TIDMKOOV
RNS Number : 3188K
Koovs PLC
13 December 2018
Koovs plc ("Koovs" or "Group" or the "Company")
Interim Results for the six months ended 30 September 2018
Firm foundation for future growth supported by new funding
Koovs plc (AIM:KOOV), the fashion-forward business focused on
the young Indian e-commerce market, today announces its interim
results for the six months to 30 September 2018.
Successful fundraising
The Group successfully secured commitment of up to c.GBP45m of
funding in H1 2019 (with GBP21.8m already received in Q2) to
deliver on the Group's ambitions to achieve scalable growth over
the coming years. The funding is comprised of:
-- Future Lifestyle Fashion Limited (FLFL), part of Future
Group, India's largest retail group, invested GBP5.8m in July 2018,
with an additional GBP9.5m to GBP10.5m to be subscribed for upon
satisfaction of certain conditions. Once the subscription is
completed FLFL will be Koovs' largest shareholder with
approximately 29% of the issued share capital.
-- HT Media - one of India's largest media companies and owner
of the Hindustan Times - media-for-equity investment worth GBP17.1m
over 4 years, completed and announced on 22 August 2018.
-- GBP12m secured from Directors and existing and new shareholders.
H1 2019 financial headlines:
-- Prior to securing funding in September 2018 marketing spend
was reduced by 46% and stock levels by 49% to conserve cash.
-- Gross order value* down by 32% to INR442.8m / GBP4.8m (H1
2018: INR651.7m / GBP7.8m) significantly impacted by the reduction
in marketing and stock.
-- Trading margin** decreased to 14% (H1 2018: 18%) as full
price sales were impacted by a lack of new stock.
-- Koovs plc revenue down by 40% at INR195.9m / GBP2.1m (H1
2018: INR328.7m / GBP3.9m), due to reduced gross order value and an
increase in sales tax (GST).
-- Operating expenses reduced by 28% to INR460.7m / GBP5.0m (H1 2018: INR638.8m / GBP7.7m).
-- Pre-tax loss reduced by 10% to INR580.9m / GBP6.4m (H1 2018:
INR647.4m / GBP7.8m) driven by cash preservation and cost saving
initiatives.
Current Trading
With funding now secured, in H2 the Group has begun to rebuild
stock levels and resume marketing activities, delivering
encouraging green shoots.
Lord Alli, Chairman of Koovs, said:
"There is no doubt that the business faced significant
challenges over the past year.
Our primary focus in H1 was to secure new funding to support
Koovs' growth and conserve cash to sustain the business by reducing
marketing and our stock levels. In spite of these necessary
short-term actions, we were able to maintain high brand awareness,
increase customer engagement through our social media channels, and
deliver market-leading customer satisfaction, demonstrating the
resilience and strength of our brand.
I am delighted that during the period we secured commitment for
up to GBP45m of new investment, which includes funding from a
landmark new investor in FLFL, part of India's largest retail
business Future Group, and further strategic investment from
existing partner HT Media, one of India's largest media
organisations.
I am grateful to our people and partners for their continued
support and commitment to the business."
Mary Turner, Chief Executive Officer, Koovs, said:
"The funding secured in H1 allows us to get back to business and
in H2 to date we have restarted marketing activities and expanded
the product range, increasing the current trading margin.
Longer-term, the successful fundraising represents a
transformational opportunity for Koovs to drive sustainable growth,
enhance margins and build a path to profitability, with partners
that will help us to consistently build our brand, enhance our
supply chain, and grow our product range."
Kishore Biyani, Future Group Managing Director and Group CEO,
said:
"As an integrated branded fashion player, we invest in and grow
leading Indian fashion brands. We are excited to have invested in
Koovs, the best established affordable western fashion brand in
India. Its combination of technology, content, fashion and customer
service will ensure success in the years ahead. We are excited
about what we can achieve through this highly complementary
partnership."
