TIDMSEE
RNS Number : 1590R
Seeing Machines Limited
07 March 2016
Seeing Machines Limited
("Seeing Machines" or the "Company")
Half Year Results to 31 December 2015
Record revenue and profit results, driven by Caterpillar
licensing deal
7 March 2016
Seeing Machines Limited (AIM: SEE) the AIM listed vehicle
operator monitoring technology company, is pleased to release its
unaudited financial results for the six months to 31 December
2015.
Key Points:
Financial
-- Business revenue for the half year increased by 594% to
A$29.3 million (December 2014: A$4.2 million) driven by the
Caterpillar licensing fee of A$21.8 million
-- Sales and service revenue increased by 76% (A$7.4 million compared to A$4.2 million for 2014)
-- Mining industry sales increased by 6% to A$5.7 million,
despite ongoing challenging market conditions
-- Fleet revenue of A$681,484 for the half year
-- Profit for the half year increased to A$11.2 million
(December 2014 net loss of A$4.3 million), reflecting the one off
Caterpillar licensing fee
-- Cash at 31 December 2015 decreased to A$10.2 million (30 June
2015: A$14.2 million) mainly as a result of the increase in R&D
activities and building out the working capital requirements for
the fleet business.
Operational Highlights - Automotive
-- As separately announced today, the Company has secured a
follow on order to deliver a second generation driver monitoring
system (DMS) to a global car maker, in partnership with Takata.
This order follows the successful development of a first generation
system for the same manufacturer, expected to launch this year in
2017 models. The second order is expected to deploy DMS
technologies into more than ten, higher-volume, 2018 vehicle
models.
-- DMS technology is becoming a key component for
semi-autonomous driving systems, with ongoing discussions at
various stages with 13 other car makers.
-- As previously announced, the Company is working on further
strategic and commercial options to maximise the value of this very
large market opportunity and capture more automotive business more
quickly to maximise returns for our shareholders. This work has
recently accelerated, with the Company appointing external advisors
based in Palo Alto, USA, to advise the Board on how to optimise our
structure and best fund and execute these plans. The Board and
management also continue to take into account feedback and
requirements from car manufacturers and the automotive supply
market.
-- Based on the strong market interest and advice we are
receiving, the Board and management are currently working on a plan
that includes developing and selling a propriety automotive
hardware module containing the Company's driver monitoring engine
software, rather than purely licensing its software. We believe
this will enable the Company to capture a greater share of the
revenue and margin in the automotive ADAS market.
-- The Company is also investigating the option of executing
these plans through a to-be established, separately-funded company,
solely focused on the automotive industry. If the Company pursues
this option, we expect to retain a significant equity stake. The
Company and its advisors are in discussions with potential
investors and strategic partners for this opportunity. The Company
has not entered any binding commitments in respect of these funding
plans and there is no guarantee that these plans will be realised.
The Company will keep shareholders informed if and when these
activities result in binding agreements.
Other Operational Highlights
-- Continued to execute our strategy of commercialising our
technology in multiple global industries: mining and rugged
off-road industries; commercial fleets; road vehicles; rail and
aerospace.
-- Secured a global product development, licensing and
distribution agreement with Caterpillar. Caterpillar will market
Seeing Machines' DSS and Fleet products for in-cab operator fatigue
and distraction monitoring, across multiple industries (mining,
construction, cement, quarry, forestry and marine). In return for
exclusive rights to our technology in their fields, Caterpillar
pays Seeing Machines a license fee of A$21.85 million over four
years, all of which has been recognised as revenue in the current
period, plus ongoing royalties.
-- Caterpillar is currently working with Seeing Machines to
develop their first Cat branded DSS product and are contracting
Seeing Machines' DSS manufacturer to restock their DSS hardware
inventory.
-- Successful deployment of Fleet units to Insurance
Underwriting Managers' commercial fleet customers in South Africa,
and accelerating Fleet assessments in Asia-Pacific, Latin America
and the U.S.
-- Plan to launch an enhanced Fleet Product in March which includes a Forward Facing Camera.
