TIDMCYAN
RNS Number : 4111H
Cyan Holdings Plc
19 May 2014
Cyan Holdings plc
("Cyan or "the Company")
Results for the year ended 31 December 2013
Cyan Holdings plc (AIM: CYAN.L), the integrated system design
company delivering wireless solutions for lighting control, utility
metering and industrial telemetry, announces its audited results
for the year ended 31 December 2013.
Operational highlights
-- Strategic partnership agreement with Nobre de la Torre to
develop and supply smart metering solutions across Brazil
-- Strategic partnership agreement with Ilumatic to develop and
supply smart lighting solutions across Brazil
-- Development and launch of retrofit smart metering solution to
enable utility customers to easily upgrade to smart metering
-- Strengthened management and operational team, including the
appointment of Simon Smith as Chief Financial Officer
-- Appointment of three Special Advisers in Brazil and India
-- Established operations in India - local team of four
(including Country Manager) recruited to progress sales
opportunities
-- Qualification of additional manufacturing facilities with two
India based Tier 1 Contract Equipment Manufacturers
-- Equity funds raised during the year (from two placings and
warrant exercises) totalling GBP2.6 million before expenses to
strengthen balance sheet and fund continued expansion of
operations
Financial highlights
-- Decrease in revenue during 2013 to GBP137,996 (2012: GBP315,194)
-- Increase in research and development spending to GBP1,479,355 (2012: GBP1,141,005)
-- Increase in operating loss for the year to GBP3,266,757 (2012: GBP3,103,622)
-- Cash balance at end of year GBP1,636,149 (2012: GBP1,618,574)
Post period end highlights
-- Deployment of a retrofit smart metering solution pilot at a utility customer in Brazil
-- Appointment of Harry Berry to the Cyan Board as Non-Executive
Director, with Stephen Newton stepping down for health reasons
John Cronin, Chairman of Cyan, commented:
"I am pleased to report that Cyan has successfully built and
consolidated its position in multiple emerging markets through the
investments we have made on shareholders' behalf. The smart
metering market in India is starting to see positive momentum and
we have established good partnerships in Brazil. Our local partners
are reporting strong prospects to close opportunities during 2014,
some of which may be near term. The Cyan Board and management team
believe that 2014 will be the year that Cyan becomes firmly
established as a leader in our chosen markets and I look forward to
communicating further positive results to shareholders in due
course."
Enquiries:
Cyan Holdings plc www.cyantechnology.com
John Cronin, Executive Chairman Tel: +44 (0) 1954 234 400
Allenby Capital Limited Tel: +44 (0)20 3328 5656
AIM Nominated Adviser and Joint
Broker
Jeremy Porter
Chris Crawford Tel: 044 (20) 7101 7070
Hume Capital Securities plc
Joint Broker
Jon Belliss
Walbrook PR (Financial PR) Tel: +44 (0)20 7933 8780
Paul Cornelius
Chairman's Statement
Review of the year
This is my second report to shareholders as Chairman and I am
pleased to report that we have been able to both build and
consolidate our position in our chosen markets. During the second
half of 2013 (and ongoing into 2014), we have built out new channel
and business partners instead of the narrower focus we previously
had on a single large order. This preparation will help us to grow
on solid foundations to a much wider customer base in the countries
we have chosen to pursue. This diversification strategy is also
helping to identify new targets as well as opening up new
opportunities in additional emerging markets that in turn we
anticipate should deliver orders going forward.
During the year we announced the strategic partnership with
Ilumatic to pursue smart lighting opportunities in Brazil and two
months later the strategic partnership with Nobre de la Torre to
pursue smart metering opportunities in Brazil.
In December we launched the Cyan retrofit solution which allows
utility customers to quickly and cost effectively upgrade existing
deployed meters to become full smart meters. There has been a lot
of interest in this solution in the Brazilian market and we are
also seeing good interest in India.
We have also taken significant steps during the year to build
out the Cyan team. We hired four staff in India to pursue sales
opportunities as well as three Special Advisers in both India and
Brazil. Our strategy going forward will be to continue to build out
the Cyan teams in-country, either through our own hires or through
partnerships, as this model has been clearly requested by our local
customer prospects and partners.