About Future Group
Future Group is among India's leading retail and consumer goods
companies with brands and retail networks in the fashion, food and
homeware segments. It owns over 60 brands, operates close to 2,000
retail stores spanning over 22 million square feet and attracts
footfalls of over 500 million annually. Future Group also has one
of India's most unique digital payment platforms, Future Pay, which
has an active user base of over 6.5 million and is growing rapidly.
Future Group sells some 300 million garments in volume making it
one of the top 10 fashion apparel companies in the world.
Notes to Editors
About Koovs
Koovs is focused on building KOOVS.COM into the leading fashion
destination in India. The Group is headquartered in London, where
the majority of its design and buying team is based, with all other
operational functions based in India.
* Gross Order Value: Value of orders taken and not cancelled
** Trading Margin: Due to foreign direct investment rules Koovs
India cannot currently ship directly to the end consumer. Trading
margin is the implied gross margin that would be reported in the
group's accounts if Koovs India were able to ship products directly
to the end consumer and is a key performance indicator of the
Group. The group gross margin reported in these financial
statements is the margin generated on sales of product to Marble,
the operator of the KOOVS.COM website.
For further information please contact:
Koovs plc
Mary Turner/Robert Pursell Tel: +44 (0)20 7151
0170
Peel Hunt LLP (NOMAD and
Broker) Tel: +44 (0) 20
Dan Webster / George Sellar 7418 8900
/ Guy Pengelley
Headland (Media Enquiries)
Lucy Legh / Rob Walker
/ Charlie Twigg Tel: +44 (0)20 3805
4822
CHAIRMAN'S STATEMENT FOR THE SIX MONTHS TO 30 SEPTEMBER 2018
The first half of this financial year has been focused on
securing additional investment and prudently conserving cash to
sustain the business by reducing marketing and our stock levels. In
spite of this, we have maintained high brand awareness, grown our
social media following, and continue to deliver market-leading
customer satisfaction, demonstrating the resilience and strength of
our brand.
We are delighted with the scale and quality of funding secured
with support from Directors and institutional investors, further
strategic investment from our long-term partner HT Media and a
transformational investment from Future Lifestyle Fashions Limited
(FLFL)
With over 400 retail fashion stores across India, FLFL will be a
game-changing partner for Koovs with synergies across the value
chain from manufacturing and distribution, to marketing and market
reach. This new strategic partnership and investment will bring
enormous benefits to our customers and partners as well as
significant value for all shareholders.
This not only puts Koovs back on track but adds a further
dimension to the opportunities available to Koovs in the future,
and I am therefore extremely excited about the Group's growth
prospects for the years ahead.
Once confirmed (subject to regulatory approval), the additional
subscription by FLFL will mean that 45% of investors in Koovs will
be based in Asia, showing the breadth of support and confidence in
the Group here and in its home market.
The focus going forward is to continue to build the brand
through marketing, making Koovs the favourite fashion destination
for India's twenty-somethings. There is a clear opportunity to
capitalise on the platform we have built to date to unlock superior
shareholder value over the coming years, and we have been delighted
with the reaction from investors who share our vision.
I would like to take this opportunity to thank all our
colleagues in the UK and India for their continuing hard work,
dedication and enthusiasm.
Waheed Alli
Chairman
12(th) December 2018
INTERIM REVIEW
Strategy
Koovs' commercial strategy and goal is to become India's number
one western fashion destination, to be delivered through rapid and
scalable growth. We will do this by following the strategic
objectives detailed in the latest annual report for the year to
March 2018 and listed below:
Ø Expand the product range
Ø Engage customers through content
Ø Amplify the brand
Ø Extend distribution
We aim to deliver a seamless, engaging customer experience
across web, mobile and tablet through fashion and lifestyle related
content.
Furthermore, Koovs aims to be the undisputed affordable western
fashion brand for the style-conscious and globally connected
twenty-somethings in India through high profile and targeted
marketing campaigns across multiple channels in India's major
cities.