-- Our in-cab operator fatigue and distraction technology is
being trialled in locomotives by two rail customers in North
America.
-- Worked with Samsung to develop and demonstrate the world's
first eye-tracking enabled heads-up-display (HUD) on a car
windshield, on Samsung's transparent OLED display technology at the
International Consumer Electronics Show in Las Vegas.
-- Agreement to sell our shares in our joint venture company in
Chile back to our original distribution partners, as part of the
transition of the DSS business to Caterpillar.
Commenting on the Results, Seeing Machines CEO, Ken Kroeger
said:
"During this last half year we completed the successful
transition of our DSS mining business to Caterpillar's global
operations. This was a milestone event for Seeing Machines. We
believe this partnership validates our approach of, first, seeding
the market with our technology, then building brand recognition and
proving out a successful business case for our customers, then
finally transitioning to a licensing arrangement with a market
leader who has better channels to market and the size to deploy our
technology in volume.
The licence fee from Caterpillar, of A$21.85 million, is larger
than any of the company's previous annual revenue results and has
resulted in the company achieving our highest profit result for any
period in the company's history.
Apart from the Caterpillar licence fee, we also increased our
total product and services mining revenue over the same period last
financial year, despite very challenging conditions in the global
mining sector.
In mid 2015 we launched the fully functional version of the new
product for the commercial fleet market. Our early sales of this
product have ranged from positive in the Asia-Pacific region to
slower in North America. Much of the effort of the Sales Team in
the first two quarters has been spent in developing relationships
with partners and potential distributors. The transition from an
initial assessment to a commitment to install our systems in a
customer's fleet is generally faster than we experienced in the
mining industry with DSS. With this in mind we expect to see the
outcomes of the current assessments bearing positive results in the
2(nd) half of the year. The information gathered from our customers
in the assessment stage is proving invaluable and will lead us to
deliver a better product with the next generation release. We have
recently seen more momentum in the fleet market and we are
confident of accelerating sales during the rest of 2016.
During the last half year a significant percentage of our
engineering and business development focus was on the automotive
industry. We have made strong progress in developing our first
generation driver monitoring system for one of the world's largest
car companies, and we have recently secured a larger follow-on
order for a second generation system for the same company. Our
momentum in this market is very encouraging, with many other car
manufacturers evaluating our technology as part of their plans to
develop semi-autonomous vehicles.
We are also continuing to make advances in the aviation
industry. Building on our work with Boeing's Research and
Technology group in Australia, we are in discussions with
commercial airlines, logistics providers, helicopter training
operators, air traffic controllers and aviation government
agencies.
During this half year we continued to commercialise our
technology in multiple global industries, consistent with the
strategy we outlined almost 18 months ago. Our investment in these
opportunities is reflected in increased expenses for R&D during
this half year.
All of the one-off licence fee from Caterpillar is recognised as
revenue in this half year, meaning revenue and profits are
significantly higher than the same period last year. Stripping out
the Caterpillar fee, other sales and service revenue for the half
year was A$7.4 million, a healthy 76% increase over the same period
last year.
For the full financial year ending 30 June 2016, the Directors
expect total revenue will be significantly higher than last year
due to the Caterpillar license fee. Excluding this revenue, other
sales and service revenue may be marginally lower than the last
full year, depending on how quickly current assessments for the
Fleet product convert to larger deployments. We are building a
strong pipeline of Fleet sales across several regions, driven by a
number of assessments and opportunities as outlined in our recent
quarterly Fleet update. We are also confident of increased activity
and sales through Caterpillar across their broad target
markets.
Our Board and management thank shareholders for their support
and we look forward to updating the market on our continued
progress over the coming months."
