TIDMBYOT
RNS Number : 8709X
Byotrol PLC
25 November 2014
25 November 2014
Byotrol plc
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2014
Byotrol plc ('Byotrol', the 'Group' or the 'Company'), the
leading AIM listed anti-microbial hygiene company, is pleased to
present its unaudited Interim results for the six months ended 30
September 2014.
Highlights
-- Strong improvement in underlying trading:
o Turnover of GBP1,555k (2013: GBP1,712k). Excluding the
substantial (and previously disclosed) one-off payment from a US
licensee in 2013, underlying turnover has increased by over 20%
o Administrative costs reduced by 34% to GBP729k (2013:
GBP1,101k)
o EBITDA loss reduced by 34% to GBP263k (2013: GBP393k).
Excluding the one-off payment referred to above and share option
charges, underlying EBITDA loss has been reduced by over 60%
o Much strengthened balance sheet, boosted by a placing that
raised GBP1.16m (net of expenses) in July 2014
-- Next generation technology developed, with patent now granted:
o New formulation, particularly applicable to consumer
markets
o Superior performance claims to current formulations
o Complies with forthcoming European biocide and labelling
regulations
o Marketing programme now launched in European Union
countries
-- Approval process formally started with Environmental
Protection Agency in the US for regulatory-approved access to the
US domestic consumer markets
-- As announced separately, Dr Trevor Francis has joined the
Board as Chief Technology Officer, previously Global Vice President
of Unilever's Homecare R&D team
Commenting on the results, David Traynor, Chief Executive of
Byotrol, said:
"We have made good progress this half-year on several fronts.
Underlying sales are up, costs are substantially down and we have
now positioned our technologies for the diverging regulatory
environments in the US domestic market and the EU market.
We are delighted that Dr Trevor Francis has agreed to join the
Board. We will benefit greatly from his technical expertise and
network of contacts."
Enquiries:
Byotrol plc
David Traynor - Chief Executive 01925 742 000
Dawn Williams - Group Marketing Controller
finnCap
Geoff Nash/Christopher Raggett - Corporate Finance 020 7220 0500
Mia Gardner - Corporate Broking
Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a leading anti-microbial
technology company, operating globally in the Food, Industrial,
Healthcare and Consumer sectors, providing low toxicity products
with a broad-based and long-lasting efficacy across all microbial
classes; bacteria, viruses, fungi, moulds, mycobacteria and
algae.
Powerful, long-lasting and gentle, Byotrol's products can be
used stand alone or as ingredients within existing products, where
Byotrol can significantly improve their performance in personal
hygiene, domestic and industrial disinfection, odour control, food
production and food management.
Founded in 2005, the Company develops technologies that create
easier, safer and cleaner lives for everyone.
For more information, please go to www.byotrol.co.uk
Chief Executive's Report
In the last six months we have been largely successful in
hitting our targets, namely: increase underlying sales, reduce
costs, develop better products, improve the balance sheet and make
the business more efficient.
We have also been investing carefully to position ourselves for
forthcoming regulatory and labelling changes in global chemical and
consumer markets. We now have separate technologies for the various
geographical regulatory regimes, where the US and Europe in
particular have diverging requirements. This has been helped by
working in development alliances with other chemical companies and
has already resulted in one UK patent grant (with PCT patents
pending) for a totally new Byotrol formulation platform, with
superior claims potential for European consumer markets.
In general we are pleased with progress so far and see good
momentum towards taking the Company to profitability.
Financial Overview
Headline numbers for the period are as follows:
-- EBITDA loss has reduced by 34% to GBP263k (2013: GBP393k) on
slightly reduced turnover of GBP1,555k (2013: GBP1,712k)
Underlying these numbers is a marked improvement in trading.
Excluding (a) the previously disclosed one-off licence payment in
H1 2013 and (b) share option charges:
-- Underlying EBITDA loss has reduced by over 60% to GBP226k on
an increase in turnover (of over 20%) to GBP1,555k
-- Underlying gross profit has remained broadly flat at GBP502k
Administrative costs have been reduced by 34% to GBP729k (2013:
GBP1,101k). The rationalisation programme introduced in October
2013, following the acquisition of the remaining 50% of Byotrol
Consumer Products Ltd, has now been completed.