Trading performance
Gross order value, representing sales generated on the KOOVS.COM
website during the six months to 30 September 2018, amounted to INR
442.8m / GBP4.8m, a 32% fall on the previous year. The fall in
sales was a result of a reduction in marketing spend and stock
purchases, to preserve cash until funding was received. Marketing
spend during the period was reduced by 46% to INR 164.5m / GBP1.8m
(six months to 30 September 2017: INR 303.8m / GBP3.6m), stock
levels were reduced by 49% to INR 112.0m / GBP1.2m (six months to
30 September 2017: INR 219.5m / GBP2.6m).
Trading margin for the period of 14% (six months to 30 September
2017: 18%) was depressed by a lack of new stock impacting full
price sales. This trend has reversed in early trading in H2, as
marketing activities have restarted and the product range is being
expanded, currently operating at a trading margin of 24%.
Marketing spend in the period reduced by 46% to INR 164.5m /
GBP1.8m (six months to 30 September 2017: INR 303.8m / GBP3.6m).
Activities in the period primarily focused on driving traffic
through digital campaigns and maintaining brand awareness through
social media. Marketing efficiency improved by 35% with the cost
per visit reducing to 6.2 rupees / 7p (six months to 30 September
2017: 9.5 rupees / 11p).
Other operating costs in the period (excluding marketing costs)
reduced by 12% to INR 296.3m / GBP3.2m (six months to 30 September
2017: INR 335.1m / GBP4.0m)
Cash utilised in the period, excluding the prepayment of media
assets to HT Media Ltd, was INR 324.2m / GBP3.5m (six months to 30
September 2017: INR 564.4m / GBP6.8m) a reduction of 43% on the
comparative period.
Financial results, cash flow and funds
Revenue in the period, representing the wholesale price of
products sold was INR 195.9m / GBP2.1m (six months to 30 September
2017: INR 328.7m / GBP3.9m). Gross loss in the period was INR 39.9m
/ GBP0.4m (six months to 30 September 2017: INR 1.1m / GBP0.0m).
Gross margin % in the period was -20.4% (six months to 30 September
2017: -0.3%).
After cost of sales and overhead costs, the net loss before tax
in the period was in line with management's expectations at INR
580.9m / GBP6.4m (six months to 30 September 2017: INR 647.4m /
GBP7.8m). The reduction in net loss resulted from reduced
expenditure.
During the period, INR 715.7m / GBP7.84m (six months to 30
September 2017: INR 564.4m / GBP6.8m) was utilised in funding
losses and additional working capital. Of this INR 391.2m /
GBP4.28m (six months to 30 September 2017: nil) related to the
prepayment of media assets from HT Media Ltd.
Investing activities utilised INR 388.9m / GBP4.3m (six months
to 30 September 2017: cash generated of INR 122.3m / GBP1.5m)
primarily though placing funds in short term interest bearing
deposit accounts.
Financing activities generated INR 1,869.9m / GBP20.5m (six
months to 30 September 2017: INR 748.1m / GBP9.0m) primarily
through the issue of equity shares.
At 30 September 2018, including both short and long-term
deposits, the business had access to INR 1,506.3m / GBP15.9m (1
April 2018: INR 298.3m / GBP3.3m) for the purposes of funding the
business. The funds are held in term deposits or current accounts,
mainly in India. Additionally, INR 796.4m / GBP8.7m (1 April 2018:
INR 470.1m / GBP5.4m) of marketing funds have been prepaid to
secure significantly reduced media rates and been recorded in the
Statement of Financial Position under "Trade receivables, other
receivables, prepayments and other assets".
Principal risks and uncertainties
The Group's business activities, together with the factors
likely to affect its future development, financial position,
financial risk management objectives, details of its financial
instruments and its exposures to price, credit, liquidity and cash
flow risk are described in the Chairman's Statement and the
Strategic Report published in the annual report for the period
ended 31 March 2018.
The Board considers the principal risks and uncertainties facing
the Group to be unchanged from those set out in the Annual Report
and Accounts for the period ended 31 March 2018, summarised as
follows:
-- Funding risk, including the ability of the Board to secure
additional funding required to implement its plans;
-- Market and economic risks, including the economic climate and competition in India;
-- Financial risks, including interest rate and currency risk;
-- Technological risk;
-- Warehouse disruption; and
-- Reliance on key personnel.