During 2013, we also qualified two Tier 1 Contract Equipment
Manufacturers ("CEMs") in India and they are now starting to supply
Cyan hardware to our customers in India. This further establishes
our position as leader in the Indian market, gives customers
increased confidence and results in a lower overall cost for the
customer.
The Board
During the year, we have taken active steps to strengthen the
Cyan Board as follows:
-- the appointment of sales operations and China expert Stephen
Newton as a Non-Executive Director; and
-- the appointment of experienced finance executive Simon Smith as Chief Financial Officer.
We are pleased to announce that since the year end, Harry Berry
has joined the Board as Non-Executive Director. Harry brings
substantial experience in growing companies successfully as well as
direct experience of doing business in India. At the same time,
Stephen Newton stepped down from the Board for health reasons. I
would like to thank Steve for his valued assistance and coaching
over the short period that he was on the Cyan Board.
I am pleased with the fact that we have now been able to attract
high quality individuals to the Cyan Board and we are now well
positioned to deliver value for shareholders. All three of the Cyan
Board committees are now solely occupied by independent
Non-Executive Directors. We plan to continue to strengthen the
Board during 2014 and further announcements will be made in due
course.
Our people
On behalf of the Board, I would like to thank all the people
working for Cyan for their effective contribution in 2013. We work
in an increasingly changing and challenging environment and I
continue to be positively surprised and impressed by the way our
people rise to the new challenges that are generated by the markets
in which we work.
Outlook
2013 has been one where we have made investments to consolidate
our position by building out our partnership network and sales
pipeline across multiple markets, increasing our competitive
advantage and positioning ourselves to become leaders in our chosen
markets.
In March 2014, we announced that Cyan's retrofit solution (which
was only launched in December 2013) had been deployed at a pilot
site by a utility customer in Brazil. Our local partner has
informed us that he has significant interest in this solution from
multiple utility customers in Brazil.
Given the positive progress we are currently making, I remain
confident that Cyan's solutions are well matched to the demands of
the emerging markets that we are pursuing. The work currently being
done in India as well as the deployment of the smart metering pilot
in Brazil are positive signs from both countries that their smart
metering projects are finally getting underway. We believe that our
technology is better suited to our chosen markets than that of our
competitors and therefore expect to win our share of the contracts
that will be awarded. Our partners in India, Brazil and China have
indicated that they have good prospects to close sales during 2014
and we remain determined to continue to deliver further progress
for shareholders through the remainder of 2014.
The Cyan Board and management team believe that 2014 will be the
year that Cyan becomes firmly established as a leader in our chosen
markets and I look forward to communicating further positive
results to shareholders in due course.
John Cronin
Executive Chairman
16 May 2014
Strategy and Business Model
Electricity Metering
Cyan provides a communication platform that enables utilities to
transform their power grid infrastructure into a smart grid that
intelligently controls millions of electricity meters, providing
timely information and control to both utilities and consumers.
CyLec(R) powers the next generation of advanced radio frequency
("RF") smart meters which enable power utilities to reduce losses
and increase revenues through reliable and secure collection of
consumer energy consumption data.
Cyan's business model is to provide hardware and software that
enable the smart grid. Our revenue derives from the following
principal elements:
-- A small hardware communication module that is integrated into
the electricity meter of our meter manufacturer partners (such as
Larsen & Toubro). With the addition of this module, the meter
is then enabled to communicate back to the utility's data
centre.
-- A further piece of hardware called a Data Concentrator Unit
("DCU"). This allows meters in the consumers' homes to communicate
with each other over a self-forming, self-healing mesh network.
-- Software "CyLec(R) Server" that sits in the utility's data
centre and communicates with the DCU (and therefore all the
individual meters) over an internet connection (typically a mobile
network).
Cyan generally sells and delivers solutions through local
partners in each country. Our revenues are derived from sales to
local meter manufacturers or system integrators ("Sis"). Currently
most of our revenues come from the former, but over time we expect
SIs to take a lead role in providing a complete solution to utility
customers and will bring in software/hardware from Cyan and meter
manufacturers. Our SI partners have indicated that they expect the
Indian market to evolve to one where they take over the
relationship with the consumers on behalf of the utilities and (in
exchange for a per consumer monthly fee) will provide the meters,
read them, collect payments and manage the customer relationships.