Markets
Professional
Our Professional segment has performed strongly. Sales have
increased to GBP939k (2013: GBP767k) and gross profit has increased
to GBP244k (2013: GBP230k).
In food and beverage, our business servicing food manufacturing
and processing companies has performed particularly well, including
good growth at our core customers Cranswick plc and Bakkavor plc.
As part of our approach to comply with new EU labelling rules on
biocides we have launched a rebalanced formulation of Byotrol aimed
at the Professional mass market - the initial response has been
positive.
Our M&S relationship remains strong, with Byotrol now
adopted in 560 stores and franchises.
In business services we continue to grow steadily in sales and
gross profit across a broad range of smaller companies and
distributors.
We maintain a good relationship with Rentokil Initial plc and we
continue to support their Ultraprotect range of hand hygiene
products. However sales have been too low to justify the breadth
and exclusivity provisions of the agreement signed in 2011; so we
have now mutually agreed to replace that agreement and work on a
new, more focused business relationship. These discussions are
ongoing.
In healthcare, we continue to work through the lengthy processes
involved in generating sales to the NHS and its suppliers. This
includes formal trialling of our products in 5 hospitals with
leading facilities services companies. Technical results to date
are very good and we remain hopeful of substantial progress this
financial year. We also now have early stage development
discussions ongoing with established companies in woundcare and
sporicidal products.
Petcare
Our pet and vet business has continued to perform well, with
turnover increasing to GBP483k (2013: GBP334k) and gross profit
increasing to GBP125k (2013: GBP100k).
Our business is still largely focussed on strong supply
relationships with Pets at Home, the national pet speciality
retailer, and Petface, a relatively new, but innovative and
fast-growing pet brand.
We are particularly pleased to be expanding our product
distribution into Central Europe and Australian chain stores -
these new outlets accounted for 20% of Petcare turnover in the
period.
We are reliant for much of our pet business on overseas
suppliers, particularly in Asia. Unfortunately, since the half-year
end we have been experiencing some quality issues with one of our
suppliers. This has required some remedial action that may have an
impact on pet margins in H2.
Consumer
Our Consumer segment traded behind plan in the period, with
turnover and gross profit down significantly at GBP132k compared to
the headline numbers for the comparable period H1 2013 (GBP611k).
The comparable numbers however include the previously disclosed,
substantial one-off payment received in the US.
It has become increasingly clear that geographically-diverging
regulatory rules mean we will only make progress in Consumer if we
can target different formulations to (a) EU consumers, requiring
reformulations approved under the new EU regulatory rules and (b)
US consumers, requiring formulations that will pass the US
Environmental Protection Agency regulatory tests. I am pleased to
report that we have made good progress in this re-targeting,
including:
-- New, improved, newly-patented and regulatory-compliant
consumer formulations are now being marketed to potential partners
in Europe. We continue to partner with Albaad in wipe formats and
are now building marketing alliances in liquid formats. The sales
cycle on these deals can be lengthy, but initial indications are
very positive
-- We are now in the middle of a formal review of our products
by the US EPA. This has been a long-term target of the Company and
now, using the funds and expertise from the earlier, now suspended,
deal with Kimberly-Clark Corp. we are proceeding towards a
conclusion before the end of this financial year. We cannot
guarantee an approval, but if we do pass the tests, we will have a
unique - and consumer-validated - product for the very sizeable US
domestic market
-- We have already agreed a small deal in the US domestic market
with Oregon-based Advanced Hygienics to act as an agent for the new
products. As part of that deal Advanced Hygienics is contributing
to our EPA registration costs.
Based on progress so far, we remain very excited about the
potential in consumer markets and continue to focus sales resource
into this area.
Technology and Regulation
As a biocide-based, anti-microbial company, Byotrol operates in
heavily-regulated markets, with rules varying by geography and
market type. We are well-versed in the geographical differences and
in the challenges and opportunities this presents (especially the
barriers to new competition).