The half year financial report is available at
http://www.seeingmachines.com/investors/financial-reports/
(MORE TO FOLLOW) Dow Jones Newswires
March 07, 2016 02:00 ET (07:00 GMT)
Enquiries:
Seeing Machines Limited www.seeingmachines.com / +61 2 6103
4700
Ken Kroeger, Managing Director Ken.Kroeger@seeingmachines.com
and CEO
Media inquiries: Adrian Dean Adrian.dean@seeingmachines.com
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Emily Watts, Corporate
Finance +44 20 7220 0500
Joanna Scott, Corporate Broking
Newgate, Investment Communications for Seeing Machines
Robyn McConnachie Tel: +44 20 7653 9852 / Mob: +44 7885
466 559
Bob Huxford Robyn.mcconnachie@newgatecomms.com
Tel: +44 20 7653 9848 / Mob: +44 7469
Adam Lloyd 154 806
Bob.huxford@newgatecomms.com
Tel: +44 20 7653 9842 / Mob: +44 7966
609 084
Adam.lloyd@newgatecomms.com
About Seeing Machines
Seeing Machines, (AIM: SEE) is focused on operator monitoring
and intervention sensing technologies and services. With more than
15 years of experience, Seeing Machines uses advanced detection and
prevention safety assistance technologies to track eye and facial
movement in order to monitor fatigue, drowsiness and distraction
events, such as microsleeps, texting and cell phone use as they
occur, while providing for a real-time intervention strategy, which
improves operator, driver and environmental safety, preserves
assets, and reduces risk. Seeing Machines' technology is used
worldwide across the automotive, mining, transport and aviation
industries; as well as many of the leading academic research groups
and transportation authorities. Seeing Machines is headquartered in
Australia and has offices in Tucson, Arizona, Mountain View,
California and Santiago, Chile. The Company counts Caterpillar, BHP
Billiton, Freeport, Electro Motive Diesel, Boeing, Takata, SEMCo
and Eye Tracking Inc among its customers or partners.
Directors' Report
Review and results of operations
Financial Results
The first six months of trading in the 2015 financial year was
an improvement over the corresponding period in the previous
financial year. The Company's business revenue for the half year to
31 December 2015 was A$29,320,940 (2014: A$5,867,061) from the sale
of goods and services and licence fees. This increase was primarily
driven by the licence fee of A$21,850,452 from Caterpillar for the
licence of the DSS technology.
The Company made a net profit before tax of A$11,174,353 for the
period, a significant turnaround from a net loss of A$4,310,464 for
the period to 31 December 2014, again driven by the Caterpillar
licence revenue. We continued to invest heavily in our capability
and resources to commercialise our technology in six global
industries, with particular R&D focus on automotive and
business working capital requirements for the fleet business.
Rounding
The amounts contained in the financial report have been rounded
to the nearest A$1 (where rounding is applicable) where noted ($)
under the option available to the Group under ASIC Class Order
98/100. The Company is an entity to which the class order
applies.
Operational highlights for the half-year include:
Caterpillar industries
-- In September 2015 the Company signed a global product
development, licensing and distribution agreement with Caterpillar
Inc. Caterpillar takes over responsibility for manufacturing,
marketing and sales of Seeing Machines' existing DSS rugged
off-road product and have distribution rights for Seeing Machines
Fleet product, exclusive within agreed industries (mining,
construction, quarry, aggregates, cement, marine, forestry).
-- Caterpillar will pay Seeing Machines A$21,850,452 over four
years as well as royalty fees for DSS hardware, software licensing,
monitoring and analytics services.
-- Responsibility for servicing current DSS customers has
transitioned to Caterpillar from 1 January 2016.
-- Seeing Machines will continue to support Caterpillar, and
develop new products based on a fee for service.
Automotive
-- During this half year the Company continued to work with
automotive safety company Takata to develop driver monitoring
systems (DMS) for automotive customers, with the first order from
one of the world's largest car companies. The first generation DMS
system is expected to launch this year in 2017 models.
-- As separately announced on 7 March 2016, the Company has
secured a follow on order to deliver a second generation driver
monitoring system (DMS) to a global car maker, in partnership with
Takata. This order follows the successful development of a first
generation system for the same manufacturer. The second order is
expected to deploy DMS technologies into more than ten,
higher-volume, 2018 vehicle models.