This will allow the utilities to focus on the power generation and
distribution element of their business. We believe that our
approach to the market is ideally suited to the dynamics of
emerging countries such as India and Brazil where local
partnerships, local manufacturing and price competitive hardware
are critical.
Cyan licenses its CyLec(R) software on the basis of a Cyan
hosted "Software as a Service" ("SaaS") solution, to the SI partner
to manage and host themselves or direct to the utility end
customer. In each case, we receive either an upfront or a recurring
revenue stream that is based on both the size of the customer's
installation as well as the features (such as tamper alerts and
remote disconnect) that have been enabled for the utility
customer.
Lighting
The business model for lighting is very similar to that of
metering above. In the case of lighting the Cyan module is
contained in the lighting ballast. The rest of the solution and the
business model remains the same as metering above and this
commonality enables us to benefit from economies of scale in
development and manufacturing.
Competitive Position
The Cyan solution has had over 100+ man years of development to
date by a very capable engineering team in Cambridge, UK and this
has created a substantial barrier to entry. The Cyan solutions
solve large, complex, cross domain problems utilizing skills such
as RF hardware design, regulatory approval experience, mesh network
firmware design, communications infrastructure development, meter
protocol and interoperability techniques, security, enterprise
software, scalability and robustness.
The Cyan solution has been designed and built for emerging
markets, whilst our competition has generally chosen western
markets. Our solution is inherently low power and this has helped
us to achieve a competitive price point for emerging market mass
adoption. The Cyan mesh network is self-healing and
self-configuring, which results in significant time (ie. cost)
savings for customers. The Cyan Data Concentrator Unit (DCU) has
also been designed to be highly functional, but in a small package
which also results in a competitive price point. Cyan offers
sub-GHz wireless mesh solutions which are inherently suited to
typical dense housing conditions in emerging markets. We also use
license free ISM (Industrial, Scientific and Medical) radio bands,
which means that our customers do not need to invest in or pay for
costly tower structures to carry the radio signals.
Business Review
Metering
Cyan has made good progress in smart metering in both India and
Brazil during 2013 and in the subsequent period up until the date
of preparation of this report.
The Government of India has now produced and released a Smart
Grid Vision and Roadmap for India, which contains plans for 14
smart grid pilot projects. Several of these pilot projects are now
underway and Cyan (through partners) is bidding on several of them.
Near term opportunities have also emerged with private utilities in
India and Cyan is progressing these.
The Indian market is undoubtedly a huge opportunity for the
Company, with an estimated 120-200 million meters that need to be
installed/replaced over the next 10 years as well as the Indian
utilities' pressing need to reduce losses due to theft of
electricity.
One of the obstacles the utilities face is collecting data from
millions of meters deployed in rapidly growing and typically
unplanned urban conditions. It is often problematic trying to
locate and gain physical access to the meters and the process is at
best slow or error prone. Cyan's Automated Meter Reading ("AMR")
and Advanced Metering Infrastructure ("AMI") solutions address
these key issues by providing high quality and timely information
from each meter. Cyan's 865MHz based solution has been specifically
designed to cope with demanding specifications such as a
communication range of more than 60 meters and to be able to be
read through concrete walls in order to cope with the dense urban
conditions in India. In comparison, a 2.4GHz Zigbee solution has
been observed to struggle to achieve a reliable communication range
greater than 30 meters in the same challenging conditions.
India's transmission and distribution losses are among the
highest in the world. When non-technical losses such as energy
theft are included in the total, these losses increase to as high
as 65% in some Indian States against an overall average of 30%-40%.
The financial loss has been estimated at 1.7% of the national GDP.
To address the issue of Aggregate Transmission and Commercial
("AT&C") losses, the Government of India implemented an
Accelerated Power Development Reforms Programme ("APDRP"). Its key
objectives were to reduce AT&C losses, improve customer
satisfaction, introduce greater transparency and improve the
financial viability of the State Distribution Companies ("SDCs").
It was against this backdrop that the Restructured APDRP
("R-APDRP") was conceived in September 2008 for the 11th Five Year
Plan (2007-12). Monies are provided by the Indian Government as
loans for the provision of advanced metering solutions and once in
place, the loans are converted into grants. Frost & Sullivan
have estimated that US$32Bn of power generated in India is not
accounted for through billing to customers.