These are set out in detail in the Group's Annual Report and
Accounts for the period ended 31 March 2018, a copy of which is
available on the Group's website.
Capital Raising
In March 2018 the Board announced its intention to raise up to
GBP50m to fund the existing strategic plan. As at the date of this
report GBP22m has been raised and the Group has secured commitments
from:
-- Future Lifestyle Fashion Limited to invest a further GBP9.5m
to GBP10.5m at 15p per 1p ordinary share
-- HT Media Ltd to invest a further GBP13m, as media/equity
swap, at a price to be the lower of Koovs' then 3-month average
closing share price or the price per 1p ordinary share received by
the Group on the most recent cash fundraising closed in the 3
months prior to the investment
On behalf of the board of directors
Mary Turner Robert Pursell
Director Director
12(th) December 2018 12(th) December 2018
Consolidated Statement of Profit and Loss
for the six month period to 30 September 2018
MEMORANDUM
Notes 1 April 1 April 2017 1 April
2018 to to 2018 to 1 April
30 Sept 30 Sept 2017 30 Sept 2017 to
2018 Unaudited 2018 30 Sept
Unaudited 2017
INR million INR million GBP000 GBP000
Revenue 2 195.9 328.7 2,145 3,944
Cost of sales (235.8) (329.8) (2,582) (3,956)
----------- ------------- -------- --------
Gross loss (39.9) (1.1) (437) (12)
Operating expenses (460.7) (638.8) (5,045) (7,664)
Operating loss (500.7) (639.9) (5,482) (7,676)
Finance income 7.0 9.2 76 110
Finance expense (87.2) (16.7) (955) (200)
Loss for the
period before
tax (580.9) (647.4) (6,361) (7,767)
Tax expense 3 - - - -
Loss for the
period (580.9) (647.4) (6,361) (7,767)
----------- ------------- -------- --------
Loss attributable
to:
Equity holders
of the Company (580.9) (647.4) (6,361) (7,767)
Loss for the
period (580.9) (647.4) (6,361) (7,767)
----------- ------------- --------
Loss per share
Basic and diluted 4 INR(2.5) INR(3.7) (2.8)p (4.4)p
All results relate to continuing operations.
Consolidated Statement of Comprehensive Income
for the six month period to 30 September 2018
MEMORANDUM
1 April 1 April 2017 1 April 2018 1 April 2017
2018 to to to 30 Sept to
30 Sept 30 Sept 2017 2018 30 Sept 2017
2018 Unaudited
Unaudited
INR million INR million GBP000 GBP000
Loss for the period (580.9) (647.4) (6,361) (7,767)
-------------------------- ----------- ------------- ------------ -------------
Other comprehensive
loss
Items that may
be reclassified
to income statement
in subsequent
periods:
Currency translation
differences from
operations denominated
in currencies
other than Rupee
- equity holders
of the parent,
net of tax 29.9 1.7 327 21
Items that will
not be reclassified
to income statement
in subsequent
periods:
Re-measurement - - - -
of defined benefits
plan, net of tax
-------------------------- ----------- ------------- ------------ -------------
Other comprehensive
loss, net of tax 29.9 1.7 327 21
----------- ------------- ------------ -------------
Total comprehensive
loss for the period (551.1) (645.7) (6,034) (7,747)
----------- ------------- ------------ -------------
Total comprehensive
loss attributable
to:
Equity holders
of the Company (551.1) (645.7) (6,034) (7,747)
Non-controlling - - - -
interests
----------- ------------- ------------ -------------
Total loss recognised
in the period (551.1) (645.7) (6,034) (7,747)
----------- ------------- ------------ -------------
Consolidated Statement of Financial Position
at 30 September 2018
MEMORANDUM
30 September 31 March 30 September 31 March
2018 2018 2018 2018
Unaudited Audited
INR million INR million GBP000 GBP000
Non-current assets
Intangible assets 627.4 627.5 6,636 6,866
Property, plant
& equipment 19.4 23.8 205 260
Non-current financial
assets 6.8 6.8 72 75
------------ -----------
Total non-current
assets 653.6 658.1 6,912 7,201
------------ -----------
Current assets
Inventories 112.0 140.3 1,184 1,536
Trade receivables,
other receivables,
prepayments and
other assets 931.4 632.7 9,851 6,922
Bank deposits 606.5 211.5 6,415 2,314
Cash and cash equivalents 899.8 86.8 9,517 949
------------ ----------- ------------ --------
Total current assets 2,549.7 1,071.3 26,968 11,721
------------ ----------- ------------ --------