-- DMS technology is becoming a key component for
semi-autonomous driving systems, with ongoing discussions at
various stages with 13 other car makers. Seeing Machines and Takata
continue to engage closely with most of the world's car
manufacturers. Program discussions continue with fourteen
manufacturers of which nine are currently performing validation
tests using Seeing Machines' DMS evaluation product as they seek
driver monitoring technologies for their upcoming product
lines.
-- As previously announced, the Company has been working on
further strategic and commercial options to maximise this very
large market opportunity, in order to capture more automotive
business, more quickly, with the best returns for our shareholders.
This work has recently accelerated, with the Company appointing
Woodside Capital Partners based in Palo Alto, USA, to advise the
Board on how best to fund and execute these plans. Rudy Burger, one
of Seeing Machines' Non-Executive Directors, is a Managing Partner
and Managing Director of Woodside Capital. The Board and management
are also taking into account feedback and requirements from car
manufacturers and the automotive supply market.
-- Based on this strong market interest and advice, the Board
and management are currently working on a plan that includes
developing and selling a propriety automotive hardware module
containing the Company's driver monitoring engine software, rather
than purely licensing its software. We believe this will enable the
Company to capture a greater share of the revenue and margin in the
automotive ADAS market. The Company is also investigating the
option of executing these plans through a to-be established,
separately-funded company, solely focused on the automotive
industry. If the Company pursues this option, we expect to retain a
significant equity stake. The Company and its advisors are in
discussions with potential investors and strategic partners for
this opportunity. The Company has not entered any binding
commitments in respect of these funding plans and there is no
guarantee that these plans will be realised. The Company will keep
shareholders informed if and when these activities result in
binding agreements.
Commercial Fleets
-- In mid-2015 the Company launched a new fatigue and
distraction monitoring product for trucks and buses. During the
half year we achieved strong sales through our distributor
Insurance Underwriting Managers in South Africa, and continued to
build a pipeline of assessments and larger deployments in
Asia-Pacific and Latin America. Sales in North America have been
slower than expected, with a longer transition from an initial
assessment to an implementation across a customer's fleet.
-- The Company has recently enhanced its product offering by
integrating a forward-facing camera into the fleet product, making
our solution the first preventative solution to provide 360-degree
situational awareness (in front of the truck as well as facing the
driver; this product will be launched this month.
-- Our client assessments are progressing rapidly with several
new assessments commencing after the end of the half year. We have
also continued a number of assessments with major fleet operators
with commercial negotiations now well advanced.
Other industries
-- Aviation: continued progress during the half year. Building
on our work with Boeing's Research and Technology group in
Australia, we are in discussions with commercial airlines,
logistics providers, helicopter training operators, air traffic
controllers and aviation government agencies.
-- Rail: our in-cab operator fatigue and distraction technology
is being trialed in locomotives by two rail customers in North
America, in partnership with Electro-Motive Diesel.
-- Consumer Electronics: Worked with Samsung to develop and
demonstrate the world's first eye-tracking enabled heads-up-display
(HUD) on a car windshield, on Samsung's transparent OLED display
technology at the International Consumer Electronics Show in Las
Vegas in January 2016.
-- Joint Ventures: Agreement to sell our shares in our joint
venture company in Chile back to our original distribution
partners, as part of the transition of the DSS business to
Caterpillar.
Financial Results
(MORE TO FOLLOW) Dow Jones Newswires
March 07, 2016 02:00 ET (07:00 GMT)
In the half year to 31 December 2015 the Company achieved
business revenues of A$29,320,940 (2014: A$5,867,061) from sale of
goods and services and license fees. Including other income, the
total revenue for the period was A$31,684,263 (2014: A$9,437,346).
Of the revenue from sale of goods and services, A$4,120,417 was
from the sale of goods and A$1,746,644 was from providing services.