Cyan provides a platform product (CyLec(R)) to enable deployment
of AMI. AMI is an architecture for automated end-to-end two way
communications between a utility company and electricity meters
(smart meters). The CyLec(R) solution provides utilities with real
time data about power consumption and allows customers to make
informed choices about energy usage based on price at time of use.
The Cylec(R) solution includes hardware and software to enable this
communication and allows easy interfacing to existing meter data
management systems ("MDMS"), billing systems and other Smart Grid
infrastructure monitoring tools within the utility such as outage
detection and load management. Consumer meter tamper and
electricity theft detection features are included and this helps
utilities ensure they collect revenue for electricity that is used
by consumers. The CyLec(R) solution has been proven to be easy to
integrate to existing meters from various metering companies to
upgrade them to be AMI compatible smart meters.
In South America, the situation is similar to India. Cyan's
initial target market (Brazil) has a dynamic population of 200
million, and Brazil's Energy Research Corporation (Empresa de
Pesquisa Energética) has estimated that generating capacity will
need to grow by 56% in the next decade to keep up with demand and
not stifle economic growth. The distribution loss rate of 15.5% in
South America is the highest in the world due to pervasive
electricity theft (power outages are a continuing problem). In some
parts of Brazil, power losses reach as high as 20%. Spend in South
America on smart metering will reach $19 billion with 80.7 million
meters by 2023. One Brazilian electricity distribution company has
estimated that 11GW of power (equivalent to $6Bn) are lost in the
country due to AT&C losses. Cyan's local partner in Brazil has
now deployed a smart meter pilot project for a local utility
customer. Our partner has several other opportunities in their
pipeline and has told us that they are confident of closing sales
before the end of 2014.
The Cyan retrofit solution which allows utility customers to
quickly and cost effectively upgrade existing deployed meters to
become full smart meters, is now available to customers in both
Brazil and India. There has been a lot of interest in this solution
and we hope to receive the first orders from both Brazil and India
during the remainder of 2014.
Lighting
Cyan has signed a strategic partnership with Ilumatic in Brazil
to pursue the local lighting market and this included an initial
order.
Cyan has also continued to receive small lighting orders in
China during the year under review.
Operational Review
Commercial orders remained well below the level required to
sustain the business. In 2013, the company raised approximately
GBP2.1 million before expenses, by way of share placings. In
addition to the share placings, the Company received a total of
GBP0.5 million from the exercise of warrants during the year. This
income provided the Company incremental financial resources for
general working capital, customer and partner development
activities in India and further development to integrate Cyan's AMI
solution into high level enterprise software.
Revenue decreased from GBP315,194 in 2012 to GBP137,996 in 2013.
Operating loss for the year ended 31 December 2013 was GBP3,266,757
(2012: GBP3,103,622) and net loss increased to GBP2,992,195 (2012:
GBP2,876,772). This was predominantly due to a provision for
possible stock obsolescence of GBP473,448. Cash at year end was
GBP1,636,149 (2012: GBP1,618,574).
Going Concern
To assess the ability of Cyan Holdings plc ("Group") to continue
as a going concern, the directors have prepared a business plan and
cash flow forecast for the period to 31 December 2015 which,
together, represent the directors' best estimate of the future
development of the Group. The forecast contains certain
assumptions, the most significant of which are the level and timing
of sales and the gross margin on those sales, together with the
need to secure additional finance in order to fund working capital
within the next six months.
At the time of the preparation of these financial statements,
the sales forecast includes a number of sales opportunities in
emerging markets, two of which the directors believe to be at an
advanced stage. A sensitivity analysis has been performed on the
sales forecast in order to evaluate the additional cash requirement
in the event that some of the opportunities do not close or are
further delayed.
The directors have recognised that the Group is trading
principally in three emerging country markets, namely India, Brazil
and China. These markets have an inherent level of uncertainty
associated with them and this may result in the predicted level of
sales not being achieved and/or the timing of orders being delayed,
as has been the case for the Group in the past. The directors have
taken reasonable steps to satisfy themselves about the robustness
of sales forecasts but acknowledge that the timing of customer
orders in the Group's chosen markets is fundamentally uncertain.