The regulatory regime in the European Union in particular is
being significantly tightened, with the introduction of the EU
Biocides Regulation (528/2012) and associated rules, creating a new
and detailed process of product authorisation, labelling and
monitoring.
We certainly support the principles behind the changes (ie
making the world safer), but from our vantage point as an SME, the
new authorisation process is bureaucratic, complex, expensive and
prone to change. This has been creating resource and planning
issues, as it has for our competitors.
This is an ongoing process that will require continued time and
effort and we cannot be sure how customers and consumers will react
to the huge number of labelling changes due to take place from June
2015. But we are confident of our position and see some excellent
opportunities as lower-quality products fail to meet the new
standards.
Board
I am pleased to announce a strengthening of our Board, with the
addition of Dr Trevor Francis as an Executive Director and Chief
Technology Officer. Dr Francis has been working as a consultant to
the Company in various positions over the last six years,
particularly in consumer product development and commercialisation
and was responsible for developing the patented technology that has
created a new platform for us. Prior to joining Byotrol, Dr Francis
spent 29 years at Unilever where he became Vice President of the
Global R&D Homecare division and Head of the European Fabric
Conditioners & Global Fragrance divisions.
Outlook
We are very positive about the outlook for the Company. We have
improved our financial performance substantially, re-positioned our
products for diverging regulatory environments and taken big steps
to launching in the US.
In parallel with the sales and marketing process, we continue to
increase efficiencies within the business - rationalising the
product portfolio, improving the supply chain, driving our margins
and making changes accordingly.
There are still challenges to be faced but there are also many
opportunities and with such a lean business we know that one new
sizeable contract should propel us into profitability and more
rapid growth. We are all working very hard - and with confidence -
to deliver that contract and more.
David Traynor
Chief Executive
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the 6 month period ended 30 September 2014
6 mths 6 mths Year ended
ended ended 31 March
30 September 30 September
2014 2013 2014
GBP GBP GBP
REVENUE 1,554,866 1,712,359 3,126,406
Cost of sales (1,052,611) (770,549) (1,897,744)
GROSS PROFIT 502,255 941,810 1,228,662
Administrative expenses excluding depreciation
and amortisation (728,706) (1,100,837) (1,972,762)
Exceptional items (220,665) 103,044
Share based compensation (36,364) (13,051) (29,703)
LOSS BEFORE INTEREST, DEPRECIATION,
AMORTISATION AND TAX (262,815) (392,743) (670,759)
Amortisation (29,479) (34,580) (70,750)
Depreciation (40,252) (20,814) (65,615)
Finance income - - -
Finance costs (37,299) (9,596) (29,325)
LOSS BEFORE TAX (369,845) (457,733) (836,449)
Taxation - - -
LOSS FOR THE FINANCIAL YEAR (369,845) (457,733) (836,449)
(Loss) / profit attributable to:
Owners of Parent (369,845) (607,428) (986,144)
Non-controlling interest - 149,695 149,695
(369,845) (457,733) (836,449)
OTHER COMPREHENSIVE INCOME, NET OF
TAX
Other comprehensive income to be reclassified
to profit or loss in subsequent periods:
Currency translation difference 10,212 (40,757)
Other comprehensive income/(expense) (369,845) 10,212 (40,757)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (369,845) (447,521) (877,206)
Owners of the parent (369,845) (597,216) (1,026,901)
Non-controlling interest - 149,695 149,695
(369,845) (447,521) (877,206)
Basic and fully diluted loss per share
- pence (0.19) (0.41) (0.60)
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2014
As at 30 As at 30 As at 31
September September March
2014 2013 2014
GBP GBP GBP
(restated)
ASSETS
Non-current assets
Property, plant and equipment 78,914 157,557 118,680
Intangible assets 496,839 482,312 463,847
575,753 639,869 582,526
Current assets
Inventories 286,342 434,498 278,351
Trade and other receivables 771,051 764,460 762,113
Cash and cash equivalents 578,796 585,106 98,521
