Cleantech Building Materials: Annual Results to 31 December 2016
March 29 2017 - 3:16PM
29 March 2017
CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST
NORTH, COPENHAGEN
TICKER: CBM
Cleantech Building
Materials plc
Annual Results to
31 December 2016
Cleantech Building Materials plc
("CBM" or the "Company"), presents its results for the nine months
ended 31 December 2016. The audited financial statements are
appended to this announcement.
Business Overview
On 23 December 2016, the Company's
shares were admitted to trading on the Nasdaq First North market in
Copenhagen and the acquisition of Diamond Wood was completed. With
the successful completion of the admission to Nasdaq First North,
Copenhagen, our attention has turned to delivering on Diamond
Wood's objective of constructing an Accoya® factory in
China. Discussions are on-going and we expect to announce
developments throughout 2017. We have also strengthened the Diamond
Wood sales team with two new experienced hires in Q1 2017.
Financial
Overview
The Group's revenues for the 9
months ended 31 December 2016 remained steady at €531,000 (year
ended 31 March 2016: €784,000) and consisted mainly of
Accoya® Wood sales to
Thailand, Philippines, Singapore and Malaysia.
The Group realised a net loss of
€3,596,000 for the period from 1 April 2016 to 31 December 2016
(year ended 31 March 2016: €4,479,000).
Since reaffirming its
Accoya® licence with
Accsys Technologies plc in 2015, the Group has successfully
appointed 11 distributors of Accoya® Wood in
the ASEAN region and is currently working on several exciting
reference site projects to further build brand awareness. The Group
held an Accoya® distributor
conference in Bangkok during October to educate and assist
distributors with sales of Accoya® Wood in
their respective regions, and is now starting to bear the fruits
from this extremely well received event. The Group has also
recruited additional sales staff in Thailand and China and is now
in discussions to sell Accoya® Wood
directly to manufacturers in these regions.
Following the public listing in
2016, the Group is accelerating its discussions with a state-owned
Chinese conglomerate to significantly grow its business and to
construct and operate its own Accoya® Wood
manufacturing facility.
Once the Group is producing its
own Accoya® Wood,
the Board believes the financial performance of the Group will be
radically transformed. In the meantime, Diamond Wood's licensor,
Accsys Technologies Plc, has announced it will be increasing the
capacity of its Accoya® Wood
factory during 2017, which should help to bridge the gap between
demand and supply until the Group's Accoya® Wood
facility is in operation.
As at 31 December 2016, the Group
had cash and cash equivalents of €113,000 (31 March 2016: €51,000),
€Nil (31 March 2016: €3,700,000) in interest bearing borrowings
from independent third parties and net current liabilities of
€775,000 (31 March 2016: €4,418,000).
Going
Concern
The consolidated financial
statements are prepared on the going concern basis.
The directors have considered the
future liquidity of the Group in light of the net loss of
€3,596,000 (year ended 31 March 2016: €4,479,000) during the
current period and the net current liabilities as at 31 December
2016 of €775,000 (31 March 2016: €4,418,000); and the material
uncertainty regarding the Group's ability to raise funding and to
execute the Group's business plan.
The directors have reviewed the
Group's cash flow projections prepared by management covering a
period of twelve months from the date of the consolidated financial
statements. Based on these cash flow projections, the Group will
have sufficient financial resources in the twelve months to 31
March 2018 to meet its financial obligations as and when they fall
due. Management's projections make key assumptions with regard to
(i) the anticipated cash flows from the Group's operations and (ii)
the availability of future funding from the loan facility.
This uncertainty is referred to by
the Group's auditors in their report as an Emphasis of Matter. The
audit report is not qualified.
Future Developments
The Group continues to advance its
discussions with a state-owned Chinese conglomerate to
significantly grow its business and to construct and operate its
own Accoya® Wood
manufacturing facility. The Group expects to commence
construction of its own Accoya® Wood
manufacturing facility during H2 2017.
THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC
ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Further information may be found at the Company's
website at www.cbm-plc.com
Further Enquiries:
Cleantech
Building Materials plc |
info@cbm-plc.com
|
Keswick
Global AG (Certified Adviser) |
info@keswickglobal.com
+43 1 740 408045
|
IFC
Advisory Limited (Financial PR)
Tim Metcalfe
Heather Armstrong |
+44 20
3053 8671 |
Annual Results to 31 December
2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cleantech Building Materials via
Globenewswire
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