This may impact both the Group's ability to generate positive
cashflow and to raise new finance. Consequently there is a
significant risk that the level of sales achieved is materially
lower than the forecast or at materially lower margins. This
constitutes a material uncertainty.
Given the commercial prospects at the time of the preparation of
this report, together with the prior track record of the Group in
raising new equity financing, the directors consider that the Group
has a good opportunity to close some of the sales opportunities in
the pipeline and secure the additional funding that will be
required. However there remains a significant risk that the
required level of new funding will not be received in the necessary
timescales or at all. This constitutes a material uncertainty.
There is a material uncertainty related to the assumptions
described above which may cast significant doubt on the company's
ability to continue as a going concern and, therefore, it may be
unable to realise its assets and discharge its liabilities in the
normal course of business. The financial statements do not include
the adjustments that would result if the Company was unable to
continue as a going concern. In the event that the company ceased
to be a going concern, the adjustments would include writing down
the carrying value of assets, including stocks, to their
recoverable amount and providing for any further liabilities that
might arise.
Notwithstanding the material uncertainties described above, the
directors have a reasonable expectation that the Company can
continue to meet their liabilities as they fall due, for a period
of at least 12 months from the date of approval of this report.
Dividends
The directors do not recommend the payment of a dividend (2012:
GBPnil). The Group has no plans to adopt a dividend policy in the
immediate future and all funds generated by the Group will be
invested in the further development of the business, as is normal
for a company operating in this industry sector and at this stage
of its development.
Consolidated income statement
For the year ended 31 December 2013
-------------------------------------- ----- ------------ ------------
Note 2013 2012
GBP GBP
-------------------------------------- ----- ------------ ------------
Continuing operations
-------------------------------------- ----- ------------ ------------
Revenue 137,996 315,194
-------------------------------------- ----- ------------ ------------
Cost of sales (87,366) (203,654)
-------------------------------------- ----- ------------ ------------
Gross profit 50,630 111,540
-------------------------------------- ----- ------------ ------------
Operating costs (2,843,939) (3,215,162)
-------------------------------------- ----- ------------ ------------
Provision for stock obsolescence (473,448) -
-------------------------------------- ----- ------------ ------------
Operating loss (3,266,757) (3,103,622)
-------------------------------------- ----- ------------ ------------
Investment revenue 4,437 4,091
-------------------------------------- -----
Finance costs (10) (3)
-------------------------------------- ----- ------------ ------------
Loss before tax (3,262,330) (3,099,534)
-------------------------------------- ----- ------------ ------------
Tax 270,135 222,762
-------------------------------------- ----- ------------ ------------
Loss for the year (2,992,195) (2,876,772)
-------------------------------------- ----- ============ ============
Loss per share (pence)
-------------------------------------- -----
Basic 2 (0.1) (0.1)
-------------------------------------- ----- ============ ============
Diluted 2 (0.1) (0.1)
-------------------------------------- ----- ============ ============
Consolidated Statement of Comprehensive Income
For the year ended 31 December
2013 2013 2012
------------------------------------- -------------- --------------
GBP GBP
------------------------------------- -------------- --------------
Loss for the year (2,992,195) (2,876,772)
------------------------------------- -------------- --------------
Exchange differences on translation
of foreign operations 65,075 113,540
------------------------------------- -------------- --------------
Total comprehensive income for
the period (2,927,120) (2,763,232)
------------------------------------- ============== ==============
Consolidated balance sheet
At 31 December 2013
Note 2013 2012
GBP GBP
---------------------------------------- ------ ------------- -------------
Non-current assets
Intangible assets - -
---------------------------------------- ------
Property, plant and equipment 3,875 8,990
------------------------------------------------ ------------- -------------
3,875 8,990
----------------------------------------------- ------------- -------------
Current assets
---------------------------------------- ------ ------------- -------------
Inventories 583,200 1,024,241
------------------------------------------------ ------------- -------------
Trade and other receivables 345,794 333,021
------------------------------------------------ ------------- -------------
Cash and cash equivalents 1,636,149 1,618,574
------------------------------------------------ ------------- -------------
2,565,143 2,975,836
----------------------------------------------- ------------- -------------
Total assets 2,569,018 2,984,826
------------------------------------------------ ============= =============
Current liabilities