1,636,189 1,784,064 1,138,985
2,211,942 2,423,933 1,721,512
LIABILITIES
Current liabilities
Trade and other payables 768,666 1,771,145 1,101,759
768,666 1,771,145 1,101,759
Long term liabilities
Convertible loan notes 324,757 - 310,699
324,757 - 310,699
Equity
Share capital 562,587 374,073 458,420
Share premium account 21,639,595 18,562,358 20,586,758
Merger reserve 1,064,712 1,064,712 1,064,712
Cumulative translation
reserve 12,821 8,548 26,879
Retained deficit (22,161,196) (18,893,451) (21,827,715)
Equity attributable to
owners of the Parent 1,118,519 1,116,240 309,054
Non-controlling interests - (463,452) -
TOTAL EQUITY 1,118,519 652,788 309,054
TOTAL EQUITY AND LIABILITIES 2,211,942 2,423,933 1,721,512
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
for the 6 month period ending 30 September 2014
Retained Non-controlling
Share Share Merger Other earnings interests
capital premium reserve reserves reserve Sub-total GBP Total
GBP GBP GBP GBP GBP GBP equity
GBP
At 1 April 2013 358,949 18,154,985 1,064,712 (1,665) (18,299,075) 1,277,906 (613,147) 664,759
Loss for the
period - - - - (607,428) (607,428) 149,695 (457,733)
Currency
translation
difference - - - 10,212 - 10,212 - 10,212
Total
comprehensive
loss for the
period - - - 10,212 (607,428) (597,216) 149,695 (447,521)
Placing of
shares 15,124 468,250 - - - 483,374 - 483,374
Placing costs - (60,877) - - - (60,877) - (60,877)
Share based
payments - - - - 13,051 13,051 - 13,051
Balance as at 30
September 2013 374,073 18,562,358 1,064,712 8,548 (18,893,452) 1,116,238 (463,452) 652,786
Loss for the
period - - - - (378,716) (378,716) - (378,716)
Currency
translation
difference - - - (50,969) - (50,969) - (50,969)
Total
comprehensive
loss for the
period - - - (50,969) (378,716) (429,685) - (429,685)
Purchase of
non-controlling
interest 84,347 2,024,400 - - (2,572,199) (463,452) 463,452 -
Issue of
convertible
loan notes - - - 69,301 - 69,301 - 69,301
Share based
payments - - - - 16,652 16,652 - 16,652
Balance as at 31
March 2014 458,420 20,586,758 1,064,712 26,880 (21,827,715) 309,054 - 309,054
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
for the 6 month period ending 30 September 2014
Retained Non-controlling
Share Share Merger Other earnings interests
capital premium reserve reserves reserve Sub-total GBP Total
GBP GBP GBP GBP GBP GBP equity
GBP
Loss for the
period - - - - (369,845) (369,845) - (369,845)
Currency - - - - - - - -
translation
difference
Total
comprehensive
loss for the
period - - - - (369,845) (369,845) - (369,845)
Placing of
shares 104,167 1,145,833 - - - 1,250,000 - 1,250,000
Placing costs - (92,996) - - - (92,996) - (92,996)
Convertible
loan notes - - - (14,058) - (14,058) - (14,058)
Share based
payments - - - - 36,364 36,364 - 36,364
Balance as at
30 September
2014 562,587 21,639,595 1,064,712 12,821 (22,161,196) 1,118,519 - 1,118,519
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the 6 month period ended 30 September 2014
6 mths 6 mths Year ended
ended ended 31 March
30 30 2014
September September
2014 2013
GBP GBP GBP
(restated)
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the period before tax (369,845) (457,733) (836,449)
Adjustments for:
Share based payments 36,364 13,051 29,703
Depreciation 40,252 20,814 65,615
Amortisation 29,479 34,580 70,750
Loss on disposal of property,
plant and equipment - - 715
Impairment of intangible assets - - 80,362
Finance income - - -
Finance costs 37,299 9,596 29,325
Loan forgiveness - - (684,269)
Foreign exchange gains and losses - 10,217 -
Changes in working capital
(Increase)/decrease in inventories (7,991) 76,439 232,586
(Increase)/decrease in trade and
other receivables (8,938) 291,865 294,210
(Decrease) / increase in trade
and other payables (333,093) (46,740) (72,594)
CASH USED IN OPERATING ACTIVITIES (576,473) (47,911) (790,066)
Income taxes credit received - - -
NET CASH USED IN OPERATING ACTIVITIES (576,473) (47,911) (790,066)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire property,
plant and equipment (486) (100,806) (107,445)
Proceeds from sale of property, - - -
plant and equipment
Payments to acquire intangible
assets (62,471) (37,513) (135,580)
Finance income - - -
NET CASH USED IN INVESTING ACTIVITIES (62,957) (138,319) (243,025)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on issue of ordinary