Total assets 3,203.3 1,729.4 33,880 18,922
------------ ----------- ------------ --------
Non-current liabilities
Loans and Borrowings (813.8) (708.2) (8,607) (7,748)
Other Long-term
liabilities (9.1) (7.9) (96) (86)
------------ -----------
Total non-current
liabilities (822.9) (716.1) (8,704) (7,834)
------------ -----------
Current liabilities
Bank short-term
borrowing (11.4) (52.2) (121) (572)
Trade and other
payables (256.4) (244.9) (2,712) (2,680)
------------ -----------
Total current liabilities (267.8) (297.1) (2,832) (3,252)
------------ -----------
Total liabilities (1,090.7) (1,013.2) (11,536) (11,085)
------------ ----------- ------------ --------
NET ASSETS 2,112.6 716.2 22,344 7,837
------------ ----------- ------------ --------
Capital and reserves
Equity share capital 332.6 168.0 3,518 1,838
Share premium reserve 7,943.4 6,196.6 84,015 67,799
Convertible debt
option reserve 180.5 180.5 1,910 1,975
Other reserves 77.0 11.2 815 123
Retained earnings (6,421.0) (5,840.1) (67,913) (63,898)
TOTAL EQUITY 2,112.6 716.2 22,344 7,837
------------ ----------- ------------ --------
Consolidated Statement of Cash Flows
for the six month period to 30 September 2018
MEMORANDUM
1 April 1 April 1 April 1 April
2018 to 2017 to 2018 to 2017 to
30 Sept 30 Sept 30 Sept 30 Sept
2018 2017 2018 2017
Unaudited Unaudited
INR million INR million GBP000 GBP000
Operating activities
Loss for the period (580.9) (647.4) (6,360) (7,767)
Adjustments to
reconcile
profit for the period
to net cash flow from
operating activities
Depreciation and
amortisation 6.7 5.6 73 67
Share based payments 37.2 25.1 408 301
Bad debt
expense/(credit) 0.0 0.2 0 3
Interest income and
finance
expense 80.3 7.5 879 90
Working capital
adjustments:
(Increase)/ decrease
in inventories 28.4 (31.5) 311 (378)
Decrease/(increase)
in
trade and other
receivables (298.7) 48.6 (3,271) 583
(Decrease)/increase
in
trade and other
payables 11.5 27.5 126 330
------------------------ ------------------------ -------------------- --------------------
Net cash outflow from
operating activities (715.7) (564.4) (7,836) (6,771)
------------------------ ------------------------ -------------------- --------------------
Investing activities
Acquisition of - - - -
remaining
shares in Koovs
India
Withdrawals:
original
maturity greater
than
12 months 1.2 1.9 14 22
Deposits: original
maturity
less than 12months (395.0) 118.5 (4,325) 1,422
Purchase of plant
and
equipment (0.7) (4.5) (7) (54)
Purchase of
intangible
assets (1.5) (2.8) (16) (34)
Interest income
received 7.0 9.2 76 110
------------------------ ------------------------
Net cash flow from/
(used
in) investing
activities (388.9) 122.3 (4,258) 1,467
------------------------ ------------------------ --------------------
Financing activities
Proceeds from issue of
shares 2,005.1 - 21,953 -
Costs of share issues (93.7) - (1,026) -
Proceeds from issue
Convertible
Loan Notes - 773.9 - 9,284
Repayment of
short-term
borrowings (40.8) (24.8) (447) (297)
Interest and finance
expense (0.7) (1.0) (7) (11)
Net cash flow
generated
from financing
activities 1,869.9 748.1 20,473 8,976
------------------------ ------------------------ --------------------
Net
(decrease)/increase
in cash and cash
equivalents 765.3 306.1 8,381 3,672
Cash and cash
equivalents
at start of period 34.5 151.8 378 1,821
Exchange differences 88.6 11.2 970 134
------------------------ ------------------------ -------------------- --------------------
Cash and cash
equivalents
at end of period 888.4 469.1 9,730 5,628
------------------------ ------------------------ -------------------- --------------------
Notes
1. Basis of preparation and accounting policies
1.1. Basis of preparation
These interim consolidated financial statements have been
prepared using accounting policies based on International Financial
Reporting Standards (IFRS and IFRIC Interpretations) issued by the
International Accounting Standards Board ("IASB") as adopted for
use in the EU. They do not include all disclosures that would
otherwise be required in a complete set of financial statements and
should be read in conjunction with the 31 March 2018 Annual Report.