Revenue for the half year for the DSS, Fovio and Fleet product
lines, the Caterpillar license fee, and Other Income compared to
the same period last year is shown in the following table:
Product 31 December 31 December Variance
2015 2014 %
A$ A$
--------------------------------- -------------------- ------------ ---------
DSS business 5,765,019 3,793,666 52
--------------------------------- -------------------- ------------ ---------
DSS license fee 21,850,452 - -
--------------------------------- -------------------- ------------ ---------
Seeing Machines Fleet(TM) 681,484 - -
--------------------------------- -------------------- ------------ ---------
Core technology integration
services 1,023,985 428,364 139
--------------------------------- -------------------- ------------ ---------
Business revenue total 29,320,940 4,222,030 594
--------------------------------- -------------------- ------------ ---------
Other income - R&D grants
and finance 2,363,323 2,205,397 7
--------------------------------- -------------------- ------------ ---------
Foreign exchange gains (losses) - 1,356,723 -
--------------------------------- -------------------- ------------ ---------
Total Revenue 31,684,263 7,784,150 307
--------------------------------- -------------------- ------------ ---------
DSS revenues were A$27,615,471 for the six months to 31 December
2015, reflecting a significant increase over A$3,793,666 achieved
for the six months to 31 December 2014. Included in this amount is
a one off licence fee of A$21,850,452 for the exclusive license of
the DSS technology to Caterpillar. This licence fee is payable over
four years but is all recognised as revenue in this half year.
During the half year we continued to work closely with Cat
Safety Services to ensure a smooth transition of the business and
to grow sales in the mining industry, as well as broadening our
activities with Caterpillar into their other industry sectors.
Cost of sales at A$4,238,008 (2014: A$2,597,468) was higher due
to upfront tooling, setup and freight costs incurred in preparation
of the commercial fleet product setup at our contract manufacturer,
as well as the expansion of the Company's logistics facilities in
Australia and the USA.
Indirect expenditure for the half-year was A$16,180,494, up from
A$10,552,654 for the period to 31 December 2014. The increase was
mainly for the planned increased investment in automotive research
and development. Also included in this expense is an amount of
$4,178,271 for the revaluation of the Fleet product to the net
realisable value; this revaluation is based on Fleet sales to date
together with the Board's assessment of the likely unit sale price
across our target markets in the short and medium term.
Cash reserves at 31 December 2015 were A$10,162,560 compared to
A$14,221,615 at 30 June 2015 and A$21,185,430 at 31 December 2014.
The decrease in cash reserves from June to December 2015 was due to
the company making a cash loss from operations of $802,656 and a
cash investment in relation to the development costs for near term
revenue generating projects in the automotive sector, the costs of
which were capitalised, consistent with previous practice. The
difference between the cash loss from operations and the operating
profit mainly relates to the timing of the cash receipts related to
the CAT license fee, which was recognised in full as revenue during
this period. As at 31 December 2015, A$8,911,160 of non-current
trade receivables within the Company's balance sheet relate to the
CAT license fee.
Summary and Outlook
The Board expects the Company's revenue sources to continue with
the recent change of DSS business revenue to a Caterpillar royalty
fee for DSS and the increase in our Fleet direct to market
business. Other revenue streams include engineering services in the
automotive space in the short term but this will also move to an
annuity stream from the sale of our technology into newly
manufactured passenger vehicles.
For the full financial year ending 30 June 2016, the Board
expects that total revenue will be significantly higher than last
year due to the Caterpillar license fee of A$21,850,000. Excluding
this revenue, other sales and service revenue may be marginally
lower than the last full year, depending on how quickly current
assessments for the Fleet product convert to larger deployments. We
are building a strong pipeline of Fleet sales across several
regions, driven by a number of assessments and opportunities as
outlined in our recent quarterly Fleet update. We are also
confident of increased activity and sales through Caterpillar
across their broad target markets of mining, construction, cement
and quarry and forestry.
With the transition from a direct-to-market mining business to a
royalty arrangement with Caterpillar, the Company has refocussed
its efforts toward the Automotive, Fleet, Aerospace and Rail
markets and technologies.