shares 1,250,000 483,374 483,374
Proceeds on issue of convertible
loan notes - - 380,000
Share issue costs (92,996) (60,880) (60,877)
Capital element of finance lease - - -
rental payments
Interest paid (37,299) (9,598) (29,325)
NET CASH INFLOW /(OUTFLOW) FROM
FINANCING 1,119,705 412,896 773,172
Net incease/(decrease) in cash
and cash equivalents 480,275 226,666 (259,919)
Cash and cash equivalents at the
beginning of the financial year 98,521 358,440 358,440
Effect of foreign exchange rate - - -
changes
Cash and cash equivalents at the
end of the financial year 578,796 585,106 98,521
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the 6 month period ended 30 September 2014
1. Basis of preparation
The financial statements have been prepared in accordance with
the AIM rules, international financial reporting standards ("IFRS")
as adopted by the European Union that are applicable to the Group's
statutory accounts for the year ended 31(st) March 2014 and the
applicable provisions of the Companies Act 2006. The interim
financial statements are unaudited and were approved by the
Directors on 24 November 2014. The information set out herein is
abbreviated and does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The results for
the year ended 31 March 2014 are in abbreviated form and have been
extracted from the published financial statements. These were
audited and reported upon without qualification by Mazars LLP and
did not contain a statement under Section 498(2) or (3) of the
Companies Act 2006. Statutory accounts for the financial year ended
31 March 2014 have been filed with the Registrar of Companies.
The Group has not applied IAS 34, Interim Financial Reporting,
which is not mandatory for UK Groups, in the preparation of these
interim financial statements.
The Company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are quoted on
AIM, a market operated by The London Stock Exchange. The
consolidated financial information of Byotrol plc is presented in
Pounds Sterling (GBP), which is also the functional currency of the
parent.
2. Going concern
The Group has continued to incur losses in the period to 30
September 2014, but had, at the period end, cash reserves and net
assets of GBP578,796 and GBP1,118,519. Byotrol plc has prepared
interim financial statements on a going concern basis, which
assumes the Group will continue in operational existence for the
foreseeable future. The Group's ability to meet its future funding
and working capital requirements, and therefore continue as a going
concern, is dependent upon the Group being able to generate
recurring and sustainable revenues and free cash flow. The
Directors have prepared projected cash flow information for the
period ending 12 months from the date of approval of these interim
financial statements. The projections take into account the new
business opportunities highlighted in the Chief Executive's Report,
the timing and quantum of which will affect the Group's cash
requirements, which are continually monitored by the Board.
On the basis of these projections and having undertaken
sensitivity analysis in respect of future sales growth, the
Directors are satisfied that the Group can meet its operational
requirements and discharge its liabilities as and when they fall
due. Accordingly they continue to adopt the going concern basis in
preparing the interim report and accounts.
In the event that the Group is unable to achieve its forecast
cash inflows, the Directors have opportunities available to them
which will enable them to reduce costs so that the business can
continue to exist within its current funding arrangements. Based on
this analysis, the Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future and for this reason they continue to
adopt the going concern basis of accounting.
3. Segmental information
The Group has three reportable segments; being Professional
(including food service, food manufacturing, industrial and
health), Consumer and Pet. This disclosure correlates with the
information which is presented to the Group's Chief Decision Maker,
the Board. The Group's revenue, result before taxation and net
assets were all derived from its principal activities.