---------------------------------------- ------ ------------- -------------
Trade and other payables (298,441) (287,772)
------------------------------------------------ ------------- -------------
Total liabilities (298,441) (287,772)
------------------------------------------------ ------------- -------------
Net current assets 2,266,702 2,688,064
------------------------------------------------ ============= =============
Net assets 2,270,577 2,697,054
------------------------------------------------ ============= =============
Equity
---------------------------------------- ------ ------------- -------------
Share capital 3 341,638 232,681
------------------------------------------------ ------------- -------------
Share premium account 30,570,401 27,779,215
------------------------------------------------ ------------- -------------
Own shares held (808,856) (808,856)
------------------------------------------------ ------------- -------------
Share option reserve 376,690 776,190
------------------------------------------------ ------------- -------------
Translation reserve (149,742) (214,817)
------------------------------------------------ ------------- -------------
Retained losses (28,059,554) (25,067,359)
------------------------------------------------ ------------- -------------
Total equity being equity attributable
to owners of the Company 2,270,577 2,697,054
------------------------------------------------ ============= =============
Consolidated Statement of Changes in Equity
At 31 December 2013
Share
Share Share Own shares Option Translation Retained Total
Capital Premium held Reserve Reserve Losses Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 31 December
2011 2,385,401 21,654,936 (690,191) 749,865 (328,358) (22,190,587) 1,581,066
Loss for the year - - - - - (2,876,772) (2,876,772)
Other comprehensive
income for the year - - - - 113,541 - 113,541
------------ ----------- ---------------- ------------ ---------------- ------------- --------------
Total comprehensive
income for the year 113,541 (2,876,772) (2,763,231)
Issue of share capital 114,781 3,856,778 (118,665) - - - 3,852,894
Capital Restructure (2,267,501) 2,267,501 - - - - -
Credit to equity
for share options - - - 26,325 - - 26,325
------------ ----------- ---------------- ------------ ---------------- ------------- --------------
Balance at 31 December
2012 232,681 27,779,215 (808,856) 776,190 (214,817) (25,067,359) 2,697,054
------------ ----------- ---------------- ------------ ---------------- ------------- --------------
Loss for the year - - - - - (2,992,195) (2,992,195)
Other comprehensive
income for the year - - - - 65,075 - 65,075
------------ ----------- ---------------- ------------ ---------------- ------------- --------------
Total comprehensive
income for the year - - - - 65,075 (2,992,195) (2,927,120)
Issue of share capital 108,957 2,791,186 - - - - 2,900,143
Debit to equity for
share options - - - (399,500) - - (399,500)
------------ ----------- ---------------- ------------ ---------------- ------------- --------------
Balance at 31 December
2013 341,638 30,570,401 (808,856) 376,690 (149,742) (28,059,554) 2,270,577
------------ ----------- ---------------- ------------ ---------------- ------------- --------------
Consolidated cash flow statement
For the year ended 31 December 2013
Notes 2013 2012
-------------------------------------------- ------- ------------ ------------
GBP GBP
-------------------------------------------- ------- ------------ ------------
Net cash outflow from operating activities 4 (3,001,981) (2,765,349)
-------------------------------------------- ------- ------------ ------------
Investing activities
-------------------------------------------- ------- ------------ ------------
Interest received 4,437 4,091
-------------------------------------------- ------- ------------ ------------
Purchases of property, plant and equipment (5,198) (4,919)
-------------------------------------------- ------- ------------ ------------
Net cash used in investing activities (761) (828)
-------------------------------------------- ------- ------------ ------------
Financing activities
-------------------------------------------- ------- ------------ ------------
Interest paid (10) (3)
-------------------------------------------- ------- ------------ ------------
Proceeds on issue of shares 3,037,961 4,185,627
-------------------------------------------- ------- ------------ ------------
Share issue costs (137,818) (296,094)
-------------------------------------------- ------- ------------ ------------
Net cash from financing activities 2,900,133 3,889,530
-------------------------------------------- ------- ------------ ------------
Net (decrease) / increase in cash and
cash equivalents (102,609) 1,123,353
-------------------------------------------- -------
Cash and cash equivalents at beginning
of year 1,618,574 364,590
-------------------------------------------- -------
Effect of foreign exchange rate changes 120,184 130,631
-------------------------------------------- ------- ------------ ------------
Cash and cash equivalents at end of
year 1,636,149 1,618,574
-------------------------------------------- ------- ============ ============
Notes to the Financial Information
For the year ended 31 December 2013
1. General information
Cyan Holdings plc is a Company incorporated in the United
Kingdom under the Companies Act 2006. The address of the registered
office is Cyan Holdings plc, Buckingway Business Park, Swavesey
CB24 4UQ.