The Directors remain committed to delivering significant growth
in shareholder value and we look forward to reporting on our
continued progress during this year.
Terry Winters Ken Kroeger
Chairman Managing Director & CEO
4 March 2016 4 March 201
Interim Consolidated Statement of Financial Position
31 DEC 2015 30 JUN 2015
AS AT 31 DECEMBER 2015 A$ A$
------------------------------------------------------- ------------- -------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 10,162,560 14,221,615
Trade and other receivables 7,997,874 7,188,835
Inventories 11,065,856 10,182,633
Current financial assets 238,688 238,462
Other current assets 565,249 224,910
Assets belonging to the discontinued operations 3,217,445 -
------------- -------------
TOTAL CURRENT ASSETS 33,247,672 32,056,455
------------- -------------
NON-CURRENT ASSETS
Property, plant and equipment 729,898 863,214
Intangible assets 3,655,763 3,011,560
Non-current financial assets 140,191 140,191
Trade and other receivables 9,094,541 166,489
------------- -------------
TOTAL NON-CURRENT ASSETS 13,620,393 4,181,454
TOTAL ASSETS 46,868,065 36,237,909
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 2,139,744 4,075,472
Provisions 1,658,898 1,409,955
Deferred revenue 832,108 231,187
Income tax payable 68,437 366,620
Liabilities belonging to the discontinued operations 669,100 -
TOTAL CURRENT LIABILITIES 5,368,287 6,083,234
------------- -------------
NON-CURRENT LIABILITIES
Provisions 34,672 20,389
TOTAL NON-CURRENT LIABILITIES 34,672 20,389
------------- -------------
TOTAL LIABILITIES 5,402,959 6,103,623
------------- -------------
NET ASSETS 41,465,106 30,134,286
============= =============
EQUITY
Contributed equity 57,788,629 57,490,870
Treasury shares (1,301,823) (1,301,823)
Accumulated losses (16,803,876) (27,997,987)
Other reserves 604,028 767,710
------------- -------------
Equity attributable to the owners of the parent 40,286,958 28,958,770
Non-controlling interest 1,178,148 1,175,516
------------- -------------
TOTAL EQUITY 41,465,106 30,134,286
============= =============
(MORE TO FOLLOW) Dow Jones Newswires
March 07, 2016 02:00 ET (07:00 GMT)
The above interim consolidated statement of financial position
should be read in conjunction with the accompanying notes.
Interim Consolidated Statement of Comprehensive Income
2015 2014
FOR THE HALF-YEAR ENDED 31 DECEMBER 2015 A$ A$
------------------------------------------------ ------------------- ------------
Continuing operations
Sale of goods and license fees 27,558,018 3,031,883
Rendering of services 1,762,922 1,190,147
Revenue 29,320,940 4,222,030
------------------- ------------
Cost of Sales (4,238,008) (2,597,468)
Gross Profit 25,082,932 1,624,562
------------------- ------------
Other income 2,363,323 3,562,120
Research and development expenses (4,218,989) (1,819,954)
Customer support and marketing expenses (3,891,880) (4,479,919)
Occupancy and facilities expenses (891,894) (761,845)
Corporate services expenses (2,935,867) (2,695,256)
Other Expenses (4,241,864) -
Profit / (loss) before income tax 11,265,761 (4,570,292)
Income tax expense 47,501 -
------------------- ------------
Profit / (loss) from continuing operations
after income tax 11,218,260 (4,570,292)
Profit / (loss) from discontinued operations
after income tax (43,907) 259,928
Profit / (Loss) for the period 11,174,353 (4,310,464)
=================== ============
Attributable to:
Equity holders of parent 11,194,111 (4,427,387)
Non-controlling interests (19,758) 116,923
=================== ============
11,174,353 (4,310,464)
=================== ============
Other comprehensive income to be reclassified
subsequently to profit and loss
Exchange differences on translation of
foreign operations (317,689) (41,602 )
Other comprehensive income net of tax (317,689) (41,602 )
Total comprehensive income 10,856,484 (4,352,066)
=================== ============
Total comprehensive income attributable
to:
Equity holders of parent 10,853,852 (4,468,989)
Non-controlling interests 2,632 116,923
------------------- ------------
Total comprehensive income for the year 10,856,484 (4,352,066)
=================== ============
Earnings per share for profit attributable
to the ordinary
equity holders of the company:
-- Basic earnings per share 0.01215 (0.00518)
-- Diluted earnings per share 0.01181 (0.00518)
The above interim consolidated statement of comprehensive income
should be read in conjunction with the accompanying notes.