The financial information for the half years ended 30 September
2018 and 30 September 2017 does not constitute statutory accounts
within the meaning of Section 434 (3) of the Companies Act 2006 and
both periods are unaudited.
The annual financial statements of Koovs Plc ('the Group') are
prepared in accordance with IFRS as adopted by the European Union.
The comparative financial information for the year ended 31 March
2018 included within this report does not constitute the full
statutory Annual Report for that period. The statutory Annual
Report and Financial Statements for 2018 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the
Annual Report and Financial Statements for the year ended 31 March
2018 was unqualified, did not draw attention to any matters by way
of emphasis and did not contain a statement under 498(2) - (3) of
the Companies Act 2006.
The Group has applied the same accounting policies and methods
of computation in its interim consolidated financial statements as
in its 2018 annual financial statements, except for those that
relate to new standards and interpretations effective for the first
time for periods beginning on (or after) 1 January 2018 and will be
adopted in the 31 March 2019 financial statements. New standards
impacting the Group that will be adopted in the annual financial
statements for the year ended 31 March 2019, and which have given
rise to changes in the Group's accounting policies are:
-- IFRS 9 Financial Instruments; and
-- IFRS 15 Revenue from Contracts with Customers
Details of the impact of these two standards are given below.
Other new and amended standards and interpretations issued by the
IASB that will apply for the first time in the next annual
financial statements are not expected to have a material impact on
the Group.
IFRS 9 Financial Instruments:
IFRS 9 has replaced IAS 39 Financial Instruments: Recognition
and Measurement, and has had an effect on the Group in the
following areas:
The impairment provision on financial assets measured at
amortised cost (such as trade and other receivables) have been
calculated in accordance with IFRs 9's expected credit loss model,
which differs from the incurred loss model previously required by
IAS 39. This has not resulted in a material change to the
impairment provision at 30 September 2018.
IFRS 15 Revenue from Contract with Customers:
IFRS 15 has replaced IAS 18 Revenue and IAS 11 Construction
Contracts as well as various Interpretations previously issued by
the IFRS Interpretations Committee, noting the Group has adopted
the modified retrospective approach. There is no material impact on
any revenue stream for the Group, noting the following as it
relates to the Group's revenue streams:
-- Sale of fashion garments in India at wholesale to third
party. There is no material impact on this revenue stream for the
Group by adopting IFRS 15.
There are a number of standards and interpretations which have
been issued by the International Accounting Standards Board that
are effective for periods beginning subsequent to 31 March 2019
(the date on which the Group's next annual financial statements
will be prepared up to) that the Group has decided not to adopt
early. The most significant of these is IFRS 16 Leases (mandatorily
effective for periods beginning on or after 1 January 2019).
The Board of Directors approved this interim report on 12
December 2018.
1.2. Going concern
This Interim Report has been prepared on the assumption that the
business is a going concern.
The Group's business activities, together with the factors
likely to affect its future development, financial position,
financial risk management objectives, details of its financial
instruments and its exposures to price, credit, liquidity and cash
flow risk are described in the Chairman's Statement and the
Strategic Report set out in the Annual Report for the year ended 31
March 2018.
The directors have concluded that the going concern assumption
is appropriate given funding secured and the cash and bank deposits
available to the Group.