The first segment concerns the professional sector incorporating
business to business sales into food and beverage, healthcare and
facilities management. The second segment concerns the consumer
sector and primarily revenue generated from licence agreements with
third parties for the manufacture and sale of products
incorporating Byotrol technology. The third sector concerns the Pet
sector, where finished goods are manufactured and sold into the
companion animal sector.
The Group operates in different geographic locations. The
revenue generated from the different geographic locations is
analysed separately into the information below.
The Group's centrally incurred administrative expenses,
incorporating the ongoing research and development work, operating
income and assets and liabilities cannot be allocated to individual
segments.
Continuing operations
Professional Consumer Pet Total
6 months ended 30 September 2014 GBP GBP GBP GBP
REVENUE
United Kingdom 861,354 73,373 388,320 1,323,047
North America 3,003 23,881 - 26,884
Rest of World 74,930 34,996 95,009 204,935
Total revenue 939,287 132,250 483,329 1,554,866
Cost of sales (694,990) - (357,621) (1,052,611)
Gross profit 244,297 132,250 125,708 502,255
Centrally incurred income and expenditure not attributable to individual segments:
Administrative costs (728,705)
Exceptional items -
Depreciation and amortisation (69,731)
Share based payments (36,364)
Finance income -
Finance costs (37,300)
Loss before tax (369,845)
3. Segmental information (continued)
Continuing operations
Professional Consumer Pet Total
6 months ended 30 September 2013 GBP GBP GBP GBP
REVENUE
United Kingdom 645,249 131,902 232,151 1,009,302
North America 43,014 451,613 - 494,627
Rest of World 78,869 27,608 101,953 208,430
Total revenue 767,132 611,123 334,104 1,712,359
Cost of sales (536,784) - (233,565) (770,549)
Gross Profit 230,348 611,123 100,339 941,810
Central income and expenditure not attributable to individual segments:
Administration costs (1,100,837)
Exceptional items (220,665)
Depreciation and amortisation (55,394)
Share based payments (13,051)
Finance income -
Finance Costs (9,596)
(457,733)
Continuing operations
Professional Consumer Pet Total
Year ended 31 March 2014 GBP GBP GBP GBP
REVENUE
United Kingdom 1,448,520 278,909 456,010 2,183,439
North America 76,099 451,613 - 527,712
Rest of World 94,900 55,239 265,116 415,255
Total revenue 1,619,519 785,761 721,126 3,126,406
Cost of sales (1,385,745) - (511,999) (1,897,744)
Gross Profit 233,774 785,761 209,127 1,228,662
Central income and expenditure not attributable to individual segments:
Administration costs (1,972,762)
Exceptional items 103,044
Depreciation and amortisation (136,365)
Share based payments (29,703)
Finance income -
Finance Costs (29,325)
(836,449)
4. Loss per share
The loss per ordinary share is based on the losses for the
period of GBP369,845 (six months ended 30 September 2013:
GBP607,428; twelve months ended 31 March 2014: GBP986,144) and the
weighted average number of ordinary shares in issue during the
period of 197,940,050 (six months ended 30 September 2013;
146,620,414, twelve months ended 31 March 2014: 163,854,920).
The loss for the period and the weighted average number of
ordinary shares for calculating the diluted earnings per share for
the six months ended 30 September 2014 and for the comparative
periods are identical to those used for the basic earnings per
share. This is because the outstanding share options would have the
effect of reducing the loss per ordinary share and would therefore
not be dilutive.
5. Taxation
No liability to UK corporation or overseas income taxes arises
for the period due to losses incurred. The Directors have assessed
the position in relation to deferred tax and concluded that no
provision or asset should be created at this stage in respect of
deferred tax in view of the timescale and uncertainty of the
recovery of tax losses. This position will be reviewed again at 31
March 2015.
6. Interim announcement
The interim report was released on 25 November 2014. It is also
available on the Company's website, www.byotrol.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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