Interim Consolidated Statement of Changes in Equity
Contributed Treasury Accumulated Foreign Employee Total Non-Controlling Total
Equity Shares Losses Currency Equity Interest Equity
Translation Benefits
Reserve & Other
Reserve
FOR THE HALF-YEAR A$ A$ A$ A$ A$ A$ A$ A$
ENDED
31 DECEMBER 2015
At 1 July 2014 45,776,174 (707,110) (16,716,289) 46,638 1,007,251 29,406,664 - 29,406,664
Profit/(Loss)
for the
half-year - - (4,427,387) - - (4,427,387) 116,923 (4,310,464)
Other
comprehensive
income - - - (41,602) - (41,602) - (41,602)
------------ ------------ ------------- ------------ ---------- ------------ ---------------- ------------
Total
comprehensive
income - - (4,427,387) (41,602) - (4,468,989) 116,923 (4,352,066)
Transaction with
owner in their
capacity as owner
Shares issued 11,069,630 (543,872) - - 113,042 10,638,800 - 10,638,800
Capital raising
costs (554,743) - - - - (554,743) - (554,743)
Employee Share
Loan Plan - - - - 152,448 152,448 - 152,448
Acquisition of
Non-controlling
interest - - - - - - 568,598 568,598
------------ ------------ ------------- ------------ ---------- ------------ ---------------- ------------
At 31 December
2014 56,291,061 (1,250,982) (21,143,676) 5,036 1,272,741 35,174,180 685,521 35,859,701
============ ============ ============= ============ ========== ============ ================ ============
-
At 1 July 2015 57,490,870 (1,301,823) (27,997,987) (544,438) 1,312,148 28,958,770 1,175,516 30,134,286
Profit/(Loss)
for the
half-year 11,194,111 - - 11,194,111 (19,758) 11,174,353
Other
comprehensive
income - (340,259) - (340,259) 22,390 (317,869)
------------ ------------ ------------- ------------ ---------- ------------ ---------------- ------------
Total
comprehensive
income - 11,194,111 (340,259) - 10,853,852 2,632 10,856,484
============ ============ ============= ============ ========== ============ ================ ============
Transaction with
owner in their
capacity as owner
Shares issued 297,759 - - - - 297,759 - 297,759
Capital raising - - - - - - - -
costs
Employee Share
Loan Plan 176,577 176,577 176,577
At 31 December
2015 57,788,629 (1,301,823) (16,803,876) (884,697) 1,488,725 40,286,958 1,178,148 41,465,106
============ ============ ============= ============ ========== ============ ================ ============
The above interim consolidated statement of changes in equity
should be read in conjunction with the accompanying notes.
Interim Consolidated Statement of Cash Flows
Consolidated
2015 2014
FOR THE HALF-YEAR ENDED 31 DECEMBER
2015 A$ A$
---------------------------------------------- ------------- -------------
Operating activities
Receipts from customers (inclusive
of GST) 19,604,534 7,544,573
Receipt of tax concession for research
and development costs - 2,202,534
Payments to suppliers and employees
(inclusive of GST) (20,427,209) (19,574,365)
Interest received 20,018 113,370
Interest Paid - (340)
------------- -------------
Net cash flows used in operating activities (802,656) (9,714,228)
------------- -------------
Investing activities
Purchase of plant and equipment (295,706) (523,267)
Payments for intangible assets (951,325) (1,500,458)
Net cash flows used in investing activities (1,247,031) (2,023,725)
------------- -------------
Financing activities
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