1.3. Reporting currency
To assist UK-based readers of the accounts, translations into
Sterling have be supplied on a memorandum basis to allow a clear
understanding of the results and financial position of the
business. The memorandum information does not form part of the
financial reporting of the Group representing, as they do, simple
translations of the Rupee information. The exchange rates used are
shown in the table below.
6 Months 6 months Year to
to 30 Sept to 30 Sept 31 Mar 2018
2018 2017 INR/GBP
INR/GBP INR/GBP
Balance Sheet 94.5 87.6 91.4
Trading statements 91.3 83.4 85.6
2. Revenue
All of the Group's revenue is generated by the Group's
subsidiary in India through its operations as a supplier of branded
fashion products. The chief operating decision maker is the Chief
Executive Officer who makes resource allocation decisions based on
Group management accounts and operating reports for the entire
Group. The Group therefore represents a single cash generating unit
and a single operating segment.
All of the Group's revenue in both periods was generated in the
Republic of India.
3. Taxation
No income tax liability arose during the six months to 30
September 2018 and 2017, or the year ended 31 March 2018. There is
no tax charge or credit relating to items charged or credited to
other comprehensive income.
4. Earnings Per Share
Basic earnings per share is calculated by dividing the earnings
attributable to the owners of the Parent Company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by amending the weighted
average number of ordinary shares in issue during the period for
the effect of dilutive share options in issue.
6 months 6 months
to to
30 Sept 2018 30 Sept 2017
Unaudited Unaudited
Weighted average shares in issue for
basic earnings per share 230,574,118 175,383,691
Weighted average shares in issue for
diluted earnings per share 230,574,118 175,383,691
------------------------ ------------------------
Earnings attributable to the owners
of the Parent (INR million) (580.9) (647.4)
------------------------ ------------------------
Basic loss per share (Rupees) (2.5) (3.7)
Memorandum basic loss per share (pence) (2.8) (4.4)
The effect of the share options in issue and the convertible
loan notes are anti-dilutive and therefore no adjustment has been
made to the weighted average shares in issue when calculating
diluted earnings per share.
5. Cash and bank deposits
Cash and bank deposits MEMORANDUM
30 Sept 31 March 30 Sept 31 March
2018 2018 2018 2018
Unaudited Audited
INRm INRm GBP000 GBP000
Current assets:
Bank deposits with an
original maturity of
more than 12 months 1.0 1.0 11 11
Bank deposits with an
original maturity of
not more than 12 months 605.5 210.5 6,404 2,303
Cash at bank and in hand 899.8 86.8 9,517 949
----------- --------- -------- ---------
1,506.3 298.3 15,932 3,263
Non-current assets:
Security deposits 6.8 6.8 72 75
Bank overdrafts (11.4) (52.2) (121) (572)
----------- --------- -------- ---------
Total net cash and bank
deposits 1,501.8 252.9 15,884 2,766
----------- --------- -------- ---------
MEMORANDUM
30 Sept 31 March 30 Sept 31 March
2018 2018 2018 2018
Unaudited Audited
INRm INRm GBP000 GBP000
Cash and cash equivalents
Cash at bank and in hand 899.8 86.8 9,517 949
Bank overdrafts (11.4) (52.2) (121) (572)
----------- --------- -------- ---------
Total cash and cash equivalents 888.4 34.6 9,397 377
----------- --------- -------- ---------
Cash and cash equivalents comprise cash in hand and cash held in
bank accounts from which deposits can be drawn without any
substantial delay and which have not been deposited under any
agreement for a fixed term, net of any bank overdrafts which are
utilised for operational cash flow purposes.
6. Cautionary statement
This document contains certain forward-looking statements
relating to Koovs plc. The Company considers any statements that
are not historical facts as "forward-looking statements". They
relate to events and trends that are subject to risk and
uncertainty that may cause actual results and the financial
performance of the Company to differ materially from those
contained in any forward-looking statement. These statements are
made by the directors in good faith based on information available
to them and such statements should be treated with caution due to
the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking information.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR EANAAFDLPFFF
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