The final results announcement is based on the financial
statements which have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the EU.
The financial information set out above does not constitute the
company's statutory accounts for the years ended 31 December 2013
or 2012, but is derived from those accounts. Statutory accounts for
2012 have been delivered to the Registrar of Companies and those
for 2013 will be delivered following the company's annual general
meeting. The auditors have reported on those accounts: their
reports were unqualified and did not contain statements under s498
(2) or (3) Companies Act 2006 or equivalent preceding legislation
but did contain an emphasis of matter concerning the uncertainties
around the Group's ability to continue as a going concern. While
the financial information included in this preliminary announcement
has been prepared in accordance with the measurement and
recognition criteria of IFRS, this announcement itself does not
contain sufficient information to comply with IFRS. The company
expects to publish full financial statements that comply with IFRS,
as adopted by the EU, a copy of which will be posted to the
shareholders.
The financial statements were approved by the Board of Directors
on 16 May 2014 and authorised for issue. The Group's specific IFRS
accounting policies can be found in the 2012 annual report.
2. Loss per share
The calculation of the basic and diluted loss per share is based
on the following data:
Loss
2013 2012
---------------------------------------- ----- ------------ ----------
GBP GBP
---------------------------------------- ----- ------------ ----------
Loss for the purposes of basic loss
per share being net loss attributable
to equity holders of the parent 2,992,195 2,872,772
---------------------------------------------- ============= ==========
Number of shares
2013 2012
---------------------------- ----------------- -------------------- ------------
No. No.
---------------------------- ----------------- -------------------- ------------
Weighted average number of
ordinary shares for the purposes
of basic and diluted loss
per share 2,797,766,136 2,297,507,867
-------------------------------------- ------------- ============== ================
3. Share capital
2013 2012
---------------------------------------
GBP GBP
---------------------------------------
Issued and fully paid:
---------------------------------------
3,416,381,300 ordinary shares of
0.01 pence each (2012: 2,326,805,503
ordinary shares of 0.01 pence each) 341,638 232,681
--------------------------------------- ======== ========
4. Notes to the consolidated cash flow statement
2013 2012
--- ------------------------------------------ -------------- ------------
GBP GBP
----------------------------------------------- -------------- ------------
Operating loss for the year (3,266,757)) (3,103,622)
---------------------------------------------- -------------- ------------
Adjustments for:
----------------------------------------------- -------------- ------------
Depreciation of property, plant and
equipment 9,334 24,993
---------------------------------------------- -------------- ------------
Share-based payment expense (399,500) (10,314)
---------------------------------------------- --------------
Operating cash flows before movements (3,656,923)
in working capital ) (3,088,943)
----------------------------------------------- -------------- ------------
Decrease / (increase) in inventories 441,041 (50,664)
---------------------------------------------- -------------- ------------
(Increase) / decrease in receivables (12,773) 98,436
----------------------------------------------
Decrease in payables (10,669) (61,355)
---------------------------------------------- -------------- ------------
Cash reduced by operations (3,239,324) (3,102,526)
----------------------------------------------- -------------- ------------
Income taxes received 237,343 337,177
----------------------------------------------
Net cash outflow from operating activities (3,001,981) (2,765,349)
----------------------------------------------- -------------- ------------
Cash and cash equivalents (which are presented as a single class
of assets on the face of the balance sheet) comprise cash at bank
and other short-term highly liquid investments with maturity of
three months or less.
5. Annual Report and Accounts and Notice of Annual General Meeting
The Company's Annual Report and Accounts, Notice of AGM and
Proxy form are available on the Company's website and will be
posted to shareholders on Friday 23 May 2014. The AGM will be held
on 17 June 2014 at 11.00 a.m. at the Stanley Library, Girton
College, Cambridge CB3 0JG.
This information is provided by RNS
The company news service from the London Stock Exchange
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