Windar Photonics Final Results -2-
29 Maggio 2015 - 8:00AM
UK Regulatory
Notes EUR EUR
Loss for the period before tax (2,684,171) (1,451,846)
Adjustments for:
Finance income (84,985) (68,704)
Finance expenses 259,554 162,437
Amortisation 319,323 307,546
Depreciation 7,882 5,783
Received tax credit 118,480 94,562
Foreign exchange difference (7,643) (245)
Warrants expense 103,107 -
(1,968,453) (950,467)
Movements in working capital
Changes in inventory (101,089) (94,738)
Changes in receivables (666,871) 44,432
Changes in trade payables 247,960 -
Changes in other payables 465,241 (500)
Cash flow from operations (2,023,212) (1,001,273)
Investing activities
Payments for intangible assets (207,733) (54,807)
Payments for tangible assets (22,387) (8,553)
Cash flow from investing activities (230,120) (63,360)
Financing activities
Proceeds from issue of share capital 7,643,977 -
Costs associated with the issue of (572,889) -
share capital
Issue of convertible debt 737,779 806,654
Costs associated with the issue and (183,933) -
conversion of bonds
Non cash effects on the conversion 24,768
of Bonds
Net change in long term borrowing 77,454
Interest received (259,554) -
Interest paid 84,985 (806)
Cash flow from financing activities 7,552,587 805,848
Net increase in cash and cash (258,785)
equivalents 5,299,255
Exchange differences (581) (546)
Cash and cash equivalents at the 249,922 509,253
beginning of the year
Cash and cash equivalents at the end 249,922
of the year 5,548,596
CONSOLIDATED AND COMPANY STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31
DECEMBER 2014
Share Share Merger Foreign Accumulated Total
Capital Premium reserve currency Losses
reserve
EUR EUR EUR EUR EUR EUR
At I January 2013 411,245 - 1,551,502 (2,207) (456,329) 1,504,211
Comprehensive loss - - - - (1,333,536) (1,333,536)
for the year
Other comprehensive - - - (245) - (245)
loss
At 31 December 2013 - 1,551,502 (2,452) 170,430
411,245 (1,789,865)
At 1 January 2014 - 1,551,502 (2,452) 170,430
411,245 (1,789,865)
Issue of shares on 3 - - - - 3
incorporation
Effects of bonds - - 1,359,364 - 18,127 1,377,491
conversion in
subsidiary
New shares issued 75,518 7,476,233 - - - 7,551,751
Costs associated with - (572,889) - - - (572,889)
capital raise
New shares issued in 922 91,302 - - - 92,224
respect of services
rendered
Share option and - - - - 103,107 103,107
warrant costs
Comprehensive loss - - - - (2,613,859) (2,613,859)
for the year
Other comprehensive - - - (8,440) - (7,643)
loss
At 31 December 2014 487,688 6,994,646 2,910,866 (10,892) (4,282,490) 6,099,818
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
1.General Information
While the financial information included in this preliminary announcement has
been prepared in accordance with International Financial Reporting Standards
(IFRSs), this announcement does not itself contain sufficient information to
comply with IFRSs. The Group has also published full financial statements that
comply with IFRSs available on its website and to be circulated shortly.
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 31 December 2014 or 2013. The
financial information for the year ended 31 December 2013 is derived from the
statutory accounts for the subsidiary for that year, as the parent company was
not in existence at that date.
The financial information for the year ended 31 December 2014 is derived from
the audited statutory accounts for the year ended 31 December 2014 on which the
auditors have given an unqualified report, that did not contain a statement
under section 498(2) or 498(3) of the Companies Act 2006 and did not include
references to any matters to which the auditors drew attention by way of
emphasis. The statutory accounts will be delivered to the Registrar of
Companies following the Company's annual general meeting.
The accounting policies adopted in the preparation of this preliminary
announcement are consistent with those set out in the latest Group Annual
financial statements. There is no material seasonality associated with the
Group's activities.
2.Going Concern
The consolidated financial statements have been prepared assuming the Group
will continue as a going concern. Under the going concern assumption, an entity
is ordinarily viewed as continuing in business for the foreseeable future with
neither the intention nor the necessity of liquidation, ceasing trading or
seeking protection from creditors pursuant to laws or regulations. In assessing
whether the going concern assumption is appropriate, management has considered
the company's existing working capital and management are of the opinion that
the Group has adequate resources to undertake its planned program of activities
for the 12 months from the date of approval of the consolidated financial
statements.
3.Accounting policies
Basis of preparation
The consolidated financial statements comprises the consolidated financial
information of the Group as at 31 December 2014 and are prepared under the
historic cost convention with the exception of certain items which are measured
at fair value as disclosed in the accounting policies below.
The financial statements has been prepared in accordance with International
Financial Reporting Standards, International Accounting Standards and
Interpretations (collectively "IFRSs") issued by the International Accounting
Standards Board (IASB) as adopted by the European Union ("adopted IFRSs").
The acquisition of the subsidiary was deemed to be a business combination under
common control as the ultimate control before and after the acquisition was the
same. As a result the transaction is outside the scope of IFRS 3 and has been
included under the principles of merger accounting by reference to UK GAAP.
Therefore although the companies that comprise the group did not form a legal
group for the entire period of these financial statements, the current period
and the comparative results comprise the result of the subsidiary as if the
Group had been in existence throughout the entire period.
Windar Photonics A/S adopted IFRS for the first time in the Historical
Financial Information for the three years ended 31 December 2013 as presented
in the Admission Document to AIM dated 24 March 2015. As Windar Photonic plc is
a continuation of the business of Windar Photonics AS as reflected in the
merger accounting principle and therefore the Group is not deemed to be a first
time adopter of IFRS in these financial statements.
Functional and presentational currency
Items included in the Financial Statements are measured using the currency of
the primary economic environment in which each entity operates ("the functional
currency") which is considered by the Directors to be Pounds Sterling (GBP) for
the Parent Company and EUR for Windar Photonics A/S. The Financial Statements
have been presented in EUR's which represent the dominant economic environment in
which the Group operates and is considered to be the functional currency of the
Group.
4.Revenue
Revenue arises from:
Year ended Year ended
31 December 31 December
2014 2013
EUR EUR
Sale of goods 1,038,673 74,141
5.Segment information
Operation segments are reported as reported to the chief operation decision
maker.
The Group has one reportable segment being the sale of LIDAR Wind Measurement.
In 2014, one customer accounted for more than 10 per cent of the revenue. The
total amount of revenue from this customer amounted to 78 per cent of the
revenue (2013: 5 customers who each accounted for more than 10per cent. and in
aggregate totaling 91 per cent of total revenue).
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