Report FOR THE SIX MONTHS ENDED 30 JUNE 2009 2009 Contents Financial Highlights 1 Commentary on Interim Results 2 Consolidated Income Statement 6 Consolidated Statement of Comprehensive Income

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

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 BE SEMICONDUCTOR INDUSTRIES N.V. DUIVEN, THE NETHERLANDS UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 Contents Unaudited Condensed Interim Consolidated

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

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

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

Consolidated financial statements

Consolidated financial statements Rexam Annual Report 83 Consolidated financial statements Consolidated financial statements: Independent auditors report to the members of Rexam PLC 84 Consolidated income statement 87 Consolidated statement

More information

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited)

AcuityAds Inc. Condensed Consolidated Interim Financial Statements. Three months ended March 31, 2014 and 2013 (Unaudited) AcuityAds Inc. Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statements of Financial Position March 31, December 31, 2014 2013 Assets Current assets: Cash $ 446,034

More information

PARAGON UNION BERHAD (286457-V)

PARAGON UNION BERHAD (286457-V) PARAGON UNION BERHAD (286457-V) CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE QUARTER ENDED 30 JUNE 2007 Individual Quarter Cumulative Quarter Current Year Preceding Year Current Year Preceding Year

More information

1.0 Details of the reporting period and the previous corresponding period

1.0 Details of the reporting period and the previous corresponding period Name of entity ITL Limited Appendix 4E ITL Limited Year Ended 30 June 2012 Rules 4.3A Appendix 4E Preliminary Final Report ABN or equivalent company reference 16 088 212 088 1.0 Details of the reporting

More information

Privasia Technology Berhad Company No.825092 - U (Incorporated In Malaysia) Interim financial statements for the period ended 30 June 2013

Privasia Technology Berhad Company No.825092 - U (Incorporated In Malaysia) Interim financial statements for the period ended 30 June 2013 Privasia Technology Berhad Company No.825092 - U for the period 2013 Unaudited condensed consolidated statements of financial position Assets As at 30.06.2013 As at 31.12.2012 Property, plant and equipment

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

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

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

HIGHLIGHTS FIRST QUARTER 2016

HIGHLIGHTS FIRST QUARTER 2016 Q1-16 EUROPRIS ASA 2 CONTENTS / HIGHLIGHTS FIRST QUARTER 2016 HIGHLIGHTS FIRST QUARTER 2016 (Figures for the corresponding period of last year in brackets. The figures are unaudited.) Group revenues increased

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

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

Fiscal Responsibilities of a Pharmaceutical Division

Fiscal Responsibilities of a Pharmaceutical Division 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

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

CROSSWORD CYBERSECURITY PLC

CROSSWORD CYBERSECURITY PLC Registered number: 08927013 CROSSWORD CYBERSECURITY PLC AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2014 COMPANY INFORMATION DIRECTORS T Ilube J Bottomley Professor D Secher

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

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012. CONDENSED (Unaudited) (presented in Canadian dollars unless otherwise noted) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31 As at 2013 2012 Note $ $ Assets Current assets Cash

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements Consolidated Income Statement for the year ended 30 June Consolidated Financial Statements Notes $'000 $'000 Revenue from continuing operations 437,459 336,460 Employee

More information

NZX LIMITED. Financial Statements

NZX LIMITED. Financial Statements NZX LIMITED Financial Statements 1 Income Statement Group Note Revenue Securities information 4,929 4,423 8,924 Listings 6,202 5,656 12,984 Other issuer services 488 457 976 Securities trading 2,221 2,051

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

FINANCIAL SUPPLEMENT December 31, 2015

FINANCIAL SUPPLEMENT December 31, 2015 FINANCIAL SUPPLEMENT December 31, 2015 Monster Worldwide, Inc. (together with its consolidated subsidiaries, the Company, Monster, we, our or us ) provides this supplement to assist investors in evaluating

More information

Financial statements: contents

Financial statements: contents Section 5 Financial statements 115 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 116 Consolidated income statement 123 Consolidated

More information

Numis Corporation Plc Half Year Results for the six months ended 31 March 2014

Numis Corporation Plc Half Year Results for the six months ended 31 March 2014 Numis Corporation Plc Half Year Results for the six months ended 31 March 2014 London, 7 May 2014: Numis Corporation Plc ( Numis ) today announces results for the six months ended 31 March 2014. Numis

More information

Rakon Limited. Annual Report 2016

Rakon Limited. Annual Report 2016 Rakon Limited Annual Report 2016 Table of Contents Directors Report 2 Statement of Comprehensive Income 3 Statement of Changes in Equity 4 Balance Sheet 5 Statement of Cash Flows 6 Notes to the Financial

More information

Symbility Solutions Inc. Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended June 30, 2015

Symbility Solutions Inc. Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended June 30, 2015 Interim Condensed Consolidated Financial Statements (Unaudited) Quarter ended Interim Consolidated Statements of Financial Position (Unaudited - In thousands of Canadian dollars) 2015 As at December 31,

More information

Electronic Data Processing PLC (EDP) Half-year results 6 months to 31 March 2016

Electronic Data Processing PLC (EDP) Half-year results 6 months to 31 March 2016 2 June 2016 Electronic Data Processing PLC (EDP) Half-year results 6 months to 31 March 2016 EDP is an IT solution provider to the UK wholesale distribution industry and a supplier of Sales Intelligence

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Expressed in Canadian Dollar) and 2007 Index Balance Sheets Statements of Operations, Comprehensive Loss and Deficit Statements of Cash Flows Notes to Financial

More information

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS ARSN 602 666 615 Annual Financial Report for the period 10 November 2014 to 30 June 2015 BetaShares Geared U.S. Equity Fund

More information

Notes on the parent company financial statements

Notes on the parent company financial statements 316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company

More information

Illustrative financial statements

Illustrative financial statements IFRS Illustrative financial statements October 2012 kpmg.com/ifrs 1 Contents What s new 2 About this publication 3 Independent auditors report on consolidated financial statements 5 Consolidated financial

More information

151 Company Income Statement 152 Company Balance Sheet 154 Notes to the Company Financial Statements

151 Company Income Statement 152 Company Balance Sheet 154 Notes to the Company Financial Statements 65 Annual Report and Accounts 2014 Consolidated, Company and Food Financial Statements 2014 Page Consolidated Financial Statements, presented in euro and prepared in accordance with IFRS and the requirements

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

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

Notes to the Financial Statements For the year ended 31 December 2010

Notes to the Financial Statements For the year ended 31 December 2010 Overview Business Sustainability Financial Directors Governance Accounts Notes to the Financial Statements For the year ended 2010 NOTE 1 GENERAL Playtech Limited (the Company ) was incorporated in the

More information

PIZZAEXPRESS FINANCING 1 PLC. Interim financial report for the 40 weeks ended 3 April 2016

PIZZAEXPRESS FINANCING 1 PLC. Interim financial report for the 40 weeks ended 3 April 2016 Interim financial report for the 40 weeks ended 3 April 2016 1 Contents Operating and financial review 3 Condensed consolidated statement of comprehensive income 4 Condensed consolidated statement of financial

More information

The consolidated financial statements of

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

More information

Condensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) For the three months ended July 31, 2012 and 2011

Condensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) For the three months ended July 31, 2012 and 2011 Condensed Interim Financial Statements Fiscal 2013 First Quarter (Unaudited) CRITICAL OUTCOME TECHNOLOGIES INC Page 2 Condensed Interim Financial Statements Table of Contents Notice of No Audit or Review

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information